(a) A pharmacy services administrative organization registration expires on the second September 30 after its effective date unless it is renewed as provided under this section.

(b) A pharmacy services administrative organization may renew its registration for an additional 2-year term if the pharmacy services administrative organization:

(1) otherwise is entitled to be registered;

(2) files with the Commissioner a renewal application on the form that the Commissioner requires; and

(3) pays to the Commissioner a renewal fee set by the Commissioner.