Renewal of license.
1. A company must renew its license on or before March 1 of each year. An application for renewal must be submitted on a form prescribed by the Commissioner and must be accompanied by:
(a) A financial statement for the preceding year; and
(b) A fee of $500 and any penalty imposed pursuant to subsection 2.
2. The Commissioner may grant an extension allowing a company to file an application for renewal after March 1 if the company shows that for reasons beyond its control it cannot apply before that date. If a company which has not been granted an extension files its application for renewal after March 1, the company shall pay a penalty of $25 for each day the application is late.
Last modified: February 27, 2006