[§431S-4]  Annual renewal requirement.  (a)  Each pharmacy benefit manager shall renew its registration by March 31 each year.

     (b)  When renewing its registration, a pharmacy benefit manager shall submit to the commissioner the following:

     (1)  An application for renewal on a form prescribed by the commissioner; and

     (2)  A renewal fee of $140.

     (c)  Failure on the part of a pharmacy benefit manager to renew its registration as provided in this section shall result in a penalty of $140 and may cause the registration to be revoked or suspended by the commissioner until the requirements for renewal have been met. [L 2017, c 44, pt of §2]