(a) The commissioner shall collect, in advance, the following fees: (1) Certificate of authority: (A) Application for a certificate of authority: $900; and(B) Issuance of certificate of authority: $600; and(2) For all services subsequent to the issuance of a certificate of authority, including extension of the certificate of authority: $600 per year. The commissioner may, upon showing of good cause, waive or modify, in whole or part, all fees in this subsection by order.
(b) No certificate of authority shall contain an expiration date, but all certificates of authority shall be extended by the commissioner from time to time in order to continue to be valid. When the commissioner issues or extends a certificate of authority, the commissioner shall determine the date prior to which the certificate of authority shall be extended and shall so notify the insurer in writing. This date is called the extension date. The extension date shall be any date not less than one year and not more than three years after date of issue or extension of the certificate of authority. If the insurer qualifies, its certificate of authority shall be extended. The commissioner shall provide each holder of a certificate of authority at least thirty days' advance written notice of the applicable extension date. If the fee for the extension of the certificate of authority is not paid before or on the extension date, a penalty shall be imposed in the amount of fifty per cent of the fee. The commissioner shall provide notice in writing of the delinquency of extension and the imposition of the authorized penalty. If the fee and the penalty are not paid within thirty days immediately following the date of the notice of delinquency, the commissioner may revoke the certificate of authority and may not reinstate the certificate of authority until the fee and penalty have been paid.(c) All fees and penalties collected pursuant to this section shall be deposited into the compliance resolution fund.Amended by L 2021, c 110,§ 22, eff. 6/28/2021.Amended by L 2015, c 63,§ 21, eff. 5/28/2015.Amended by L 2015, c 63,§ 20, eff. 5/28/2015.Added by L 2013, c 191,§ 1, eff. 7/1/2013.