(1) Unless the license of an insurance adjuster or an insurance consultant is not renewed, expires, is suspended, is revoked, or is terminated, the licensee may continue the license by: Paying annually or biennially the continuation of license fee prescribed by rule of the Insurance Commissioner; and
(2) Complying with all other rules of the commissioner for continuing the license.
(3) A licensee who allows his or her license to lapse may reinstate the license within twelve (12) months after the due date of the continuation of license fee without the necessity of passing a written examination.
(4) However, a penalty in the amount of double the unpaid continuation of license fee shall be required for any continuation of license fee received after the due date.