(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 service fee of $140.
The commissioner may, upon showing of good cause, waive or modify, in whole or part, the fee in this subsection by order.