(1) A certificate of authority issued to a service corporation shall continue in force as long as the corporation is entitled thereto under this chapter, and until suspended or revoked by the director or terminated at the request of the corporation; subject, however, to continuance of the certificate by the corporation each year by: Payment prior to March 1 of the continuation fee provided in section 41-3433, Idaho Code, (fee schedule); and
(2) Due filing by the service corporation of its annual statement for the calendar year preceding as required under section 41-3425, Idaho Code.
(3) If not so continued by the service corporation, its certificate of authority shall expire as at midnight on the May 31 next following such failure of the service corporation to continue it in force. The director shall promptly notify the service corporation of the occurrence of any failure resulting in impending expiration of its certificate of authority.