Sec. 11. A waiver or variance granted under section 10 of this chapter and a waiver or variance renewed under section 12 of this chapter expires on the earlier of the following:
(1) The date when the license affected by the waiver or variance expires.
(2) The date set by the division for the expiration of the waiver or variance.
(3) The occurrence of the event set by the division for the expiration of the waiver or variance.
(4) Three (3) years after the date that the waiver or variance becomes effective.