(1) A renewal notice will be mailed to each licensed specialty producer in May for renewal by July 1st of each year.

(2) The completed renewal notice and two hundred fifty dollar renewal fee must be received by the office of the insurance commissioner by July 1st.

(3) If the completed renewal notice and the two hundred and fifty dollar fee is not received by the commissioner prior to July 1st, the applicant must pay, in addition to the renewal fee, a surcharge as follows:

(a) One to thirty days late, the surcharge is fifty percent of the renewal fee;

(b) Thirty-one to sixty days late, the surcharge is one hundred percent of the renewal fee;

(c) Sixty-one days after the expiration date of the license but prior to twelve months, the license must be reinstated and the applicant must pay the renewal fee plus a surcharge of two hundred percent of the renewal fee.