(a) No person shall act or hold himself or herself out as an administrator unless he or she obtains a certificate of registration from the Insurance Commissioner.

(b) The certificate may be obtained by submitting an application on a form prescribed by the commissioner, paying a twenty-five dollar ($25.00) filing fee, and placing with the commissioner a surety bond as described in § 23-92-204.

(c) Each application shall have attached to it a list of all self-insured plans and trusts that have entered into service contracts with the applicant for administrative services. Every administrator shall update the list whenever changes occur.

(d) The certificate shall be issued by the commissioner unless, after a hearing, the commissioner determines that the applicant is:

(1) Not competent;

(2) Not trustworthy;

(3) Not financially responsible; or

(4) A convicted felon.

(e) Each certificate of registration shall be valid for the year issued and shall be renewed each year thereafter by submitting a twenty-five dollar ($25.00) annual fee.

(f) After conducting a hearing and finding that an administrator has violated any of the requirements of this subchapter or fails to meet the requirements for the issuance of a certificate, the commissioner may revoke or suspend the certificate of registration.

(g) The provisions in this chapter establishing standards applicable to a third-party administrator under subsection (d) of this section or fiduciary standards under § 23-92-206 do not authorize the commissioner to regulate the actions of a third-party administrator if the actions are authorized or required under its administration of a self-insured plan or trust, or apply or enforce other insurance code provisions, rules, or other state laws, through such standards, for purposes of revocation or suspension of a third-party administrator's certificate.