The Commission shall assess each licensed owner and licensed trainer of a thoroughbred horse an amount sufficient to pay the cost of workers’ compensation insurance that the Jockey Fund gets. The Commission shall pay each assessment that the Commission collects under this subsection to the Jockey Fund. The Commission shall suspend or revoke the license of each owner or trainer who fails to pay the assessment under subsection (a)(1) of this section. The Commission may not reinstate or renew the license of the owner or trainer during the period of default.