A pharmacy benefits manager registration expires on the second September 30 after its effective date unless it is renewed as provided under this section. A pharmacy benefits manager may renew its registration for an additional 2–year term, if the pharmacy benefits manager: otherwise is entitled to be registered; files with the Commissioner a renewal application on the form that the Commissioner requires; and pays to the Commissioner a renewal fee set by the Commissioner. An application for renewal of a pharmacy benefits manager registration shall be considered made in a timely manner if it is postmarked on or before the date the pharmacy benefits manager’s registration expires. Subject to the provisions of § 15–1607 of this part, the Commissioner shall renew the registration of each pharmacy benefits manager that meets the requirements of this section. The Commissioner may require any additional information or submissions from a pharmacy benefits manager that may be reasonably necessary to verify the information contained in the application.