Within 1 year after the expiration date, a person whose third party administrator’s registration has expired may reinstate the expired registration by: filing with the Commissioner the appropriate reinstatement application; subject to subsection (b) of this section, paying to the Commissioner a reinstatement fee of $100; and complying with the bond requirement of § 8–306 of this subtitle. The Commissioner may limit the reinstatement fee to the amount of the renewal fee in cases where the reinstatement applicant did not make timely renewal because of temporary incapacity, hospitalization, or other hardship. A person whose third party administrator’s registration has expired is prohibited from acting as a third party administrator until the effective date of reinstatement of the registration. A person who does not comply with subsection (a) of this section within 1 year after the expiration date shall apply for a third party administrator’s registration under § 8–305 of this subtitle and meet any other requirements specified by the Commissioner in regulation. The Commissioner may adopt regulations to carry out this section.