(1) Except as otherwise provided in this section, shall be accredited by a nationally recognized private accrediting entity that the Commissioner has determined has independent review organization accreditation standards that are equivalent to or exceed the minimum qualifications for independent review organizations established under Section (13) of this Rule; and

(2) Shall submit an application for approval in accordance with Subsection (D) of this Section.

D.(1) Any independent review organization wishing to be approved to conduct external reviews under this Act shall submit the application form and include with the form all documentation and information necessary for the Commissioner to determine if the independent review organization satisfies the minimum qualifications established under Section (13) of this Rule.

(3) The Commissioner may charge an application fee that independent review organizations shall submit to the commissioner with an application for approval and re-approval.

E.(1) An approval is effective for two (2) years, unless the Commissioner determines before its expiration that the independent review organization is not satisfying the minimum qualifications established under Section (13) of this Rule.

(2) Whenever the Commissioner determines that an independent review organization has lost its accreditation or no longer satisfies the minimum requirements established under Section 13 of this Rule, the commissioner shall terminate the approval of the independent review organization and remove the independent review organization from the list of independent review organizations approved to conduct external reviews under this Rule that is maintained by the Commissioner pursuant to Subsection (F) of this Section.