121Period and renewal of approval

121 Period and renewal of approval (1) Subject to this Part, where an insurer or employer is approved under section 119 or 120, the approval shall have effect for such period as is specified in the notice of approval. (2) An approved insurer or self-insurer may, not later than 42 days before the expiration of his or her approval, apply in writing to the Authority for a renewal of that approval. (3) The Authority: (a) shall consider an application under subsection (2) as if it were an application under section 119 or 120, as the case may be; and (b) may, in its absolute discretion, renew or refuse to renew the approval. (4) If the Authority renews an approval, the Authority may renew the approval on any conditions that it considers appropriate, whether or not there were conditions imposed on the original approval.