If the business entity broker sponsors any sales agents, the license of the business entity and any sponsored sales agent becomes inactive upon the expiration of 14 days after the date the designated broker dies, unless prior to the 14th day, the entity:(1) names a new designated broker;(2) provides to the Commission the information required by section 535.53(b)(5) of this chapter (relating to Business Entity; Designated Broker); and(3) the Commission approves the new designated broker.