Current through Reg. 50, No. 187; September 24, 2024
(1)
Unless exempted by the Board pursuant to Section
456.048(2),
F.S., a podiatric physician shall maintain financial responsibility to pay
claims and costs ancillary thereto arising out of the rendering of or the
failure to render medical care or services, and shall demonstrate such
financial responsibility as a condition of licensure and at the time of
licensure renewal and reactivation of license by one of the following methods:
(a) Obtaining and maintaining professional
liability coverage in an amount not less than $100, 000 from an authorized
insurer as defined under Section
624.09, F.S., from an eligible
surplus lines insurer as defined under Section
626.914(2),
F.S., from a risk retention group as defined under Section
627.942, F.S., from the Joint
Underwriting Association established under Section
627.351(4),
F.S., or through a plan of self-insurance as provided in Section
627.357, F.S.
(b) Establishing and maintaining an escrow
account consisting of cash or securities eligible for deposit in accordance
with Section 625.52, F.S., in an amount of
not less than $100, 000.
(c)
Obtaining and maintaining an unexpired, irrevocable letter of credit,
established pursuant to Chapter 675, F.S., in an amount not less than $100,
000. The letter of credit shall be payable to the podiatric physician as
beneficiary upon presentment of a final judgement indicating liability and
awarding damages to be paid by the podiatric physician or upon presentment of a
settlement agreement signed by all parties to such agreement when such final
judgement or settlement is a result of a claim arising out of the rendering of
or failure to render, medical care and services. Such letter of credit shall be
nonassignable and nontransferable. Such letter of credit shall be issued by any
bank or savings association organized and existing under the laws of this state
or any bank or savings association organized under the laws of the United
States that has its principal place of business in this state or has a branch
office which is authorized under the laws of this state or of the United States
to receive deposits in this state.
(2) Any person applying for reactivation of a
license must show either that such licensee maintained tail insurance coverage
which provided liability coverage for incidents that occurred on or after
October 1, 1993, or the initial date of licensure in this state, whichever is
later, and incidents that occurred before the date on which the license became
inactive; or such licensee must submit an affidavit stating that such licensee
has no unsatisfied medical malpractice judgements or settlements at the time of
application for reactivation.
Rulemaking Authority 456.048, 461.005 FS. Law Implemented
456.048 FS.
New 2-27-94, Formerly 61F12-12.011, 59Z-12.009, Amended
1-4-96, Formerly 59Z-14.0072, Amended
4-1-06.
