64B18-14.0072. Financial Responsibility

(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.

Specific Authority 456.048, 461.005 FS. Law Implemented 456.048 FS. History–New 2-27-94, Formerly 61F12-12.011, 59Z-12.009, Amended 1-4-96, Formerly 59Z-14.0072, Amended 4-1-06.