Florida Administrative Code › 64 - DEPARTMENT OF HEALTH › 64B1 - Board of Acupuncture › Chapter 64B1-12 - FINANCIAL RESPONSIBILITY › Section 64B1-12.001 - Financial Responsibility

Current through Reg. 50, No. 138; July 16, 2024
As a prerequisite for licensure or license renewal every
				  acupuncturist is required to maintain medical malpractice insurance or provide
				  proof of financial responsibility as set forth herein:
(1) Obtaining and maintaining professional
				liability coverage in an amount not less than $10, 000 per claim, with a
				minimum annual aggregate of not less than $30, 000, from an authorized insurer
				as defined under Section
				624.09, F.S., from a 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.
(2) Obtaining and maintaining an unexpired,
				irrevocable letter of credit, established pursuant to Chapter 675, F.S., in an
				amount not less than $10, 000 per claim, with a minimum aggregate availability
				of credit of not less than $30, 000. The letter of credit shall be payable to
				the acupuncturist as beneficiary upon presentment of a final judgment
				indicating liability and awarding damages to be paid by the acupuncturist or
				upon presentment of a settlement agreement signed by all parties to such
				agreement when such final judgment or settlement is a result of a claim arising
				out of the rendering of, or the failure to render, acupuncture 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 the State of Florida 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.
(3)
				Obtaining and maintaining a surety bond in an amount not less than $10, 000 per
				claim, with a minimum annual aggregate of not less than $30, 000 written by a
				company licensed to do business in this state and rated A+ by Best's.
(4) Upon application to the Board, the
				following licensees shall be exempted from meeting the requirements of this
				rule:
(a) Any acupuncturist who practices
				exclusively as an officer, employee or agent of the federal government or of
				the State of Florida or its agencies or subdivision. For purposes of this rule,
				an agent of the State of Florida, its agencies or its subdivisions is a person
				who is eligible for coverage under any self insurance or insurance program
				authorized by the provisions of Section
				768.28(14),
				F.S., or who is a volunteer under Section
				110.501(1),
				F.S.
(b) Any person whose license
				has become inactive under Chapter 457, F.S., and who is not practicing in this
				state. 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 judgments or settlements at the time of application for
				reactivation.
(c) Any person
				licensed or certified under Chapter 457, F.S., who practices only in
				conjunction with his/her teaching duties at an accredited school. Such person
				may engage in the practice of acupuncture to the extent that such practice is
				incidental to and a necessary part of duties in connection with the teaching
				position in the school.
(d) Any
				person holding an active license under Chapter 457, F.S., who is not practicing
				in this state. If such person initiates or resumes practice in this state,
				he/she must notify the Board of such activity.
(e) Any person who can demonstrate to the
				Board that he/she has no malpractice exposure in the State of
				Florida.