Florida Regulations 64B1-12.001: Financial Responsibility
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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 Florida Statutes § 624.09, from a surplus lines insurer as defined under Florida Statutes § 626.914(2), from a risk retention group as defined under Florida Statutes § 627.942, from the Joint Underwriting Association established under Florida Statutes § 627.351(4), or through a plan of self-insurance as provided in Florida Statutes § 627.357
(2) Obtaining and maintaining an unexpired, irrevocable letter of credit, established pursuant to Florida Statutes Chapter 675, 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 Florida Statutes § 768.28(14), or who is a volunteer under Florida Statutes § 110.501(1)
(b) Any person whose license has become inactive under Florida Statutes Chapter 457, 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 Florida Statutes Chapter 457, 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 Florida Statutes Chapter 457, 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.
Rulemaking Authority 456.048, 457.104 FS. Law Implemented Florida Statutes § 456.048. History-New 12-27-93, Amended 7-4-94, Formerly 61F1-12.001, 59M-12.001.
Terms Used In Florida Regulations 64B1-12.001
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(2) Obtaining and maintaining an unexpired, irrevocable letter of credit, established pursuant to Florida Statutes Chapter 675, 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 Florida Statutes § 768.28(14), or who is a volunteer under Florida Statutes § 110.501(1)
(b) Any person whose license has become inactive under Florida Statutes Chapter 457, 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 Florida Statutes Chapter 457, 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 Florida Statutes Chapter 457, 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.
Rulemaking Authority 456.048, 457.104 FS. Law Implemented Florida Statutes § 456.048. History-New 12-27-93, Amended 7-4-94, Formerly 61F1-12.001, 59M-12.001.