Florida Regulations 64B18-14.0072: Financial Responsibility
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(1) Unless exempted by the Board pursuant to Florida Statutes § 456.048(2), 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 Florida Statutes § 624.09, from an eligible 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
(b) Establishing and maintaining an escrow account consisting of cash or securities eligible for deposit in accordance with Florida Statutes § 625.52, in an amount of not less than $100,000.
(c) Obtaining and maintaining an unexpired, irrevocable letter of credit, established pursuant to Florida Statutes Chapter 675, 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 Florida Statutes § 456.048. History-New 2-27-94, Formerly 61F12-12.011, 59Z-12.009, Amended 1-4-96, Formerly 59Z-14.0072, Amended 4-1-06.
Terms Used In Florida Regulations 64B18-14.0072
- 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.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
- 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.
(b) Establishing and maintaining an escrow account consisting of cash or securities eligible for deposit in accordance with Florida Statutes § 625.52, in an amount of not less than $100,000.
(c) Obtaining and maintaining an unexpired, irrevocable letter of credit, established pursuant to Florida Statutes Chapter 675, 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 Florida Statutes § 456.048. History-New 2-27-94, Formerly 61F12-12.011, 59Z-12.009, Amended 1-4-96, Formerly 59Z-14.0072, Amended 4-1-06.