Any number of physicians and surgeons, osteopaths, osteopathic physicians and surgeons, and graduate nurses, licensed to practice their profession in any of the states, and hospitals licensed under the laws of any of the states, may enter into contracts with each other for the purpose of protecting themselves by insurance against loss by reason of actions at law on account of their alleged error, mistake, negligence, or carelessness in the treatment and care of patients, including the performance of surgical operations, or in the prescribing and dispensing of drugs and medicines, or for loss by reason of damages in other respects, and to reimburse any member in case of such loss.

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Source: SL 1976, ch 315, § 2.