As a prerequisite for licensure or license renewal every chiropractor is required to maintain professional 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 $100,000 per claim, with a minimum annual aggregate of not less than $300,000 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 $100,000 per claim, with a minimum aggregate availability of credit of not less than $300,000. The letter of credit shall be payable to the chiropractor as beneficiary upon presentment of a final judgment indicating liability and awarding damages to be paid by the chiropractor 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, chiropractic care and services. 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) Upon application to the Board, the following licensees shall be exempted from meeting the requirements of this rule:
    (a) Any chiropractor 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 licensed or certified under Florida Statutes Chapter 460, who practices only in conjunction with his/her teaching duties at an accredited school or in its main teaching hospitals. Such person may engage in the practice of chiropractic to the extent that such practice is incidental to and a necessary part of duties in connection with the teaching position in the school.
    (c) Any person holding an active license under Florida Statutes Chapter 460, 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.
    (d) Any person who can demonstrate to the Board that he/she has no malpractice exposure in the State of Florida.
Rulemaking Authority 460.005 FS. Law Implemented Florida Statutes § 456.048. History-New 1-24-94, Formerly 61F2-17.009, 59N-17.009.