(1) As a condition of active licensure or authority to practice in this state, every physician, dentist, dental therapist, or dental hygienist; every physician assistant; and every health-care institution as defined in section 13-64-202, except as provided in section 13-64-303.5, that provides health-care services shall establish financial responsibility, as follows: (a) (I) (A) If a dentist, by maintaining commercial professional liability insurance coverage with an insurance company authorized to do business in this state or an eligible nonadmitted insurer allowed to insure in Colorado pursuant to article 5 of title 10, in a minimum indemnity amount of five hundred thousand dollars per incident and one million five hundred thousand dollars annual aggregate per year; except that this requirement is not applicable to a dentist who is a public employee under the "Colorado Governmental Immunity Act", article 10 of title 24. (B) A licensed dental hygienist must maintain professional liability insurance in an amount not less than fifty thousand dollars per claim and with an aggregate liability limit for all claims during a calendar year of not less than three hundred thousand dollars; except that this requirement does not apply to a licensed dental hygienist who is a public employee under the "Colorado Governmental Immunity Act", article 10 of title 24. (C) A licensed dental therapist must maintain professional liability insurance in an amount not less than five hundred thousand dollars per incident and one million five hundred thousand dollars annual aggregate per year; except that this requirement is not applicable to a dental therapist who is a public employee under the "Colorado Governmental Immunity Act", article 10 of title 24. (II) The Colorado dental board, by rule, may exempt from or establish lesser financial responsibility standards than those prescribed in this section for classes of licensed dentists, dental therapists, and dental hygienists who: (A) Perform dental services as employees of the United States government; (B) Render limited, occasional, or no dental services; (C) Perform less than full-time active dental services because of administrative or other nonclinical duties or partial or complete retirement; or (D) Provide uncompensated dental care to patients but do not otherwise provide any compensated dental care to patients. (III) The Colorado dental board may exempt from or establish lesser financial responsibility standards for a licensed dentist, dental therapist, or dental hygienist for reasons other than those described in subsection (1)(a)(II) of this section that render the limits provided in subsection (1)(a)(I) of this section unreasonable or unattainable. (IV) Nothing in this subsection (1)(a) precludes or otherwise prohibits a licensed dentist, dental therapist, or dental hygienist from rendering appropriate patient care on an occasional basis when the circumstances surrounding the need for care so warrant. (a.5) (I) If a physician or a physician assistant, by maintaining commercial professional liability insurance coverage with an insurance company authorized to do business in this state or an eligible nonadmitted insurer allowed to insure in Colorado pursuant to article 5 of title 10 in a minimum indemnity amount of one million dollars per incident and three million dollars annual aggregate per year; except that this requirement is not applicable to a physician or physician assistant who is a public employee under the "Colorado Governmental Immunity Act", article 10 of title 24. (II) The Colorado medical board may, by rule, exempt from or establish lesser financial responsibility standards than those prescribed in this subsection (1)(a.5) for classes of physicians or physician assistants who: (A) Perform medical services as employees of the United States government; (B) Render limited or occasional medical services; (C) Perform less than full-time active medical services because of administrative or other nonclinical duties or partial or complete retirement; or (D) Provide uncompensated health care to patients but do not otherwise provide any compensated health care to patients. (III) The Colorado medical board may exempt from or establish lesser financial responsibility standards for a physician or physician assistant for reasons other than those described in subsection (1)(a.5)(II) of this section that render the limits provided in subsection (1)(a.5)(I) of this section unreasonable or unattainable. (IV) Nothing in this subsection (1)(a.5) precludes or otherwise prohibits a licensed physician or physician assistant from rendering appropriate patient care on an occasional basis when the circumstances surrounding the need for care so warrant. (b) If a health-care institution, by maintaining, as a condition of licensure, certification, or other authority to render health-care services in this state, commercial professional liability insurance coverage with an insurance company authorized to do business in this state or an eligible nonadmitted insurer allowed to insure in Colorado pursuant to article 5 of title 10, C.R.S., in a minimum indemnity amount of five hundred thousand dollars per incident and three million dollars annual aggregate per year; except that this requirement is not applicable to a certified health-care institution that is a public entity under the "Colorado Governmental Immunity Act". In the event a health-care institution does not have a commercial professional liability insurance policy in compliance with this paragraph (b), or the limits of professional liability insurance coverage are in excess of any self-insured retention amount, or there is a deductible other than zero dollars, the health- care institution shall procure evidence that the commissioner of insurance has accepted and approved an alternative form of establishing financial responsibility in compliance with paragraph (c), (d), or (e) of this subsection (1), in accordance with applicable rules promulgated by the division of insurance. The health-care institution shall furnish evidence of alternative financial responsibility compliance to the department of public health and environment as part of the health-care institution's application for an initial or renewal license, certification, or other authority. (c) In the alternative, by maintaining a surety bond in a form acceptable to the commissioner of insurance in the amounts set forth in paragraph (a), (a.5), or (b) of this subsection (1); (d) As an alternative, by depositing cash or cash equivalents as security with the commissioner of insurance in such applicable amounts; (e) As an alternative, any other security acceptable to the commissioner of insurance, which may include approved plans of self-insurance. (2) Each such physician, physician assistant, or dentist, as a condition of receiving and maintaining an active or inactive license or other authority to provide health-care services, and each health-care institution, as a condition of receiving and maintaining an active license, certification, or other authority to provide health-care services in this state, shall furnish the appropriate authority that issues and administers the license, certification, or other authority with evidence of compliance with subsection (1) of this section. The license, certification, or other authority shall not be issued or renewed unless the health care professional or health care institution provides evidence of compliance with subsection (1) of this section to the appropriate authority that issues and administers the license, certification, or other authority. (3) Notwithstanding the minimum amount specified in subsection (1)(a.5) of this section, if the Colorado medical board receives two or more reports pursuant to section 13-64- 303 during any twelve-month period regarding a physician or physician assistant, the minimum amount of financial responsibility for that physician or physician assistant is twice the amount specified in subsection (1)(a.5) of this section. The Colorado medical board may reduce the additional amount if the physician or physician assistant, upon motion, presents sufficient evidence to the Colorado medical board that one or more of the reports involved an action or claim that did not represent any substantial failure to adhere to accepted professional standards of care. Under these circumstances, the board may reduce the additional amount to an amount that would be fair and conscionable. (4) (Deleted by amendment, L. 2010, (HB 10-1260), ch. 403, p. 1963, § 33, effective July 1, 2010.)
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