3 CCR 713-1.14 - FINANCIAL RESPONSIBILITY STANDARDS

A. Basis: The general authority for the promulgation of rules and regulations by the Colorado Medical Board ("Board") is set forth in sections 12-20-204(1) and 12-240-106(1)(a), C.R.S., as amended. Specific authority for the promulgation of rules regarding financial liability requirements is set forth in section 13-64-301(1) (a.5), C.R.S.

B. Purpose: Part 3 of Article 64, Title 13, sets forth financial responsibility requirements to be met by all Colorado licensed physicians and physician assistants. However, the Board may, by rule, exempt or establish lesser standards for certain classes of license holders. These Rules have been adopted by the Board in order to exempt from the requirements certain categories of licensees for whom the financial responsibility standards do not serve to enhance the public interest.

C. Pursuant to the requirements of section 13-64-301(1) (a.5), C.R.S., every physician and physician assistant who holds or desires to obtain a Colorado medical license must maintain commercial professional liability insurance coverage with an insurance company authorized to do business in this state in a minimum indemnity amount of one million dollars per incident and three million dollars annual aggregate per year (or meet alternative responsibility standards which comply with the provisions of sections 13-64-301(1)(c), (d), or (e), C.R.S.); except that this requirement is not applicable to a health care professional who is a public employee under the "Colorado Governmental Immunity Act".

D. Pursuant to these Rules, a physician or a physician assistant whose medical practice falls entirely within one or more of the following categories is exempt from the requirements set forth in paragraph (A), above:

1. Physicians or physician assistants who solely perform medical services as employees of the United States government.

2. A physician or physician assistant who is not engaged in the practice of medicine.

3. A physician or a physician assistant who is covered by individual professional liability coverage (or an alternative which complies with sections 13-64-301(1)(c), (d) or (e), C.R.S.), maintained by an employer/contracting agency in the amounts set forth in paragraph (A), above.

4. A physician or a physician assistant who provides uncompensated health care to patients, or who does not otherwise engage in any compensated patient care in Colorado.

E. Any physician or physician assistant who claims exemption from the financial responsibility requirements must provide such information, as may be requested by the Board in order to establish eligibility for any such exemption.

Notes

3 CCR 713-1.14

Effective 8/30/90; Revised 9/30/99; Revised 08/19/10; Effective 10/15/10 46 CR 12, June 25, 2023, effective 7/15/2023 47 CR 18, September 25, 2024, effective 10/15/2024