(a) When a naturopathic corporation provides security by means of insurance for claims against it by its patients, the security shall consist of a policy or policies of insurance insuring either the corporation or all the employed licensed persons rendering such naturopathic services against liability imposed by law for damages arising out of the rendering of, or failure to render, naturopathic services by the corporation in an amount for each claim of at least $50,000 multiplied by the number of employed licensed persons rendering such naturopathic services and an aggregate maximum limit of liability per policy year of at least $150,000 multiplied by the number of such employees; provided that the maximum coverage shall not be required to exceed $150,000 for each claim and $450,000 for all claims during the policy year, and provided further that the deductible portion of such insurance shall not exceed $5,000 multiplied by the number of such employees.

(b) All shareholders of the corporation shall be jointly and severally liable for all claims established against the corporation by its patients arising out of the rendering of, or failure to render, naturopathic services up to the minimum amounts specified for insurance under subdivision (a) hereof except during periods of time when either the corporation or all the employed licensed persons rendering naturopathic services provide and maintain insurance for claims by its patients arising out of the rendering of, or failure to render naturopathic services. Said insurance when provided shall meet the minimum standards established in subdivision (a) above.