(a) Insurance required.--As a condition for obtaining or renewing a license to practice chiropractic in this Commonwealth beginning with the 1988 license renewal period, an applicant shall submit to the board satisfactory evidence that he has obtained professional liability insurance, or that he has established self-insurance for professional liability, in the minimum amount of $100,000 per occurrence and $300,000 per annual aggregate.

(b) Termination of coverage.--A licensee shall notify the board within 30 days of the cancellation of his professional liability insurance, the failure or refusal to renew his professional liability insurance, or the termination of his self-insurance for professional liability. The license of such licensee shall automatically be suspended 60 days after such cancellation, failure or refusal to renew, or termination and shall not be restored until he submits to the board satisfactory evidence that he has obtained professional liability insurance, or that he has established self-insurance for professional liability, in the minimum amount of $100,000 per occurrence and $300,000 per annual aggregate, provided that the board may postpone such a license suspension until the board has determined if a waiver should be granted pursuant to subsection (c).

(c) Waiver of requirement.--The board may waive the requirement that a licensee obtain professional liability insurance and self-insurance for professional liability if, after notice and a hearing, the board determines that the licensee is unable to obtain such insurance or self-insurance because of general market conditions rather than because of the individual performance of that licensee.

(d) Self-insurance.--The board, after consultation with the Insurance Commissioner, shall establish standards and procedures for self-insurance pursuant to this section.