(a) Required coverage.--A licensee shall obtain and maintain, to the satisfaction of the board, professional liability insurance coverage in accordance with the provisions of this section.

(b) Minimum coverage.--A licensee under this act, practicing in this Commonwealth, shall maintain a level of professional liability insurance coverage in the minimum amount of $1,000,000 per occurrence or claims made. Failure to maintain insurance coverage as required shall subject the licensee to disciplinary proceedings.

(c) Noncompliance.--A licensee shall notify the board within 30 days of the licensee's failure to be covered by the required insurance. Failure to notify the board shall be actionable under sections 3 and 5.¹ The license to practice shall automatically be suspended upon failure to be covered by the required insurance and shall not be restored until submission to the board of satisfactory evidence that the licensee has the required professional liability insurance coverage.

(d) Evidence of compliance.--The board shall accept from a licensee as satisfactory evidence of insurance coverage under this subsection any or all of the following: