(a) The board will survey all locally licensed insurance carriers each January to determine the availability and cost of professional liability insurance.

(b) If at its May meeting the board determines that professional liability insurance is offered locally at a cost which the board considers reasonable, all professional accounting corporations will be required to meet the requirements of 31.0549(c), ASAC.

(c) Within 6 months of the notice by the board that it has determined that professional liability insurance is available, a professional public accounting corporation, as a condition of obtaining a certificate pursuant to Chapter 2.31 A.S.C.A., shall provide at least $34,000 for each occurrence and an annual aggregate of $100,000 of professional liability insurance for claims against it arising out of rendering professional service.

History: Rule 3-88, eff 18 Apr 88.