(1) The commission shall require all qualified members of the profession to carry professional liability insurance offered by the fund with primary liability limits of at least $200,000.
(2) A professional liability fund established under this section shall pay, on behalf of qualified members of the profession, all sums as may be provided under the fund which any such member shall become legally obligated to pay as money damages because of any claim made against such member as a result of any act or omission of such member in rendering or failing to render professional services for others in the member’s professional capacity or caused by any other person for whose acts or omissions the member is legally responsible.
(3) The commission shall have the authority:
(a) To assess each person covered by the fund for contributions to the fund;
(b) To establish definitions of coverage to be provided by the fund;
(c) To employ legal counsel to represent the fund and to defend and control the defense of any person covered by the fund against whom a claim is made;
(d) To employ any persons necessary for the proper administration of the fund; and
(e) To contract with a local insurer to administer the fund. [1987 c.774 §93]