(a) A hospital or other medical facility owned by the Government of the Virgin Islands shall not be used as a teaching facility by or for medical education institutions unless:
(1) the sponsoring medical educational institution has entered into a written contract with the Government of the Virgin Islands which contains the terms and conditions, including remuneration to the Government, under which such facilities will be used;
(2) the contract under paragraph (1) of this subsection is submitted to and approved by the Committee on Finance of the Legislature;
(3) the contract under paragraph (1) includes provisions for medical malpractice insurance as required under subsection (c) of this section.
(b) A contract submitted to the Finance Committee of the Legislature shall be deemed approved if no action of disapproval is taken within 45 days after it is received by the Chairman of the Committee.
(c) Before a medical student can participate in any clinical clerkship or training of any kind in any hospital or other medical facility owned by the Government of the Virgin Islands, the sponsoring medical education institution shall file a valid certificate of insurance with the Government Health Facilities Board and the Commissioner of Insurance. Such certificate shall state that medical malpractice insurance has been obtained for the period of clerkship or training at least equal to that provided under Title 27, section 166e, Virgin Islands Code. The certificate shall provide coverage for the Government of the Virgin Islands, the Department of Health, the faculty utilized by the sponsoring medical education institution and any employees of the Government of the Virgin Islands or the Department of Health who supervise the students. The premium for the coverage shall be paid by the sponsoring medical education institution.