The Board shall require all permanent and institutional licensees to periodically demonstrate their professional competency by completing at least 40 hours of continuing medical education each year; provided, that the Board may accept an average of 40 hours, but under no circumstances less than 25 hours of continuing medical education each year over a three-year period. Criteria for and content of continuing medical education courses shall be approved by the Board, which shall consider equivalent national, state, and territorial educational courses, including those offered by a medical society or a specialty organization, to fulfill the requirements of this section.