(A) The following words and terms, when used in this chapter, shall have the following meanings:

(B) "Professional liability insurance" means any of the following:

(1) Commercially available professional liability insurance or insurance program;

(2) A deposit in trust or in bank escrow of cash, bank certificates of deposit, or United States treasury obligations, or;

(3) A bank letter of credit or insurance company bond.

(C) "Peer review sponsoring organization" means any organization approved by the board that meets the peer review standards specified in rule 4701-13-06 of the Administrative Code.