(1) A license will not be granted to a foreign medical graduate unless:

(a) the graduate has had three years of post-graduate training education in a post-graduate institution that has been approved by the Council on Medical Education of the American Medical Association or the American Osteopathic Association or successors; or

(b) the graduate has been granted board-certification by a specialty board which is approved by, and a member of, the American Board of Medical Specialties or the American Osteopathic Association.