Tutorial is written for Paint Shop Pro 10. The methods used are compatible with Paint Shop Pro 7, 8 and 9.
1 Create a new 300x300 pixels, white background image.  Add a new Raster layer (Layers>New Raster Layer).  Pick the Selection Tool and draw a rounded selection as shown.
Selection settings below:

Save selection to Alpha Channel ( Selections > Load/Save Selection > Save Selection to Alpha Channel )

2  Set your Foreground and Fill Properties to Gradient > Duotone Red and Floodfill your current selection.  Deselect selection by pressing CTRL+D.

3 Add a new Raster layer ( Layers > New Raster Layer ).
Pick the Selection Tool and draw an elliptical selection as shown. Settings below:

Now, Floodfill your current selection with Black-White Gradient

Change layer's Blend Mode to Screen:
( Layers > Properties > Blend Mode = Screen )
Deselect selection by pressing CTRL+D

4  Add a new Raster layer (Layers>New Raster Layer). Set your Foreground and Stroke Properties to White and Background to Red.

Load your saved selection from Alpha Channel (Selections>Load/Save Selection>Load Selections From Alpha Channel). Floodfill your current selection with Foreground-Background Sunburst Gradient

Apply Spherize filter (Effects>Geometric Effects>Spherize>Strength = 100 )
Change layer's blend mode to Screen (Layers>Properties>Blend Mode = Screen )


5 Deselect selection by pressing CTRL+D.  Duplicate current layer (Layers>Duplicate).  Change layer's blend mode to Overlay (Layers>Properties>Blend Mode = Overlay )

6  Add a new Raster layer (Layers>New Raster Layer).  Optional: Create a small selection as shown in the image and Floodfill with white color.

Final Result using White-Red Gradient Fill

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