Proof of financial responsibility when required under this article, with respect to such a vehicle or with respect to a person who is not the owner of such a vehicle, may be given by filing:

1. 1. A certificate of insurance as provided in Section 47-7-321 or Section 47-7-322 of this title;
2. 2. A bond as provided in Section 47-7-327 of this title;
3. 3. A certificate of deposit of money or securities as provided in Section 47-7-330 of this title; or
4. 4. A certificate of self-insurance, as provided in Section 47-7-503 of this title, supplemented by an agreement by the self-insurer that, with respect to accidents occurring while the certificate is in force, he will pay the same amounts that an insurer would have been obliged to pay under an owner's motor vehicle liability policy if it had issued such a policy to said self-insurer.

Added by Laws 1961, HB 556, c. 10b, § 7-320, eff. September 1, 1961; Amended by Laws 1994, HB 2413, c. 181, § 9, eff. September 1, 1994.