1. (a) The security required under this chapter shall be cash or securities as approved by the agency and in such amount as the agency may require but in no case in excess of the limits specified in Section 55-8-50 in reference to the limits of a policy or bond. If at the time of the accident there is in effect a liability policy or a bond meeting the requisites of this chapter other than amount of coverage set forth in Section 55-8-50, the agency may reconsider such policy or bond in fixing the amount of security. The person depositing security shall specify in writing the person on whose behalf the deposit is made, and, at any time while such deposit is in the custody of the agency or the State Treasurer the person depositing it may, upon approval of the agency, amend in writing the specification of the person on whose behalf the deposit is made to include an additional person; provided, however, that a single deposit of security shall be applicable only on behalf of persons required to furnish security because of the same accident. Interest and other income securities deposited as herein provided shall be paid or inure to the benefit of the person making the deposit.
2. (b) Upon ten days' notification of the parties concerned the agency may reduce, or, within the limits specified in Section 55-8-50, increase the amount of security ordered in any case if in its discretion the amount ordered is excessive or insufficient. In case the security originally ordered has been deposited, the excess shall be returned to the depositor notwithstanding the provisions of Section 55-8-100. Substitution of security shall be permitted.

HISTORY: 1978 Act No. 563 Section 9.