In lieu of the bond required under section 4840 of this title, the attorney may maintain on deposit in the office of the Commissioner, subject to the same conditions as the bond, a like amount in:

1. (1) cash;
2. (2) securities qualified as insurer investments; or
3. (3) a letter of credit issued for the benefit of and acceptable to the Commissioner.

(Added 1971, No. 31, § 1, eff. March 31, 1971; amended 1997, No. 49, § 5, eff. June 26, 1997; 2003, No. 55, § 3.)