(a) The motor vehicle insurance required by § 431:10C-104 may be satisfied by any owner of a motor vehicle if:

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Terms Used In Hawaii Revised Statutes 431:10C-105

(1) The owner meets the requirements of part VI of this article; and
(2) The commissioner is satisfied that in case of injury, death, or property damage, any claimant would have the same rights against the owner as the claimant would have had if a motor vehicle insurance policy had been applicable to the vehicle.
(b) A person desiring to qualify as a self-insurer shall apply to the commissioner on a form or in a format approved by the commissioner pursuant to rules.