No certificate or permit shall be issued to a motor carrier or remain in force, unless the carrier shall have furnished the administrator with evidence of insured financial responsibility. Each motor carrier shall satisfy the requirements by furnishing the administrator with proof of the carrier’s ability to meet any and all legally established claim or claims for damages by reason of personal injury to, or the death of, any one person in an amount of at least two hundred and fifty thousand dollars ($250,000), or by reason of personal injuries to, or the death of, all persons injured or killed in any one accident of five hundred thousand dollars ($500,000) (subject to a maximum of two hundred and fifty thousand dollars ($250,000) for bodily injuries to or the death of one person), and for damages to property (excluding cargo) in the amount of at least twenty-five thousand dollars ($25,000). A filing fee of ten dollars ($10.00) must accompany each insurance filing. All revenues received under this section shall be deposited as general revenues. No common or contract carrier by motor vehicle shall engage in intrastate commerce, nor shall any certificate or permit be issued to the carrier or remain in force, unless and until there shall be filed with the administrator evidence of insured financial responsibility by the carriers to meet any and all legally established claim or claims for loss or damage to all property belonging to the shipper or consignee and coming into possession of the carriers in connection with their motor carrier transportation service in an amount of at least twenty-five thousand dollars ($25,000); provided, however, that the requirements of this section shall not apply in connection with the transportation of commodities declared by the administrator, after notice and hearing, to be exempt from cargo insurance requirements. Each motor carrier required by the provisions of this chapter to furnish evidence of insured financial responsibility shall satisfy such requirements by filing with the administrator:

(1)  A certificate of insurance issued by an insurance company authorized to transact business in this state, showing that the motor carrier has a policy of insurance in force insuring the carrier against public liability, property damage, and damage or loss to cargo, in at least the minimum amounts herein prescribed; or

(2)  A certificate on blanks furnished by the administrator and issued by the general treasurer that the motor carrier has filed with the general treasurer a bond in the amount of one hundred thousand dollars ($100,000), issued by a surety company authorized to transact business in Rhode Island and conditioned upon payment of any sum up to and including the maximum amounts required in this section in the satisfaction of any final judgment rendered as the result of any claim, or claims, for damages against the motor carrier. The administrator will give consideration to and will approve the application of a motor carrier to qualify as a self-insurer in lieu of the insurance prescribed in this section, if the carrier furnishes a true and accurate statement of its financial condition and other evidence as will establish to the satisfaction of the administrator the ability of the motor carrier to satisfy its obligations for liability and bodily injury or death and liability for the property damage in the minimum amounts prescribed therein without affecting the stability or permanency of the business of the motor carriers. All certificates of insurance, surety bonds, and other securities and agreements filed with the administrator must show the coverage effective continuously until canceled. Certificates of insurance, surety bonds, and other securities and agreements shall not be canceled or withdrawn until after thirty (30) days’ notice in writing by the insurance company, surety or sureties, motor carrier, or other party thereto, as the case may be, has first been given to the administrator at his or her office in Providence, which period of time shall commence to run from the date the notice is actually received at the office of the administrator. However, the surety bonds, certificates of insurance, and other securities and agreements may be canceled prior to the expiration of the thirty (30) days, if on or before the date notice of cancellation is received at the office of the administrator, a replacement filing acceptable to the administrator shall have been received, the replacement being effective on or before the effective date of the cancellation. No cancellation may become effective before the date of receipt of the notice by the administrator.