(a) (1) Within thirty (30) days after an accident has occurred, and provided the accident has been reported to the Office of Driver Services within thirty (30) days, the office shall determine the amount of security which shall be deposited to satisfy any judgment for damages resulting from the accident as may be recovered against each driver or owner based on an amount equal to the minimum limits specified in § 27-19-605. The amount of security required to be deposited shall be:

(A) If the accident resulted in bodily injury or death to one (1) person, twenty-five thousand dollars ($25,000);

(B) If the accident resulted in bodily injury or death to two (2) or more persons in any one (1) accident, fifty thousand dollars ($50,000);

(C) If the accident resulted in the injury to or the destruction of property of others in any one (1) accident, twenty-five thousand dollars ($25,000); or

(D) If the accident resulted in both bodily injury or death and in the destruction of property, a combination of the amounts specified in subdivisions (a)(1)(A)-(C) of this section.

(2) Determination shall not be made with respect to drivers or owners who are exempt under provisions of any other section of this chapter from the requirements as to security or suspension of motor vehicle registration and driving privilege.

(b)

(1) The office shall determine the amount of security deposit required of any person upon the basis of the reports or other information submitted. The office's determination shall be limited to whether the accident resulted in bodily injury or death to one (1) person or two (2) or more persons in any one (1) accident or to injury to or destruction of property of others in any one (1) accident, or a combination of these.

(2) In the event a person involved in an accident as described in this chapter fails to make a report or submit information indicating the existence of any injuries or damage to his or her property within thirty (30) days after the accident and the office has issued reasonable notice to the person if it is possible to give the notice, otherwise without notice, then the office shall not require any deposit of security for the benefit or protection of the person.

(c) The office, no sooner than fifty (50) days after the date of an accident as referred to in this chapter, and upon determining the amount of security to be required of any person involved in the accident or to be required of the owner of any vehicle involved in the accident, shall give written notice to every person of the amount of security required to be deposited by him or her and then an order of suspension will be made upon the expiration of twenty (20) days after the sending of the notice unless within that time security is deposited as required by the notice.