The commission shall, in ordering the issuance of a certificate, require the applicant to procure and file with the Office of Regulatory Staff either liability and property damage insurance, a surety bond with some casualty or surety company authorized to do business in this State, or a certificate of self-insurance as provided by Section 56-9-60 on all motor vehicles to be used in the service in that amount as the commission may determine, insuring or indemnifying passengers or cargo and the public receiving personal injury by reason of any act of negligence and for damage to property of any person other than the assured. The policy, bond, or certificate of self-insurance must contain those conditions, provisions, and limitations as the commission may prescribe and must be kept in full force and effect and failure to do so is cause for the revocation of the certificate.
HISTORY: 1962 Code Section 58-1481; 1952 Code Section 58-1481; 1942 Code Section 8511; 1932 Code Section 8511; 1925 (34) 252; 1930 (36) 1327; 1931 (37) 145; 1935 (39) 25; 1944 (43) 1343; 1988 Act No. 525, Section 1, eff May 18, 1988; 2006 Act No. 318, Section 152, eff May 24, 2006.
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