(a) No policy or bond shall be effective under § 55-12-106, unless issued by an insurance company or surety company licensed to do business in this state, except as provided in subsection (b), and unless the policy or bond provides security not less than the amounts specified in § 55-12-102.
(b) No policy or bond shall be effective under § 55-12-106 with respect to any motor vehicle that was not registered in this state or that was registered elsewhere as of the effective date of the policy or bond or the most recent renewal thereof, unless the policy or bond executes a power of attorney authorizing the commissioner to accept service on its behalf of notice or process of any action upon the policy or bond arising out of the accident.
(c) The commissioner may rely upon the accuracy of the information in the report of an accident as to the existence of insurance or a bond unless and until the commissioner has reason to believe that the information is erroneous.
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