(1) Unless an exemption has been granted under applicable federal or state law, the vehicle is capable of being operated in compliance with applicable provisions of chapters 8, 9, and 10 of this title, and has been, at the time it was manufactured, certified by the manufacturer as being in compliance with applicable federal motor vehicle safety standards;

(2) The vehicle is capable, in the event of a failure of the automated driving system that renders that system unable to perform the entire dynamic driving task relevant to its intended operational design domain, of achieving a minimal risk condition;

(3) Is registered in accordance with chapter 4 of this title, and if registered in this state, the vehicle is identified on the registration as an ADS-operated vehicle; and

(4)

(A)

(i) [Effective until July 1, 2021.] The vehicle is covered by primary automobile liability insurance in at least five million dollars ($5,000,000) per incident for death, bodily injury, and property damage, and the automobile liability insurance satisfies the requirements of § 56-7-1201;

(ii) Insurance required by subdivision (4)(A)(i) may be:

(a) Placed with an insurer authorized to do business in this state under title 56 or with a surplus lines insurer eligible under title 56, chapter 14;

(b) Covered by a surety bond executed and filed with the commissioner of safety; or

(c) Satisfied in accordance with § 55-12-111;

(iii) Insurance satisfying the requirements of this subdivision (4)(A) shall be deemed to satisfy the financial responsibility requirements for a motor vehicle under chapter 12 of this title;

(B) This subdivision (4) is deleted on July 1, 2021;

(C) No later than February 1, 2020, the commissioners of safety and commerce and insurance shall submit a joint report to the transportation and safety committee of the senate and the transportation committee of the house of representatives, which report shall make recommendations, including the appropriate rationale and any proposed legislation, on whether the insurance and bonding coverages and coverage amount requirements of this subdivision (4)(A) should be increased, decreased, extended, or otherwise amended.