1. The Authority shall require every fully regulated carrier and every operator of a tow car, within such time and in such amounts as the Authority may designate, to file with the Authority in a form required and approved by the Authority a liability insurance policy, or a certificate of insurance in lieu thereof, or a bond of a surety company, or other surety, in such reasonable sum as the Authority may deem necessary to protect adequately the interests of the public. 2. The Department shall require every other common and contract motor carrier and every private carrier, within such time and in such amounts as the Department may designate, to file with the Department in a form required and approved by the Department a liability insurance policy, or a certificate of insurance in lieu thereof, a bond of a surety company, or other surety, in such reasonable sum as the Department may deem necessary to protect adequately the interests of the public. In determining the amount of liability insurance or other surety required of a carrier pursuant to this subsection, the Department shall create a separate category for vehicles with a manufacturers gross vehicle weight rating of less than 26,000 pounds and impose a lesser requirement with respect to such vehicles. 3. The liability insurance policy or certificate, policy or bond of a surety company or other surety must bind the obligors thereunder to pay the compensation for injuries to persons or for loss or damage to property resulting from the negligent operation of the carrier. 4. The Authority and the Department may jointly prescribe by regulation the respective amounts and forms required by subsections 1 and 2.
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