[§431:10C-604]  Issuance of certificate ofself-insurance.  The commissioner shall issue a certificate ofself-insurance if:

(1)  The applicant has provided the bond, cash, orsecurities and proof of qualification as a self-insurer affording security substantiallyequivalent to that afforded under a motor vehicle insurance policy; and

(2)  The commissioner is satisfied that in case ofinjury, death, or property damage, any claimant would have the same rightsagainst the self-insurer as the claimant would have had if a motor vehicleinsurance policy was applicable. [L 2000, c 24, pt of §3]