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

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

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