§ 50-315. Sinking funds; blanket policies.

(1) File with the Commissioner a blanket bond or blanket policy of liability insurance in an amount considered sufficient by the Commissioner to cover accident risks for the payment of judgments or claims arising out of the ownership, maintenance, or operation of the taxicabs to which the blanket bond or blanket policy shall relate, and covering all vehicles lawfully displaying the trade name or identifying design of any individual, association, company, or corporation. The Commissioner shall periodically review all blanket bonds or blanket policies filed under this subsection to assure that the amount of the bond or policy is adequate to protect the public and may after a hearing order the adjustment of the required amount of the bond or policy as is reasonable and necessary to protect the public; or

(2) Create and maintain a sinking fund in an amount the Commissioner considers reasonable and necessary to protect the public, and deposit the same, in trust, for the payment of any judgment recovered against the owner arising out of the ownership, maintenance, or operation of a covered taxicab, with the person, official, or corporation the Commissioner shall designate. A sinking fund shall not be created unless the Commissioner is satisfied that the owner is possessed and will continue to be possessed of the financial ability to pay judgments obtained against the owner. If such a fund has been created, the Commissioner shall have authority and shall periodically require whatever evidence of the owner's financial status is necessary to satisfy the Commissioner of financial ability to pay judgments, and may, based upon findings after a hearing, impose any reasonable and necessary requirement as will assure the financial integrity of the fund. If upon the evidence and after a hearing on the issue the Commissioner finds that a fund is not possessed and will likely not continue to be possessed of financial ability to pay judgments, the Commissioner shall require that the owner file a bond or policy of insurance required by § 50-314, and shall return to the owner the amount of the sinking fund when the Commissioner is satisfied that the maintenance thereof is not needed to assure the payment of any claim or judgment then outstanding. Failure to pay any judgment within 30 days after judgment becomes final shall constitute reasonable grounds for finding that the owner is not possessed of financial ability to pay judgments.