§ 31-31-10 - Relief from security requirements.
SECTION 31-31-10
§ 31-31-10 Relief from securityrequirements. – (a) A person shall be relieved from the requirement for deposit of security forthe benefit or protection of another person injured or damaged in the accidentin the event he or she is released from liability by the other person.
(b) A covenant not to sue shall relieve the parties to it asto each other from the security requirements of this chapter.
(c) In the event the division of motor vehicles has evaluatedthe injuries or damage to any minor in an amount not more than two hundreddollars ($200) the division of motor vehicles may accept, for the purpose ofthis chapter only, evidence of a release from liability executed by a naturalguardian or a legal guardian on behalf on the minor without the approval of anycourt or judge.
(d) The division of motor vehicles may accept evidence of apayment to an operator or to the owner of a vehicle involved in an accident bythe insurance carrier of any other person involved in the accident on accountof damage to property or to bodily injury, as effective to relieve the operatoror owner from the security and suspension provisions of this chapter in respectto any claim for property damage or bodily injury arising out of the accidentby the person on whose behalf the payment has been made. A payment to theinsurance carrier of an operator or owner under its right of subrogation shallbe the equivalent of a payment to the operator or owner.