A person, including a governmental entity or institution or a public corporation, may not operate an underground petroleum storage tank or tank system unless
(1) the tank and tank system are registered with the department as provided in AS 46.03.365 - 46.03.450 or other law; and
(2) the person has provided to the department proof of financial responsibility to the extent required under regulations adopted under AS 46.03.365 or proof of application for arrangements that would satisfy state financial responsibility requirements.