A. A person shall be relieved from the requirement for deposit of security for the benefit or protection of another person injured or damaged in the accident, provided he or she has given proof of financial responsibility, in the event he or she is released from liability by the other person.
B. A covenant not to sue shall relieve the parties thereto as to each other from the security requirements of this chapter.
C. In the event the Department of Public Safety has received medical evidence that the injuries or damage to any minor are in an amount not more than Two Hundred Dollars ($200.00), the Department may accept, for the purposes of this article only, evidence of a release from liability executed by a custodial parent or a legal guardian on behalf of the minor without the approval of any court or judge.
Added by Laws 1961, p. 355, § 7-207. Amended by Laws 1965, c. 187 § 4, emerg. eff. June 8, 1965; Laws 2009, c. 62, § 7, eff. Nov. 1, 2009.