(2) Proof of financial responsibility may be given by filing with the department a certificate of insurance or a bond, an irrevocable letter of credit issued by an insured institution as defined in ORS 706.008 or a certificate evidencing deposit of money in the same manner and with the same effect as provided by ORS 558.052 to 558.054, 806.080 and 806.270. [1953 c.654 §13; 1975 c.420 §1a; 1983 c.338 §961; 1991 c.331 §82; 1995 c.41 §3; 1997 c.631 §495; 2003 c.175 §13]