(a) Instead of the surety bond required by section 413, a provider may deliver to the Lieutenant Governor, in the amount required by section 413(b), and, except as otherwise provided in paragraph (2)(A), payable or available to Virgin Islands and to individuals who reside in the Virgin Islands when they agree to receive debt-management services from the provider, as their interests may appear, if the provider or its agent does not comply with this chapter:
(1) a certificate of insurance
(A) issued by an insurance company authorized to do business in the Virgin Islands and rated at least A or equivalent by a nationally recognized rating organization approved by the Lieutenant Governor; and
(B) with no deductible, or if the provider supplies a bond in the amount of $5,000, a deductible not exceeding $5,000; or
(2) with the approval of the Lieutenant Governor:
(A) an irrevocable letter of credit, issued or confirmed by a bank approved by the Lieutenant Governor, payable upon presentation of a certificate by the Lieutenant Governor stating that the provider or its agent has not complied with this chapter or
(B) bonds or other obligations of the United States or guaranteed by the United States or bonds or other obligations of the Virgin Islands or a political subdivision of Virgin Islands, to be deposited and maintained with a bank approved by the Lieutenant Governor for this purpose.
(b) If a provider furnishes a substitute pursuant to subsection (a), the provisions of section 413(a), (c), (d), and (e) apply to the substitute.