A person or entity may operate a permanent amusement ride only if, at the time of operation, he, she, or it:
(a) Has obtained a valid insurance policy in an amount not less than one million dollars ($1,000,000) per occurrence, and;
(1) Has submitted to the Division a copy of the policy;
(2) Has clearly identified in the policy the permanent amusement rides included and excluded; and
(3) Does not operate permanent amusement rides for which coverage is not provided; or
(b) Has obtained a bond in an amount not less than one million dollars ($1,000,000), except that the aggregate liability of the surety under that bond shall not exceed the face amount of the bond. A copy of the bond shall be submitted to the Division; or
(c) Qualifies as self-insured. Qualification as self-insured shall be demonstrated by providing a letter to the Division attesting that the owner has total assets of at least ten million dollars ($10,000,000), and that the owner's total assets exceed the owner's total liabilities by either a minimum of two million dollars or a ratio of at least ten to one. All statements in the attestation letter to the Division shall be made under penalty of perjury.
Exception: State and local governmental entities shall be deemed to qualify as self-insured.