§ 371. Certificate of department of transportation in lieu of
indemnity bonds or insurance policies. A person, firm, association or
corporation subject to the provisions of the transportation law and
required under the provisions of section three hundred seventy of this
chapter to file evidence of a corporate surety bond or policy of
insurance with the commissioner of motor vehicles in order to so operate
any such motor vehicle, may file with the commissioner of motor
vehicles, in lieu of the surety or evidence prescribed in section three
hundred seventy of this chapter, a certificate of the department of
transportation certifying that such person, firm, association or
corporation has complied with the regulations of the department of
transportation as to public liability and property damage responsibility
and, in the case of such a person, firm, association or corporation also
engaged in the business of carrying or transporting passengers for hire
in operations not subject to the provisions of the transportation law,
that the arrangement of coverage in effect has been extended to cover
motor vehicles used in such operations.