The protection required under Section 5503 shall be evidenced either by the deposit with the commission, covering each aircraft used or to be used in commercial operations for compensation, of:
(a) A copy of the policy of insurance, issued by a company licensed to write such insurance in the State; or
(b) A bond of a surety company licensed to write surety bonds in the State.
(c) Such evidence of the qualification of the commercial air operator as a self-insurer as may be authorized by the commission.