(a) 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 one of the following:
(1) A copy of the policy of insurance, issued by a company licensed to write such insurance in the state.
(2) A bond of a surety company licensed to write surety bonds in the state.
(3) Such evidence of the qualification of the commercial air operator as a self-insurer as may be authorized by the commission.
(b) This section shall become inoperative on July 1, 2018, and, as of January 1, 2019, is repealed.