(a) No person shall operate an amusement ride unless at the time there is in existence:
(1) A policy of insurance in an appropriate amount determined by regulation insuring the owner and operator (if an independent contractor) against liability for injury to persons arising out of the operation of the amusement ride;
(2) Abond in a like amount; provided, however, that the aggregate liability of the surety under such bond shall not exceed the face amount thereof; or
(3) Cash or other security acceptable to the office.
(b) Regulations under this article shall permit appropriate deductibles or self-insured retention amounts to such policies of insurance. The policy or bond shall be procured from one or more insurers or sureties acceptable to the office.