(a) No person shall operate a carnival ride unless at the time there is in existence:
(1) A policy of insurance in an amount not less than $1 million (if an independent contractor) against liability for injury to persons arising out of the operation of the carnival 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.