Sec. 1. The bureau may not suspend or revoke the driver's license, driving privileges, or registration plates of the owner or operator of a motor vehicle who has been involved in a motor vehicle accident resulting in bodily injury or death or in damage to property in excess of two thousand five hundred dollars ($2,500) solely because of failure to provide evidence of financial responsibility whenever the:
(1) owner or operator was insured by an insurance company for public liability and property damage at the time of the accident; and
(2) insurance company becomes insolvent after the accident or within fifteen (15) days before the accident;
if the insurance company was authorized and qualified to do business in Indiana on the effective date of the policy.