1. Except as otherwise provided in subsection 2, an operator of a taxicab may operate under a program of self-insurance in compliance with the provisions of NRS 706.3054 or 706.3056 in lieu of the insurance against liability required by the regulations adopted pursuant to NRS 706.305.
2. An operator of a taxicab shall not operate under a program of self-insurance if any judgment recovered against the operator has not been paid in full.