(1) Any party who has suffered damages as a result of an accident may submit to the commissioner an affidavit or an accident report showing thereon the amount of damages suffered. The affidavit or accident report, when properly executed, shall, for the purpose of this chapter, be accepted by the commissioner as satisfactory evidence to indicate the amount of actual damages, unless evidence to the contrary is received, in which case the commissioner shall, for the purposes of this chapter, determine the damages from written evidence submitted to the commissioner.
(2) In no case shall security be required that is greater in amount than that specified in § 55-12-102, and in no event shall this security be in an amount less than five hundred dollars ($500).
(3) In any case where the amount of security required in this section is questioned by any party required to deposit security, that party shall deposit security in the maximum amount as designated in subsection (b) until the amount of actual damages suffered is determined by a final judgment of a court of competent jurisdiction.