(1) Whenever proof of owner's or operator's security is required under this chapter, it may be provided by filing with the department any of the following:
(a) a certificate of insurance under Section 41-12a-402 or 41-12a-403;
(b) a copy of a surety bond under Section 41-12a-405;
(c) a certificate of deposit of money or securities issued by the state treasurer under Section 41-12a-406; or
(d) a certificate of self-funded coverage under Section 41-12a-407.
(2) Whenever the term "proof of financial responsibility" is used in this title, it shall be read as "proof of owner's or operator's security."