A. When a vehicle has been damaged by water to such an extent that the insurance company insuring it has paid a claim of $3,500 or more because of this water damage, the insurance company shall report the payment of such claim to the Department.
B. Upon receipt of information from an insurance company pursuant to subsection A, the Commissioner shall issue a new certificate of title and place an appropriate indicator upon such certificate in order to convey that information to the new owner of the motor vehicle.