(625 ILCS 5/8-108)
(from Ch. 95 1/2, par. 8-108)
Insurance policy as bond.
A policy of insurance in a solvent and responsible company authorized to
do business in the State of Illinois, and having admitted net assets of not
less than $300,000 insuring the owner, his agent or any person
operating the motor vehicle with the owner's express or implied consent against
liability for any injury to or death of any person or for damage to
property other than the motor vehicle resulting from the negligence of
such owner, his agent or any person operating the vehicle with his express
or implied consent, when accepted by the Secretary of State, shall be proof
of financial responsibility as required by Section 8-101 or 8-101.1.
(Source: P.A. 82-433.)