93.—(1) In order to comply with the requirements of this Part a security must—
(a)be given either by an authorised insurer or by some body of persons, approved by the Department, which carries on in the United Kingdom the business of giving securities of a like kind and which has deposited and keeps deposited with the Accountant-General of the Supreme Court of Northern Ireland, for and on behalf of the said Supreme Court, the sum of £15,000, or such other amount as the Department may by order specify, in respect of that business, or has deposited and keeps deposited a sum in respect of that business in accordance with section 146 of the Road Traffic Act 1972 [1972 c.20] ; and
(b)consist of an undertaking by the giver of the security to make good, subject to any conditions specified in the security (not being conditions prescribed as conditions which shall not be inserted in a security issued for the purposes of this Part), any failure by the owner of the motor vehicle or such other persons or classes of persons as may be specified in the security duly to discharge any such liability as is required to be covered by a policy of insurance under Article 92 which may be incurred by him or them,
but, until the appointed day, in the case of liabilities arising out of the use of a motor vehicle on a road[F1 or other public place] in Northern Ireland the amount secured need not exceed in the case of an undertaking relating to the use of public service vehicles £25,000 and in any other case £5,000.
(2) A security shall be of no effect for the purposes of this Part unless and until there is issued by the person giving the security to the person to whom it is given a certificate (in this Part referred to as a certificate of security) in the prescribed form and containing such particulars of any conditions subject to which the security is issued and of any other matters as may be prescribed.
F1SR 2000/331