Operating privileges suspended as provided in § 15-105 shall not be restored or renewed until: (a) Security is deposited as required under § 15-105; or (b) two years have elapsed following the date of such suspension and satisfactory evidence is filed with the executive director that during such period no action for damages arising out of the accident has been instituted; or (c) satisfactory evidence is filed with the executive director of a release from liability, or a judgment of nonliability as to all persons damaged or injured in the accident, or a written agreement executed with all claimants providing for payment of an agreed amount with respect to all claims for injuries and damages resulting from the accident. If there is a default in payment under such written agreement, then upon ten days’ notification of the owner or operator, the executive director shall suspend the operating privilege of such person defaulting and the same shall not be restored unless and until (1) such person deposits and thereafter maintains security as required under § 15-105, in such amount as the executive director may then determine, within the limits provided in § 15-106, or (2) two years have elapsed following the time when such security was required upon default and during such period no action upon the agreement has been instituted in a court of this state; or (d) satisfactory evidence is filed with the executive director that any judgment against such person for damages resulting from the accident has been satisfied in full or that there has been paid thereon an amount equal to the applicable limits set forth in § 15-106; or (e) written consent thereto has been filed with the executive director by all claimants and the same is approved by the executive director in his or her discretion.