(1) All of the following types of automobile insurance satisfy the financial responsibility requirements of this chapter:

  (a) During the time that a transportation network company driver is logged on to the transportation network company’s digital network and is available to receive transportation requests but is not engaged in a transportation network company prearranged ride, all of the following types of automobile insurance:

  (i) Residual third party automobile liability insurance as required under chapter 31 of the insurance code of 1956, 1956 PA 218, MCL 500.3101 to 500.3179, in the amount of at least $50,000.00 per person for death or bodily injury, $100,000.00 per incident for death or bodily injury, and $25,000.00 for property damage.

  (ii) Personal protection insurance and property protection insurance in the amounts and of the types of coverage required by chapter 31 of the insurance code of 1956, 1956 PA 218, MCL 500.3101 to 500.3179.

  (b) During the time that a transportation network company driver is engaged in a transportation network company prearranged ride, all of the following types of automobile insurance:

  (i) Residual third party automobile liability insurance with a minimum combined single limit of $1,000,000.00 for all bodily injury or property damage.

  (ii) Personal protection insurance and property protection insurance in the amounts and of the types of coverage required by chapter 31 of the insurance code of 1956, 1956 PA 218, MCL 500.3101 to 500.3179.

  (2) This section only applies to automobile insurance obtained by a transportation network company driver or a transportation network company.