1. No motor carrier shall operate any motor vehicle on any public highway in this state until after such carrier shall have filed with, and same has been approved by the division, a certificate of any insurance carrier duly authorized to do business in this state certifying that there is in effect a liability insurance policy or bond in some reliable insurance company or association or other insurer satisfactory to the division and authorized to transact insurance business in this state, in such forms and upon such conditions as the division may deem necessary adequately to protect the interests of the public in the use of the public highways and with due regard to the number of persons and amount of property transported, which liability insurance shall bind the obligors thereunder to make compensation for injuries to persons and loss of or damage to property resulting from the negligent operation of such motor carrier; provided, that any motor carrier who shall furnish annually to the division, and at such other times as may be required, satisfactory proof and evidence of such carrier’s financial ability to properly protect the interests of the public and pay compensation for injuries to persons and loss or damage to property, on account of or arising out of negligent operation of such carrier’s business, shall not be required to furnish liability insurance policy or bond therefor.

2. No other or additional policies, bonds or licenses than those prescribed in this chapter shall be required of any motor carrier to which the provisions of this chapter apply by any city, town or other subdivision of the state; provided, that this section shall not be so construed as to interfere with the right of any county, city or other civil subdivision of the state, to levy and collect any property tax to which such motor carrier is liable under the general revenue laws of this state within such county, city or other civil subdivision wherein the property of such motor carrier may be subject to assessment and taxation.