New Jersey § 48:4-12

§ 48:4-12.

Whenever the owner of any autobus, or the person possessing the right to use the same,

is required by any law of this State or any ordinance of any municipality of this

State to obtain or file with any public board, body or official within this State

an insurance policy against loss from liability imposed by law upon autobus owners,

or the persons possessing the right to use same, for damages either as a condition

for the obtaining or making or continuing effective the permit or consent of any municipality

to operate, or for the operation of, such autobus, or otherwise, said owner or person

possessing the right to use the same, if a corporation, organized under the laws of

this State, may carry its own liability insurance providing it can reasonably satisfy

the Commissioner of Insurance as to the permanence and financial standing of its business

and providing its paid up cash capital is not less than that required in the following

schedule: For any such corporation operating not more than 20 of such autobusses, there shall

be required a cash paid up capital of $400,000.00. For any such corporation operating not more than 30 of such autobusses, there shall

be required a cash paid up capital of $600,000.00. For any such corporation operating not more than 40 of such autobusses, there shall

be required a cash paid up capital of $800,000.00. For any such corporation operating not more than 50 of such autobusses, there shall

be required a cash paid up capital of $1,000,000.00. For any such corporation operating more than 50 of such autobusses, there shall be

required a cash paid up capital of not less than $2,000,000.00.