Yes it is the law. And the MIG has it.My problem is this, is it not the law to have car insurance? As in the kind of insurance that I know?
I'm not necessarily knocking this practice, on the contrary, I find it intriguing...
Take someone wealthy, say Bill Gates,, in the event of a nasty accident, he could argue (successfully) that he could meet any cost...he isn't insured as such, but the victims would be paid. It would not be legal without the formal process being in place, ie the bond. Insurance is there to take care of third parties...which is all the law requires.