§47-7-207.

§47-7-207.
   
   (a) A person shall be relieved from the requirement for deposit of
   security for the benefit or protection of another person injured or
   damaged in the accident, provided he has given proof of financial
   responsibility, in the event he is released from liability by such
   other person.
   
   (b) A covenant not to sue shall relieve the parties thereto as to each
   other from the security requirements of this chapter.
   
   (c) In the event the department has evaluated the injuries or damage
   to any minor in an amount not more than Two Hundred Dollars ($200.00),
   the Department may accept, for the purposes of this article only,
   evidence of a release from liability executed by a natural guardian or
   a legal guardian on behalf of such minor without the approval of any
   court or judge.