151Approval to use vehicle without insurance

151 Approval to use vehicle without insurance (1) The Competent Authority may, on application, approve the use of a vehicle to transport a placard load without adequate insurance if satisfied that the vehicle owner or prime contractor for the placard load is capable of adequately self-insuring for the sum, and in relation to the matters, mentioned in the definition adequate insurance in regulation 147. (2) An application may be made by the vehicle owner or prime contractor. (3) The Competent Authority may approve the use of a vehicle without adequate insurance: (a) for a single use or for a period not longer than 5 years; and (b) subject to any conditions the Competent Authority thinks fit.