Section 344. Certificate furnished by non-resident

(a) The non-resident
  owner of a foreign vehicle may give proof of financial responsibility by
  filing with the commissioner a written certificate or certificates of an
  insurance carrier authorized to transact business in the state, District
  of Columbia, or territory or lands in continental  United  States  under
  the exclusive jurisdiction of the United States, or a province of Canada
  in  which  the  motor  vehicle  or  motor  vehicles  described  in  such
  certificate is registered, or if such non-resident does not own a  motor
  vehicle,  then in the state, District of Columbia, or territory or lands
  in continental United States under the  exclusive  jurisdiction  of  the
  United  States,  or  province of Canada in which the insured resides and
  otherwise  conforming  to  the  provisions  of  this  article,  and  the
  commissioner  shall  accept  the same upon condition that said insurance
  carrier complies with the following provisions of this section.
    (1)  Said  insurance  carrier  shall  execute  a  power  of   attorney
  authorizing  the  commissioner to accept service on its behalf of notice
  or process in any action arising out of a motor vehicle accident in this
  state.
    (2) Said insurance carrier shall duly adopt a resolution  which  shall
  be  binding  upon  it, declaring that its policies shall be deemed to be
  varied to comply with the law of this state relating  to  the  terms  of
  motor vehicle liability policies issued herein.
    (3)  Said  insurance  carrier  shall also agree to accept as final and
  binding any judgment of any court  of  competent  jurisdiction  in  this
  state  duly  rendered  in  any  action  arising  out  of a motor vehicle
  accident.
    (4) Said insurance carrier shall also agree to pay any assessment  for
  expenses of administration of this article levied against it as provided
  in section three hundred sixty-three of this chapter.
    (b)  If  any  foreign insurance carrier which has qualified to furnish
  proof of financial responsibility as hereinbefore required  defaults  in
  any   said  undertakings  or  agreements,  the  commissioner  shall  not
  thereafter accept any certificate of said carrier,  whether  theretofore
  filed  or  thereafter  tendered  as proof of financial responsibility so
  long as such default continues.