In this section, “for–hire water carrier” means a vessel used to accept or solicit passengers for: Transportation between points along State waters in exchange for remuneration; and Sightseeing and touring in State waters in exchange for remuneration. Before the Department registers a for–hire water carrier, the Department shall require the for–hire water carrier to show, to the Department’s satisfaction, that the water carrier holds an insurance policy or a bond in an amount that is required of a motor vehicle carrying the same number of passengers in accordance with COMAR 20.95.01.18. The Department may adopt regulations to implement this section.