Section 625 ILCS 5/7-206 - Release from liability(a) A person shall be relieved from the requirement for deposit of security required by Section 7-201 in the event there shall be filed with the Secretary of State satisfactory evidence that the person who would otherwise be required to deposit security has been released from liability.(b) A covenant not to sue shall relieve the parties thereto as to each other from the security requirements of this Article.