I can't speak to what the regulations say. I can only report that I've twice purchased green card insurance for my US-registered motorbike, and that it passed inspection at a variety of TIP desks and border stations--some of which no longer seem to exist, since my first time was in 2007.
As an added bonus, I even used one of those green cards to travel in Colombia, where it was totally invalid (and after it had expired). Seemed a pretty good deal!
Contact Frgich as indicated in the post above yours.
Mark
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