When financial responsibility in effect; necessary provisions in and
approval of insurance policies
Sec. 4. (a) For the purposes of this article, financial responsibility
is in effect with respect to a motor vehicle if:
(1) a motor vehicle liability insurance policy issued with respect
to the vehicle;
(2) a bond executed with respect to the vehicle under section 7
of this chapter; or
(3) the status of the owner or operator of the vehicle as a
self-insurer, as recognized by the bureau through the issuance
of a certificate of self-insurance under section 11 of this
chapter;
provides the ability to respond in damages for liability arising out of
the ownership, maintenance, or use of the motor vehicle in amounts
at least equal to those set forth in section 5 or 6 of this chapter.
(b) A motor vehicle liability policy under this article must contain
the terms, conditions, and provisions required by statute and must be
approved by the state insurance commissioner.
As added by P.L.2-1991, SEC.13.
Last modified: May 27, 2006