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 motor vehicle or operator under IC 9-25-5-7;
(2) a bond executed with respect to the motor vehicle under section 7 of this chapter; or
(3) the status of the owner or operator of the motor 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.