Requirements of policies and limits of liability (1) In order to comply with the requirements of this Chapter, a policy of insurance must be a policy which (a) is issued by a person who is an authorised insurer or by a cooperative society allowed under section 108 to transact the business of an insurer, and 176 (b) insures the person or classes of persons specified in the policy to the extent specified in sub section (2) (i) against any liability which may be incurred by him in respect of the death of or bodily injury to any person or damage to any property of a third party caused by or arising out of the use of the vehicle in a public place The portion of section 95 of the Act, extracted above, requires every person, who is the owner of a motor vehicle to take out a policy against any liability which may be incurred by him in respect of the death of or injury to any person or damage to any property of a third party caused by or arising out of the use of the vehicle in a public place, from an authorised insurer or a cooperative society allowed under section 108 of the Act to transact the business of an insurer.