(1) The owner or manager of a motor vehicle shall procure a third party insurance of such amount as may be prescribed for the purpose of providing compensation against a loss, if any, caused to a third party or any property belonging to the third party in any manner due to the motor vehicle accident.
(2) If a motor vehicle accident results in a loss to a third party or any property belonging to the third party, the third party or his or her successor is entitled to the amount referred to in Sub-section (1) for compensation against
the loss.
(3) If a motor vehicle plied without procuring the third party insurance or comprehensive insurance pursuant to Sub-section (1) meets with an accident thereby resulting in a loss or damage to any third party or his or her
property, the owner or manager of motor vehicle shall pay the insurance  amount as set forth in Sub-section (1) to which the third party or his or her successor is entitled for such a loss or damage to him or her or his or her
successor as compensation.