29. When the Régie suspends a permit or registration under section 26, it shall not cancel such suspension or grant a new permit or registration so long as the holder has not given to its satisfaction:(a) a certificate of insurance or of financial responsibility contemplated in the Automobile Insurance Act; and either
(b) security that he will satisfy any condemnation resulting from the accident, up to an amount deemed sufficient but not exceeding thirty five thousand dollars, in addition to interest and costs, except two hundred dollars deductible from damage to the property of another, or, from 1 March 1978, for accidents that occurred from such date, up to an amount deemed sufficient but not exceeding the amount contemplated in section 87 of the Automobile Insurance Act, or
(c) proof that he has been held not responsible or has satisfied any claim resulting from the accident, up to the amount applicable.