Insurance required under the provisions of this code shall be governed by the following requirements:
A. Each certificate of insurance shall require approval by the city attorney and risk manager;
B. Insurance furnished must contain a condition that it cannot be modified or cancelled without at least thirty (30) days' written notice to the city;
C. Any insurer shall be authorized to do business in California, and have a minimum A.M. Best and Company rating of B+:VII;
D. The rules and regulations issued under section 3-4-5 of this chapter. (1962 Code §§ 2-6.405, 5-8, 7-4, 9-3.1200 et seq.)