No taxicab franchise shall be issued or continued in operation unless there is in full force and effect a liability insurance policy or bond for each vehicle authorized in an amount equal to that required by the state’s Financial Responsibility Law as set out in Tenn. Code Ann. Title 55, Ch. 12. The insurance policy or bond required by this section shall contain a provision that it shall not be cancelled, except after at least 20 days’ written notice is given by the insurer to both the insured and the city.
(1994 Code, § 9-403)