(A)   In the event that any insurer desires to be released from any insurance filed under this subchapter, it may give written notice of such desire to the inspector of taxicabs at least 30 days before it desires its liability released, and the inspector of taxicabs shall thereupon give written notice, by personal delivery or by mail, to the insured and demand that he furnish new assurance by the expiration of the 30-day period above provided for, and shall discharge such first insurer from any liability which shall accrue after the time of approval of such new policy, or shall discharge such first insurer after the expiration of such 30-day period.
   (B)   In the event any policy is so cancelled upon the request of the insurer, and no new insurance policy is filed before the cancellation of the original insurance, the license to operate taxicabs granted to the insured shall be automatically revoked.
('68 Code, § 35-47)