If the city manager shall determine, after a hearing duly had, and after ten days’ notice is given to a licensee under this division that any standard policy of insurance so filed by such licensee has become impaired so as to afford less protection to the public than when originally filed, he or she shall require a new or an additional policy so as to bring the protection of such insurance to its original amount, and the licensee shall, within ten days after receiving written notice of such requirement, provide the required new or additional policy, failing which the license of the licensee shall automatically terminate.
(1964 Code, § 34-57)