Every person licensed under the provisions of this chapter shall furnish and file with the Safety-Service Director before the license is issued a good and sufficient indemnity bond or evidence that he has taken out for the protection of his passengers a liability insurance policy in whatever amounts may be specified in Ohio R.C. 4509.01(K) as from time to time amended, and presently to be in the sum of twelve thousand five hundred dollars ($12,500) for injury or death to one person, twenty-five thousand dollars ($25,000) for injury or death to more than one person, and seven thousand five hundred dollars ($7,500) property damage for the operation of the taxicab. This bond must meet with the approval of the Safety-Service Director and the insurance must be maintained during the whole term of the license. Should Ohio R.C. 4509.01(K) be amended to raise the limits of liability at any time during the term of a license then issued and in force, the holder of the license shall be notified of the increase in limits and he shall immediately increase the limits of his liability coverage and shall furnish, within thirty days of receiving notification, proof of increased coverage with the Safety-Service Director or his license shall be revoked and he shall be notified accordingly.