The insurance policy may provide for cancellation by the insurer upon written notice to the Mayor. Upon such cancellation, the taxicab license covered by this policy shall be revoked by the Mayor unless a new policy is written and received by the Mayor's office before cancellation takes effect. However, this provision shall not be construed to waive any lawful notice which the insurer must give to the insured. In case a license is revoked, the Mayor may, upon the filing of a new policy of insurance, reinstate such license, provided that such reinstatement is done within ten days from such revocation and the payment of a fee of ten dollars ($10.00) is made therefor.