No certificate of public convenience and necessity shall be issued or continued in operation unless there is in full force and effect liability insurance for each vehicle authorized in the amount of $25,000 for bodily injury to any one person, $50,000 for injuries to more than one person which are sustained in the accident, and $10,000 for property damage resulting from any one accident. Such liability insurance shall inure to the benefit of any person who shall be injured or who shall sustain damage to property proximately caused by the negligence of a holder, his or her servants or agents. Policies shall be filed with the Legislative Authority prior to issuance of license, and shall be retained by the Legislative Authority during the term of the license.