No taxicab franchise shall be issued or continued in operation unless there is in full force and effect a liability insurance policy for each vehicle authorized in the amount equal to that required by the state’s Financial Responsibility Law, as set out in Tenn. Code Ann. Title 55, Ch. 12. The insurance policy required by this section shall contain a provision that it shall not be cancelled, except after at least 20 days’ written notice is given by the insurer to both the insured and the Recorder of the city.
(2011 Code, § 9-403)