1305.03 INSURANCE.
     No license shall be granted until the applicant furnishes evidence that he has in effect liability insurance with limits of one hundred thousand dollars ($100,000) per person, three hundred thousand dollars ($300,000) per accident resulting in bodily injury or death, and fifty thousand dollars ($50,000) property damage. The insurance shall be issued by a company authorized to do business in the State and shall contain a clause obligating the company to give ten days' written notice to the Director of Public Service and Safety before cancellation thereof for any cause.