(a) A home inspector licensed by the Commission shall maintain general liability insurance in the amount of at least $150,000.

(b) (1) An applicant shall submit proof of the insurance required under this section to the Commission with the license application.

(2) The Commission may not issue a license to an applicant unless the applicant submits proof of the insurance.

(c) Unless an applicant meets the insurance requirements of this section, the Commission may not renew the license.

(d) A licensee shall give the Commission notice of the cancellation of insurance required under this section at least 10 days before the effective date of the cancellation.