(1) obtains from an insurer authorized to transact business in the State, a liability insurance policy that:

(i) is approved by the Commission in all respects, including policy provisions, form, and amounts; and

(ii) insures the permit holder and taxicab driver against liability to a passenger or member of the public for property damage, personal injury, or death resulting from an accident in which the taxicab is involved; or

(2) deposits with the Commission a bond with a casualty or surety company authorized to do business in the State that:

(i) is approved by the Commission in all respects, including provisions, form, surety, and amounts; and

(ii) is made out to the State as obligee for the use and benefit of passengers and members of the public, and undertakes to indemnify passengers and members of the public against property damage, personal injury, or death resulting from an accident in which the taxicab is involved.

(b) (1) (i) Except as provided in subparagraph (ii) of this paragraph, a cancellation or revocation of an insurance policy or bond that is required under subsection (a) of this section may not take effect until 45 days after the date the Commission receives written notice from the revoking party.

(ii) Cancellation or revocation of an insurance policy or bond issued by the Maryland Automobile Insurance Fund may not take effect until 30 days after the date the Commission receives written notice from the Maryland Automobile Insurance Fund.

(2) At any time, if the Commission determines that the existing bond or insurance protection is inadequate, the Commission may require new or additional bond or insurance as a condition of operation.