Section 64B. In any case in which a liquor liability insurance policy has been required or the limits of any such policy have been increased as a condition precedent to the modification, reinstatement or renewal of a license as provided in section 64A or section 67, a licensee shall disclose to the insurer that such policy has been required or such policy limits have been increased, shall provide to the liquor liability insurer the mailing address of the licensing authority and shall direct the insurer to include the licensing authority as a recipient of any notice which the insurer is required to issue to the licensee pursuant to chapter 175. In any case in which the insurer notifies the licensee and the licensing authorities that it intends to terminate the contract upon expiration of the requisite notice period, the licensee shall provide proof of reinstatement or new insurance to the licensing authorities within such period. If the licensee fails to provide such proof prior to receipt by the licensing authorities of a notice of cancellation from the insurer, the licensing authorities shall suspend such license until proof of insurance is delivered, or revoke such license, at their discretion.