Section 20-500. Insurance

a. As a condition of the issuance of a license to
  engage in towing, each applicant shall  furnish  proof  that  every  tow
  truck to be used by such applicant under such license is insured under a
  liability  insurance  policy as follows: with respect to each tow truck,
  not less than two hundred thousand dollars for personal injury or  death
  of  any  one  person resulting from any one accident; not less than five
  hundred thousand dollars for personal injury or death  of  two  or  more
  persons  resulting  from  any  one  accident;  and  not  less than fifty
  thousand dollars for injury to or destruction of property of one or more
  persons resulting from any one accident.
    b. The licensee shall notify the  commissioner  of  any  modification,
  amendment, cancellation or substitution of any insurance policy required
  under  subdivision  a  of  this section within ten days of notice to the
  licensee of such modification, amendment, cancellation or substitution.