§ 31-54. Cancellation.

(a)

In the event that any insurer desires to be released from any insurance filed under this division, it may give written notice of such desire to the chief of police at least thirty (30) days before it desires its liability released, and the chief of police shall thereupon give written notice, by personal delivery or by mail, to the insured and demand that he furnish new assurance by the expiration of the thirty (30) day period above provided for, and shall discharge such first insurer from any liability which shall accrue after the time of approval of such new policy, or shall discharge such first insurer after the expiration of such thirty (30) day period.

(b)

In the event any policy is so cancelled upon the request of the insurer, and no new insurance policy is filed before the cancellation of the original insurance, the permit to operate taxicabs granted to the insured shall be automatically revoked.