(a) The Secretary of the Department of Finance and Administration shall not issue a license or registration for a taxicab or other vehicle used for hire unless one (1) of the following is provided to the secretary prior to licensing or registration:

1. (1) A liability contract of insurance issued to the vehicle owner; or
2. (2) A certificate of insurance issued to the owner.

(c) A liability contract of insurance or certificate of insurance provided to the secretary as required by subsection (a) of this section shall:

1. (1) Be substantially in the form of the standard liability insurance policy in customary use;
2. (2) Be approved by the secretary;
3. (3) Be issued by an insurance company licensed to do business in Arkansas;
4. (4) Secure payment for personal injuries to any person or damage to their property caused by the operation of a taxicab used for hire;
5. (5) Secure payment for personal injuries and for damage to property for at least the minimum amounts required for liability insurance under the Motor Vehicle Safety Responsibility Act, Arkansas Code § 27-19-101 et seq.;
6. (6) Not be required to secure payment for personal injuries to employees or joint venturers of the taxicab owner; and
7. (7) Not be required to secure payment for damage to property owned by, rented to, leased to, in charge of, or transported by the owner, other than baggage of passengers.