(a) A liability contract or certificate of insurance shall not be canceled by either the taxicab owner or the insurance carrier unless written notice of cancellation has been mailed to the Secretary of the Department of Finance and Administration.
(b) The notice provided under subsection (a) of this section shall state the exact time and date of cancellation, which shall not be less than seven (7) days from the date of mailing.
(c) The mailing of notice under subsection (a) of this section shall be sufficient proof of notice, and the effective date of cancellation stated in the notice shall become the end of the policy period.