At the time of each license application and upon request of the secretary, a person licensed under this article shall furnish evidence that the person:

1. (1) has garage liability insurance of at least five hundred thousand dollars ($500,000) covering the person's established place of business;
2. (2) is a member of a risk retention group that is regulated by the Indiana department of insurance; or

3. (3) has a liability insurance policy or garage liability policy covering the person's established place of business with limits of at least the following:

   1. (A) One hundred thousand dollars ($100,000) for bodily injury to one (1) person.
   2. (B) Three hundred thousand dollars ($300,000) for bodily injury for each accident.

   3. (C) Fifty thousand dollars ($50,000) for property damage.

      The minimum amounts required by this section must be maintained during the time the license is valid.

As added by P.L.92-2013, SEC.78. Amended by P.L.174-2016, SEC.92; P.L.20-2022, SEC.14.