§ 6.72.050. Proof of financial responsibility required.

No certificate of public convenience and necessity shall be issued or continued in operation unless there is in full force and effect proof of financial responsibility for each vehicle, in an amount that is in compliance with the greater of the minimum limits set by the law of the State of Tennessee for owners and operators of motor vehicles or the minimum amount as is established by the commission. Such security shall inure to the benefit of any person who is injured or who sustains damage to property proximately caused by the negligence of a holder, his servants or his agents. Proof of financial responsibility shall be filed in the office of the metropolitan transportation licensing commission and shall have as a surety thereon a surety company authorized to do business in the State of Tennessee.

(Ord. BL2000-325 § 1 (part), 2000)