Sec. 14. 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) has garage liability insurance of at least five hundred thousand dollars ($500,000) covering the person's established place of business;
(2) is a member of a risk retention group that is regulated by the Indiana department of insurance; or
(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:
(A) One hundred thousand dollars ($100,000) for bodily injury to one (1) person.
(B) Three hundred thousand dollars ($300,000) for bodily injury for each accident.
(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.