1. The Taxicab Authority shall adopt such regulations as are necessary to:
(a) Carry out the provisions of NRS 706.88396; and
(b) Ensure that the taxicab business remains safe, adequate and reliable.
2. Such regulations must include, without limitation:
(a) The minimum qualifications for an independent contractor;
(b) Requirements related to liability insurance;
(c) Minimum safety standards; and
(d) The procedure for approving a lease agreement and the provisions that must be included in a lease agreement concerning the grounds for the revocation of such approval.