A home inspector licensed by the Commission shall maintain general liability insurance in the amount of at least $150,000. An applicant shall submit proof of the insurance required under this section to the Commission with the license application. The Commission may not issue a license to an applicant unless the applicant submits proof of the insurance. Unless an applicant meets the insurance requirements of this section, the Commission may not renew the license. A licensee shall give the Commission notice of the cancellation of insurance required under this section at least 10 days before the effective date of the cancellation.