Before the commissioner may issue a permit as required by section 45-1.12 of this Subpart to the owner or lessee of an amusement device, viewing stand or tent, the owner or lessee of such device, viewing stand or tent shall furnish the commissioner with proof that he has purchased insurance or posted cash or other security in an amount not less than $1,000,000 per occurrence or a bond in an amount not less than $2,500,000 in the aggregate against liability for injury to persons arising out of the use of the amusement device, viewing stand or tent. In the event such liability insurance is cancelled, the insurer shall give 30 days prior notice of such cancellation to the commissioner.