The policy of insurance or bond shall be subject to cancellation only after ten days’ written notice filed with the treasurer or director of finance of the county, or upon surrender of the license issued for the vehicle involved under section 445-222, or upon the filing of a substitute policy of insurance or bond complying with this chapter. Upon cancellation of any such policy of insurance or bond without the filing of a substitute therefor the county treasurer or director of finance shall immediately recall, confiscate, and cancel the license issued under section 445-222 for the vehicle involved.