If it shall appear to the commissioner of banking and insurance, after a hearing, that the company no longer has a paid up cash capital of at least one hundred and fifty thousand dollars and is no longer able to pay damages which may result from an accident occurring by reason of the ownership, maintenance or use of the autocabs owned by it, upon any public street, he shall revoke his order granting exemption. Thereupon the company shall immediately file an insurance policy or bond as required by sections 48:16-3 and 48:16-4 of this title.