A. Every operator shall file with the state corporation commission [public regulation commission] and keep on file therewith proof of financial responsibility in the form of a current insurance policy in a form approved by the commission, issued by an insurance company authorized to do business in the state, conditioned to pay, within the limits of liability herein prescribed, all final judgments for personal injury or property damage proximately caused or resulting from negligence of the operator covered thereby, as such negligence is defined and limited by the Ski Safety Act. The minimum limits of liability insurance to be provided by operators shall be as follows:

SKI SAFETY ACT LIABILITY INSURANCE LIMITS OF LIABILITY REQUIRED MINIMUM COVERAGES FOR INJURIES, DEATH OR DAMAGES KIND                    LIMITS FOR         LIMITS FOR BODILY AND                 BODILY INJURY         INJURY TO OR DEATH NUMBER                     TO OR             OF ALL PERSONS OF LIFTS                 DEATH OF         INJURED OR KILLED         PROPERTY OPERATED             ONE PERSON             IN ANY ONE ACCIDENT DAMAGE Not more than three surface lifts                $100,000                        $300,000                         $5,000 Not more than three ski lifts, including one or more chair lifts                    250,000                         500,000                            25,000 More than three ski lifts or

one or more tramways                             500,000                         1,000,000                        50,000.

B. No ski lift or tramway shall be operated in this state after the effective date of the Ski Safety Act unless a current insurance policy as required herein is in effect and properly filed with the state corporation commission [public regulation commission]. Each policy shall contain a provision that it cannot be canceled prior to its expiration date without thirty days’ written notice of intent to cancel served by registered mail on the insured and on the commission.