Section 34A of chapter 90 is hereby amended by adding the following to the definition of “Motor Vehicle Policy” liability.
Subject to and notwithstanding the foregoing, all taxicabs and other commercial vehicles regularly used for the transport of individuals for a fee, shall maintain a policy of liability insurance to the amount or limit of at least one hundred thousand dollars on account of injury to or death of any one person, and, subject to the limits as respects injury to or death of one person; or at least three hundred thousand dollars on account of any one accident resulting in injury to or death of more than one person. This provision shall not apply if the taxicab or commercial vehicle is self-insured.
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