(1) Persons regulated by Title 37, chapter 60, MCA, and licensed as follows shall file a yearly certificate of insurance with the board:

(a) Private investigators shall maintain a minimum of $500,000 occurrence form of commercial general liability which includes personal injury.

(i) If licensed with armed status, private investigators shall be covered by liability for firearms coverage.

(b) Electronic security companies shall maintain a minimum of $500,000 occurrence form of commercial general liability which includes personal injury and errors and omissions coverage.

(c) Contract and proprietary security companies shall maintain a minimum of $500,000 occurrence form of commercial general liability which includes personal injury.

(i) If licensed with armed status, employees of contract and proprietary security companies shall carry liability for firearms coverage.

(2) Except as provided in this rule, all licensees must be insured by a carrier:

(a) licensed in the state in which the insurance was purchased and covered by that state's insolvency fund; or

(b) licensed in the state of Montana.

(3) Each licensee shall sign a release requesting the insurance carrier to inform the board if the coverage is canceled or allowed to lapse.