Every obligor transacting business in this state shall provide an insurance identification card for each vehicle covered at the time of initiating each policy of automobile insurance, as defined in section 65B.14, subdivision 2, and at the time of policy renewal. The insurance identification card may be provided in an electronic format if the insured agrees. When an insured has five or more vehicles registered in this state, the obligor may use the designation "all owned vehicles" on each identification card in lieu of a specified description. The card must state:
(1) the insured's name;
(2) the policy number;
(3) the policy dates of coverage;
(4) the make, model, and year of the vehicle being covered;
(5) the vehicle identification number or at least the last three digits of that number; and
(6) the name of the obligor providing coverage.