1. Any person in whose name more than twenty -five motor vehicles are registered may qualify as a self -insurer by obtaining a certificate of self -insurance issued by the director as provided in subsection 2. 2. The director may, upon the application of any person, issue a certificate of self-insurance when the director is satisfied that the person is possessed and will continue to be possessed of ability to pay any judgment obtained against the person. 3. Upon not less than five days' notice and a hearing pursuant to such notice, the director may cancel a certificate of self -insurance if the director is satisfied that the person is not possessed or will not continue to be possessed of ability to pay any judgment obtained against the person. Failure to pay any judgment within thirty days after such judgment has become final constitutes a reasonable ground for the cancellation of a certificate of self-insurance.
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