(a) Any person may at any time apply to the executive director for a certificate of self-insurance, whether or not there has occurred an accident as a result of which such person might be affected by some other provision of this chapter.
(b) The executive director may issue a certificate of self-insurance when satisfied that the applicant is possessed and will continue to be possessed of ability to pay judgments against the applicant within the limits provided in this chapter.
(c) Upon not less than ten days' notification of a self-insurer, the executive director may for reasonable cause cancel a certificate of self-insurance and shall cancel such certificate upon failure of a self-insurer to pay any judgment within thirty days.