(1) Any person in whose name more than twenty-five (25) motor vehicles are registered may qualify as a self-insurer by obtaining a certificate of self-insurance issued by the cabinet as provided in subsection (2) of this section.
(2) The cabinet may, in its discretion, upon the application of such a person, issue a certificate of self-insurance when it is satisfied that the person is possessed and will continue to be possessed of ability to pay judgments obtained against the person.
(3) The cabinet may upon reasonable grounds cancel a certificate of self-insurance subject to the certificate holder being afforded the opportunity for a hearing to be conducted in accordance with KRS Chapter 13B. Failure to pay any judgment within thirty (30) days after the judgment becomes final constitutes a reasonable ground for the cancellation of a certificate of self-insurance.