(a) Any person may at any time apply to the commission for a certificate of self-insurance, whether or not there has occurred an accident as a result of which he might be affected by some other provision of sections forty-nine B to forty-nine R, inclusive.
(b) The commission 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 him within the limits provided in sections forty-nine B to forty-nine R, inclusive.
(c) Upon not less than ten days' notice of a self-insurer the commission may for reasonable cause cancel a certificate of self-insurance, and shall cancel such certificate upon failure to pay any judgment within thirty days.