1. Any person in whose name more than 10 motor vehicles are registered in the State of Nevada may qualify as a self-insurer by obtaining a certificate of self-insurance issued by the Department as provided in subsection 2.
2. The Department may, upon the application of such a person, issue a certificate of self-insurance when:
(a) It is satisfied that the person possesses and will continue to possess the ability to pay judgments obtained against him or her; and
(b) The person provides security to satisfy judgments against him or her in an amount prescribed by regulation of the Department.
3. The certificate of self-insurance must include:
(a) The name and address of the self-insurer;
(b) The expiration date of the self-insurance; and
(c) The statements:
(1) “Self-insured”; and
(2) “This certificate of self-insurance or a photocopy thereof must be carried in the motor vehicle which is self-insured for production on demand.”
4. Upon not less than 5 days’ notice and a hearing pursuant to the notice, the Department may, upon reasonable grounds, cancel a certificate of self-insurance. Failure to pay any judgment within 30 days after it becomes final constitutes a reasonable ground for the cancellation of a certificate of self-insurance.
5. The Department shall adopt regulations which set forth the amount of security which must be provided by a self-insurer pursuant to subsection 2.