(1) The department may, upon the application of any person, issue a certificate of self-funded coverage when it is satisfied that the person has:
(a) more than 24 motor vehicles; and
(b) deposits, in a form approved by the department, securities in an amount of $200,000 plus $100 for each motor vehicle up to and including 1,000 motor vehicles and $50 for every motor vehicle over 1,000 motor vehicles.
(2) Persons holding a certificate of self-funded coverage under this chapter shall pay benefits to persons injured from the self-funded person's operation, maintenance, and use of motor vehicles as would an insurer issuing a policy to the self-funded person containing the coverages under Section 31A-22-302.
(3) In accordance with Title 63G, Chapter 4, Administrative Procedures Act, the department may, upon reasonable grounds, cancel the certificate. Failure to pay any judgment up to the limit under Subsection 31A-22-304(2) within 30 days after the judgment is final is a reasonable ground to cancel the certificate.
(4) Any government entity with self-funded coverage for government-owned motor vehicles under Title 63G, Chapter 7, Governmental Immunity Act of Utah, meets the requirements of this section.