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.

[15:127:1949; 1943 NCL § 4439.15] — (NRS A 1961, 149; 1965, 263; 1973, 839; 1977, 657; 1979, 1517; 1993, 2487; 1995, 2743; 1999, 3588)