1. Any person in whose name more than twenty-five motor vehicles are registered may qualify as a self-insurer by obtaining a certificate of self-insurance issued by the department as provided in subsection 2 of this section.
2. The department may, in the department's discretion, upon the application of such a person, issue a certificate of self-insurance when the department is satisfied that such person is possessed and will continue to be possessed of ability to pay judgments obtained against such person for damages arising out of the ownership, maintenance, or use of any vehicle owned by such person.
3. Upon not less than five days' notice and a hearing pursuant to such notice, the department may upon reasonable grounds cancel a certificate of self-insurance. Failure to pay any judgment for damages arising out of the ownership, maintenance, or use of any vehicle owned by such self-insurer within thirty days after such judgment shall have become final shall constitute a reasonable ground for the cancellation of a certificate of self-insurance.
[C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 321A.34]
92 Acts, ch 1175, § 43
Referred to in § 321A.5, 321A.26
Iowa General Assembly
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