§ 31-34-2.1 - Self-insurers.
SECTION 31-34-2.1
§ 31-34-2.1 Self-insurers. – (a) Any person or company in whose name more than four hundred (400) vehiclesare registered in this state may qualify as a self-insurer by obtaining acertificate of self-insurance issued by the division of motor vehicles asprovided in subsection (b).
(b) Upon the application of the person or company, thedivision may issue a certificate of self-insurance at its discretion if it issatisfied that the person or company has and will have the ability to pay anyjudgment obtained against the person or company. The certificate may be issuedauthorizing a person or company to act as a self-insurer for either propertydamage or bodily injury, or both.
(c) Upon not less than five (5) days' notice and a hearingpursuant to notice, the division upon reasonable grounds may cancel acertificate of self-insurance. Failure to pay any judgment within thirty (30)days after the judgment has become final constitutes a reasonable ground forthe cancellation of a certificate of self-insurance.