Certificate of self-insurance; cancellation
Sec. 11. (a) The bureau may, upon the application of a person,
issue a certificate of self-insurance when the bureau is satisfied that
the person making the application is possessed and will continue to
be possessed of the ability to pay a judgment obtained against the
person making the application. A certificate may be issued
authorizing a person to act as a self-insurer for property damage,
bodily injury, or death.
(b) After not less than five (5) days notice and a hearing
concerning the notice, the department may upon reasonable grounds
cancel a certificate of self-insurance. Failure to pay a judgment
within thirty (30) days after the judgment becomes final constitutes
a reasonable ground for the cancellation of a certificate of
self-insurance.
(c) The bureau may only issue a certificate of self-insurance under
rules adopted to implement this section.
As added by P.L.2-1991, SEC.13.
Last modified: May 27, 2006