(a) Any person in whose name more than 25 vehicles are registered in the District of Columbia may qualify as a self-insurer by obtaining a certificate of self-insurance issued by the Mayor as provided in subsection (b) of this section.
(b) The Mayor may, in his discretion, upon the application of such a person, issue a certificate of self-insurance when he is satisfied that such person is possessed and will continue to be possessed of ability to pay judgments obtained against such person. Such certificate may be issued authorizing a person to act as a self-insurer for either property damage or bodily injury, or both, and shall provide for the payment of benefits to the extent required by the Compulsory/No-Fault Motor Vehicle Insurance Act of 1982.
(c) Upon not less than 5 days notice and a hearing pursuant to such notice, the Mayor may upon reasonable grounds cancel a certificate of self-insurance. Failure to pay any judgment within 30 days after such judgment shall have become final shall constitute a reasonable ground for the cancellation of a certificate of self-insurance.