(b) The department may upon application issue a certificate of self-insurance to each group who has satisfied the requirements under subsection (a) of this section

(b) The department may upon application issue a certificate of self-insurance to each group who has satisfied the requirements under subsection (a) of this section. The certificate of self-insurance shall apply to the owners and all operators who are members of the group and shall expire three (3) years from the date of issue. (c) Upon not less than ten (10) days notice and a hearing pursuant to notice, the department may upon reasonable grounds cancel a certificate of self-insurance. Reasonable grounds for cancellation shall include: (i) Failure to pay, or enter into an agreement to pay, any judgment within sixty (60) days after judgment is final; (ii) Failure within thirty (30) days to requalify under subsection (a) of this section when any portion of the bond on file has been used to satisfy a judgment; (iii) A showing that the tax exempt group no longer has five (5) motor vehicles registered to the members of the group; or (iv) A failure to report that a member of the group no longer qualifies.