(a) Upon condition of providing the same benefits available under a required vehicle insurance policy, any person in whose name more than 15 motor vehicles are registered in this State may qualify as a self-insurer by obtaining a certificate of self-insurance issued by the Secretary of Transportation as provided in subsection (b) of this section.

(b) The Secretary of Transportation may, in the Secretary’s discretion, approve an application for self-insurance from such a person provided the following is submitted in satisfactory form:

(1) A continuing undertaking by the owner or other appropriate person to pay tort liabilities or basic reparation benefits, or both, and to perform all other obligations imposed by § 2118 of this title;

(2) Evidence that appropriate provisions exist for prompt and efficient administration of all claims, benefits and obligations required by § 2118 of this title; and

(3) Evidence that reliable financial arrangements, deposits or commitments exist providing assurance for payment of tort liabilities or basic reparation benefits, or both, and all other obligations imposed by this chapter substantially equivalent to those afforded by a policy of insurance complying with § 2118 of this title.

(c) Upon not less than 5 days’ notice and a hearing pursuant to such notice, the Secretary of Transportation may, upon reasonable grounds, withdraw this approval of self-insurance. Failure to pay any valid claim within 60 days of its submission or any judgment within 30 days after such judgment shall have become final shall constitute a reasonable ground for the immediate withdrawal of approval of self-insurance.

61 Del. Laws, c. 292, § 5; 70 Del. Laws, c. 186, § 1; 74 Del. Laws, c. 110, §§ 63, 64, 65.