(625 ILCS 5/7-502)
(from Ch. 95 1/2, par. 7-502)
Any person in whose name more than 25 motor vehicles are registered may
qualify as a self-insurer by obtaining a certificate of self-insurance
issued by the Director of the Department of Insurance as provided in this Section.
The Director 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 judgment obtained against such person.
Upon not less than 5 days' notice, and a hearing pursuant to such
notice, the Director may upon reasonable grounds cancel a
certificate of self-insurance. Failure to pay any judgment against any
person covered by such certificate of self-insurance and arising out of any
accident in which a motor vehicle covered by such certificate of
self-insurance has been involved within 30 days after such judgment shall
have become final shall constitute a reasonable ground for the cancellation
of a certificate of self-insurance.
(Source: P.A. 82-138.)