(1) The division may, upon the application of any person, issue a certificate of self-funded coverage when it is satisfied that the person has: (a) more than 24 motorboats; and (b) on deposit, in a form approved by the division, cash or securities in an amount of $200,000 plus $100 for each motorboat up to and including 1,000 motorboats and $50 for each motorboat over 1,000 motorboats. (2) Persons holding a certificate of self-funded coverage under this chapter shall pay benefits to persons injured from the self-funded person's operation, maintenance, and use of motorboats as would an insurer issuing a policy to the self-funded person containing the coverages under Sections 31A-22-1502 and 31A-22-1503. (3) In accordance with Title 63G, Chapter 4, Administrative Procedures Act, the division may, upon reasonable grounds, cancel the certificate. Failure to pay any judgment up to the limit under Subsection 31A-22-1503(2) within 30 days after the judgment is final is a reasonable ground to cancel the certificate. (4) Any government entity with self-funded coverage for government-owned motorboats under Title 63G, Chapter 7, Governmental Immunity Act of Utah, meets the requirements of this section.