C. On not less than five days' notice and after a hearing, the director may cancel a certificate of self-insurance or a certificate of partial self-insurance on reasonable grounds. For the purposes of this subsection, "reasonable grounds" includes any of the following circumstances:

1. 1. Failure to pay a judgment within thirty days after the judgment becomes final.
2. 2. Determination by the director that the person has not complied with the financial responsibility requirements of this chapter.
3. 3. Determination by the director that the person knowingly submitted false information that is required by this chapter to this state, a political subdivision of this state, a court or a law enforcement agency.
4. 4. Determination by the director that the person knowingly failed to respond within thirty days to a claim for damages for liability arising out of the ownership, maintenance or use of a motor vehicle.
5. 5. Determination by the director that the person does not meet the bond requirements prescribed in section 28-4011.

F. A person applying for self-insurance or partial self-insurance pursuant to this section shall comply with both of the following at the time of application:

1. 1. The person shall submit evidence in a form prescribed by the director that the person is financially able and will continue to be able to pay the entire amount of self-insurance or partial self-insurance allowed by the director for judgments obtained against the person for liability arising out of the ownership, maintenance or use of a motor vehicle.
2. 2. If applicable, the person shall submit evidence in a form prescribed by the director that the person has a valid insurance policy that meets the requirements prescribed in section 28-4033 and that is issued by an insurer that holds a valid certificate of authority or that is allowed to transact surplus lines insurance in this state.