I think self insuring is a great idea.
My former association did it for our malpractice coverage(the American Association of Orthodontists) and it saved me thousands over the years.
Probably the biggest factor would be getting enough people to buy it. If you could get everyone to chip in, i.e. make it mandatory, for a one time fee of $500 they would never need to pay anything again since that would generate $25,000,000 that could easily support an "administrator" etc. on just the investment interest it would generate.
I think the hard part of the whole idea would be the mandatory part. This is still a free country, although sometimes it seems less and less that way, and there would be numbers of people that would not want any part of it.
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"I am a great believer in luck, and I find that the harder I work, the more I have of it." -Thomas Jefferson
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