Any insurance company carrying a contractor’s workers’ compensation insurance policy shall notify the department in case of cancellation by either the insurance company or the contractor of such policy. The notice shall contain (1) the name of the insurance carrier, (2) the name of the insured contractor, and (3) the date the cancellation is effective. Contractors who are approved by the Nebraska Workers’ Compensation Court for self-insurance shall notify the department at least ten days prior to the termination of such self-insurance.