NY INS § 4237-a. Stop-loss insurance

(a) An insurer authorized to do the business of accident and health insurance in this state and a health service corporation organized under article forty-three of this chapter shall be authorized to issue stop-loss insurance as provided in this section.

(b) “” means an insurance policy whereby the insurer agrees to pay claims or indemnify an employer for losses incurred under a self-insured employee benefit plan or a student health plan as authorized by of this chapter in excess of specified loss limits for individual claims and/or for all claims combined, or any similar arrangement.

(c) A stop-loss insurance policy delivered, issued for delivery, or entered into in this state shall clearly describe:

(1) the entire money or other consideration for the policy;

(2) the time at which the insurance takes effect and terminates;

(3) the specified per-claim, per-employee or, in the case of a student health plan under of this chapter, per student, or aggregate amount of claims above which payment or reimbursement is to be made by the insurer;  and

(4) the payments to be made by the insurer once the specified stop-loss thresholds have been exceeded.

(d) No stop-loss insurance contract shall be issued or renewed if issuance of the policy would be prohibited by , , or of this chapter.

(e) The superintendent may promulgate such rules and regulations he deems necessary or desirable to establish financial requirements and standards for the form and content of stop-loss insurance policies authorized by this section.