N.Y. Insurance Law § 4237-a: Stop-loss insurance

§ 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) "Stop-loss insurance" 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 section one thousand one hundred twenty-four 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 section one thousand one hundred twenty-four 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 section two thousand six

hundred thirteen, three thousand two hundred thirty-one, four thousand

three hundred seventeen or four thousand three hundred twenty 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.