§ 4237-A — Stop-loss insurance

New York § 4237-A

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 42: Life Insurance Companies and Accident and Health Insurance Companies and Legal Services Insurance Companies

Text

§ 4237-a. Stop-loss insurance. (a) An insurer authorized to do the\nbusiness of accident and health insurance in this state and a health\nservice corporation organized under article forty-three of this chapter\nshall be authorized to issue stop-loss insurance as provided in this\nsection.\n (b) "Stop-loss insurance" means an insurance policy whereby the\ninsurer agrees to pay claims or indemnify an employer for losses\nincurred under a self-insured employee benefit plan or a student health\nplan as authorized by section one thousand one hundred twenty-four of\nthis chapter in excess of specified loss limits for individual claims\nand/or for all claims combined, or any similar arrangement.\n (c) A stop-loss insurance policy delivered, issued for delivery, or\nentered into in this state shall clearly describe:\n (1) the entire money or other consideration for the policy;\n (2) the time at which the insurance takes effect and terminates;\n (3) the specified per-claim, per-employee or, in the case of a student\nhealth plan under section one thousand one hundred twenty-four of this\nchapter, per student, or aggregate amount of claims above which payment\nor reimbursement is to be made by the insurer; and\n (4) the payments to be made by the insurer once the specified\nstop-loss thresholds have been exceeded.\n (d) No stop-loss insurance contract shall be issued or renewed if\nissuance of the policy would be prohibited by section two thousand six\nhundred thirteen, three thousand two hundred thirty-one, four thousand\nthree hundred seventeen or four thousand three hundred twenty of this\nchapter.\n (e) The superintendent may promulgate such rules and regulations he\ndeems necessary or desirable to establish financial requirements and\nstandards for the form and content of stop-loss insurance policies\nauthorized by this section.\n