A small employer insurer that issues a health insurance plan to a small employer and obtains reinsurance for the health insurance plan under this chapter may terminate the reinsurance for one (1) or more of the reinsured employees or dependents of the small employer:

1. (1) on any anniversary of the health insurance plan; or
2. (2) when the reinsured employee leaves the employment of the small employer.

As added by P.L.193-1996, SEC.1.