A policy form for a policy of stop-loss insurance which is intended for issue in this State to cover losses of a group health plan must be filed with and approved by the Commissioner pursuant to NRS 687B.120 before being delivered or issued for delivery. In addition to any other applicable requirements, the policy form must satisfy the following requirements:

1. 1. The policy of stop-loss insurance must be issued to and insure the sponsor of the group health plan or the group health plan itself and must not be issued to or insure:

   1. (a) Employees covered by the group health plan;
   2. (b) Members of the group health plan; or
   3. (c) Participants in the group health plan.

2. 2. Payments by the insurer under the policy of stop-loss insurance must be made to the sponsor of the group health plan or the group health plan itself and must not be made to:

   1. (a) Employees covered by the group health plan;
   2. (b) Members of the group health plan;
   3. (c) Participants in the group health plan;
   4. (d) Providers of health care who provide health care services pursuant to the group health plan; or
   5. (e) A network whose providers of health care provide health care services pursuant to the group health plan.

(Added to NRS by 2021, 2970)