The insurance contract providing reimbursements for expenditures for health care services incurred by the plan may be a stop-loss, specific excess and aggregate, or other similar contract. It may be written by an insurer licensed for life, accident, and sickness insurance under Code Section 33-7-2 or by an insurer licensed for casualty insurance under Code Section 33-7-3. In either case, the contract shall be in the name of the plan as the contract holder and shall contain at least the following:
(1) The attachment point after which the payments by the insurer will be made;
(2) The amounts for allowable spending accounts;
(3) An attachment containing the plan document;
(4) A conspicuous disclosure on the first page of the contract that it is not a policy of accident and sickness insurance; and
(5) All other relevant terms and conditions.
Section: Previous 33-30b-1 33-30b-2 33-30b-3 33-30b-4 33-30b-5 33-30b-6 33-30b-7 NextLast modified: October 14, 2016