(a) An insurer shall not issue a stop-loss insurance policy that:
(1) Has an annual attachment point for claims incurred per individual that is lower than twenty thousand dollars ($20,000);
(2) Has an annual aggregate attachment point that is lower than one hundred twenty percent (120%) of expected claim; and
(3) Provides direct coverage of healthcare expenses of an individual.
(b) The commissioner may adopt rules that carry out the requirements of this chapter.