Unauthorized health insurance defined

For the purposes of §§ 58-33-93 to 58-33-116 , inclusive, the term, unauthorized health insurance, means health insurance offered by a nonadmitted insurer except to the extent the laws of this state allow the coverage to be offered by a nonadmitted insurer licensed in another state through an employer or group located out of state; and includes health care benefits or coverage offered by a professional employer organization or an employee leasing arrangement that is not: (1) Fully insured by an admitted insurer; or (2) Licensed or otherwise authorized under the laws of this state to offer a self-funded health benefit plan. Source: SL 2007, ch 292 , § 4.