Clarifies that stop‑loss insurance used by employers that self‑fund health benefits is not treated as “health insurance coverage” under federal benefits law. It also overrides any state laws that block a group health plan from purchasing stop‑loss coverage to protect against unusually large claims.

This aims to make stop‑loss coverage consistently available to self‑insured employer plans nationwide. It does not set dollar thresholds, impose new mandates, create programs, or include dates or funding; it simply changes definitions and preempts conflicting state prohibitions.