The Self-Insurance Protection Act (HR2571) advanced to the Union Calendar on December 15, 2025, providing regulatory clarity that stop-loss insurance is not health insurance under ERISA. This tailwind for the self-funded health plan market directly benefits stop-loss insurers Aflac ($AFL), CNO Financial ($CNO), and Lincoln National ($LNC), all of which have posted positive 30-day price changes: +7.43%, +11.15%, and +8.51% respectively.
→ Removes state regulatory risk for stop-loss products; reduces legal compliance costs for employers offering self-funded plans