No insurer may engage in the transacting of insurance in this state by issuing a stop loss policy unless, prior to issuing a contract for the stop loss policy, the insurer discloses clearly and conspicuously to the employer, in writing the following:
(1) The employer is not covered for claims below the stop loss attachment point;
(2) A description of the attachment point, including the specific and aggregate attachment points; and
(3) The insurer provides no other coverage of the employer's retention.