The U.S. arm of a Japanese insurer will be offering stop-loss coverage to employers with self-funded health plans administered by Principal Financial Group Inc.

Nippon Life Insurance Company of America, New York, a unit of Nippon Life Insurance Company, Tokyo, says the NLI America stop-loss program will be designed for employers with 50 or more employees, with a minimum deductible of $10,000.

The stop-loss program will be administered by R.E. Moulton Inc., a unit of OneAmerica Financial Partners Inc., Indianapolis.

Employer clients of Principal, Des Moines, Iowa, can use the NLI America stop-loss program to complement health savings account programs and health reimbursement arrangement programs as well as to back traditional group health programs, according to OneAmerica.

NLI America announced in November 2007 that it had hired R.E. Moulton to help it sell health plan stop-loss programs in the United States.

The parent company, Nippon Life, announced earlier this year that it had invested $400 million in Principal.