This chapter applies only to:
(1) a health benefit plan offered by a nonprofit agricultural organization under Chapter 1682; and
(2) a health benefit plan:
(A) that is a self-insured or self-funded plan established by an employer for the benefit of the employer’s employees in accordance with the Employee Retirement Income Security Act of 1974 (29 U.S.C. § 1001 et seq.); and
(B) for which the plan sponsor has made an election, submitted to the commissioner in the form and manner prescribed by the commissioner, to apply this chapter to the plan for the relevant plan year.