PART II. 
GENERAL DEFINITIONS



 



§431:1-201  Insurance defined.  (a) 
Insurance is a contract whereby one undertakes to indemnify another or pay a
specified amount upon determinable contingencies.



(b)  The following contracts are not considered
to be insurance for the purposes of this code:



(1)  A bond with respect to which no premium is
charged or paid;



(2)  A bond or contract or undertaking in the
performance of which the surety has an interest other than that of surety;



(3)  A plan or agreement between an employer and any
employee or the employee's representative, individually or collectively, by the
terms of which the employer or the parties to the plan or agreement agree to
contribute to the cost of nonoccupational disability benefits, medical attention,
treatment or hospitalization for the employee or members of the employee's
family unless such plan is underwritten by an insurer as defined in this
article;



(4)  A prepaid legal service plan as defined in
chapter 488 other than plans in which either the group offering the plan or the
person administering the plan is otherwise subject to this code;



(5)  Any unincorporated interindemnity or reciprocal
or interinsurance contract, which qualifies under chapter 435E between members
of a cooperative corporation, whose members consist only of physicians and
surgeons licensed in Hawaii, which contracts indemnify solely in respect to
medical malpractice claims against such members, and which do not collect in
advance of loss any moneys other than contributions by each member to a
collective reserve trust fund or for necessary expenses of administration. [L
1987, c 347, pt of §2]



 



Case Notes



 



  Materialman guaranteeing general contractor's performance
through surety bond did not have an interest in the performance of the bond
other than that of surety.  797 F. Supp. 832.