PART II. GENERAL DEFINITIONS

 

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

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

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

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

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

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

(5)  Any unincorporated interindemnity or reciprocalor interinsurance contract, which qualifies under chapter 435E between membersof a cooperative corporation, whose members consist only of physicians andsurgeons licensed in Hawaii, which contracts indemnify solely in respect tomedical malpractice claims against such members, and which do not collect inadvance of loss any moneys other than contributions by each member to acollective reserve trust fund or for necessary expenses of administration. [L1987, c 347, pt of §2]

 

Case Notes

 

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