34; Iowa Admin Code §191, Ch. 41; Neb. Stat §44-4701; N.D. Cent. Code Ch. 26.1-17.1;12§624.02, Fla. Stat. (2015); see also Cal. Ins. Code §22 (“contract whereby one undertakes to indemnify another against loss, damage, or liability arising from a contingent or unknown event.”); Mass. Gen Laws ch.
Do these risk shifting bargains constitute unlicensed and unlawful policies of insurance?The California Insurance Code defines “insurance” as “a contract whereby one undertakes to indemnify another against, loss, damage, or liability arising from a contingent or unknown event”. Cal. Ins. Code § 22. Under this definition, almost any contractual indemnification provision or risk allocation arguably constitutes insurance.