What is an insurance corporation?
The Insurance Code defines it as one formed or organized to save any person or persons or other corporations harmless from loss, damage, or liability arising from any unknown or future or contingent event, or to indemnify or to compensate any person or persons or other corporations for any such loss, damage, or liability, or to guarantee the performance of or compliance with contractual obligations or the payment of debts of others. (Sec. 185) The last part of the statement refers to suretyship. (Sec. 175)