As used in this chapter, unless the context otherwise requires:
1. “Insurance” means any and all contracts, arrangements, and agreements by or through which one party, for compensation, assumes risks of another party and promises to pay the second party or the second party’s nominee a certain or ascertainable sum of money on the occurrence of a specified contingency. “Insurance” includes any and all contracts, arrangements, or agreements contemplated by, falling within, and coming under section 87.11. Without limiting the foregoing, “insurance” includes any contract of insurance, indemnity, subscription, membership, suretyship, or annuity that has been issued, is proposed for issuance, or is intended for issuance by any person or entity.
2. “Insurer” means any corporation, association, partnership, or individual engaged in the business of insurance, including but not limited to a corporation, association, partnership, or individual that issues a policy of workers’ compensation, a self-insured business for purposes of workers’ compensation liability, or a group or self-insured plan as described in section 87.4. “Insurer” does not include a person required to be licensed to sell, solicit, or negotiate insurance pursuant to chapter 522B.