The following words and phrases when used in this article shall have the meanings given to them in this section unless the context clearly indicates otherwise:

“Compensation.” Benefits paid pursuant to sections 306¹ and 307.²

“Employer.” Any employer as defined in section 103.³ The term does not include a person that qualifies as a self-insured employer under section 305.⁴

“Fund.” The Uninsured Employers Guaranty Fund established in section 1602.⁵ The fund shall not be considered an insurer and shall not be subject to penalties, unreasonable contest fees, interest or any reporting and liability requirements under section 440.⁶

“Policyholder.” A holder of a workers' compensation policy issued by the State Workers' Insurance Fund, or an insurer that is a domestic, foreign or alien mutual association or stock company writing workers' compensation insurance on risks which would be covered by this act.

“Secretary.” The Secretary of Labor and Industry of the Commonwealth.