As used in this subchapter, unless the context otherwise requires:
(1) “Insurer” means every person engaged as indemnitor, surety, or contractor in the business of entering into contracts of insurance; and
(2) “Subrogation claim” means any claim filed with the Arkansas State Claims Commission by an insurer or its insured, or both, to recover money paid or owed by an insurer to any individual under a contract of insurance.