As used in this part, unless the context requires otherwise, the following definitions apply:
(1) "Board" means the board of directors of the Montana self-insurers guaranty fund.
(2) "Fund" means the Montana self-insurers guaranty fund established pursuant to 39-71-2609.
(3) "Insolvent private self-insurer" means an employer:
(a) (i) that is unable to pay workers' compensation claims because:
(A) it has been determined to be insolvent by a court of competent jurisdiction; or
(B) bankruptcy proceedings have been instituted by or against it; or
(ii) whose claims are not being paid on its behalf; and
(b) whose security has been exhausted pursuant to 39-71-2108.
(4) "Member" means an employer bound by compensation plan No. 1 that participates in the Montana self-insurers guaranty fund.
(5) "Private self-insurer" means a private employer bound by compensation plan No. 1 that has secured the payment of workers' compensation claims pursuant to 39-71-2101.