In this subchapter:
(1) "Insurance company" means a stock company, mutual insurance company, reciprocal or interinsurance exchange, or Lloyd's plan authorized to engage in the business of workers' compensation insurance in this state.
(2) "Premium" means workers' compensation insurance premium.
(3) "Small employer" means an employer:
(A) who is not experience-rated by the department for workers' compensation insurance purposes; and
(B) whose annual premium is less than $5,000.