As used in KRS 342.900 to 342.912, unless the context requires otherwise: (1) "Insolvent self-insurer" means either an individual self -insured employer or a self - insured group who has failed to pay compensation as a result of a declaration of bankruptcy or insolvency by a court of competent jurisdiction, and whose security deposit has been called by the commissioner, or who has failed to provide compensation and who has been issued a certificate of default by the commissioner and whose security deposit has been called by the commissioner; (2) "Member" means a self-insured employer or self-insured group that participates in a guaranty fund created pursuant to KRS 342.900 to 342.912; (3) "Guaranty fund" means one (1) of the three (3) guaranty funds established pursuant to KRS 342.900 to 342.912; (4) "Directors" means the board of directors of a guaranty fund; and (5) "Certificate of default" means a notice issued by the commissioner based upon a finding that a self -insured employer or self -insured group has fai led to pay compensation required by this chapter.
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