The following words and phrases when used in this act shall have, unless the context clearly indicates otherwise, the meanings given to them in this section:
"Agent." An individual, partnership or corporation, licensed by the Insurance Department, who contracts with an insurer to sell insurance on behalf of the insurer.
"Insurer." An insurance company, association or exchange authorized to transact and transacting the business of property or casualty insurance, or both, in the Commonwealth.
40 P.S. § 241