The provisions of KRS 304.26-030 to 304.26-050, inclusive, do not apply to equity securities of a domestic stock insurer if:
(1) Such securities are registered, or are required to be registered, pursuant to
Section 12 of the Securities Exchange Act of 1934, as amended; or
(2) Such domestic stock insurer has not any class of its equity securities held of
record by one hundred (100) or more persons on the last business day of the year next
preceding the year in which equity securities of the insurer would be subject to the
provisions of KRS 304.26-030 to 304.26-050, inclusive, except for the provisions of this subsection.
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