Any member insurer organized under the provisions of sections 376.010 to 376.670, or under any general or special laws of this state and transacting business of the
character designated in section 376.010, shall be exempt from the provisions of section 376.170, relating to the amount required to be deposited with the director equal to the net
value of all policies and annuity contracts; provided, however, that the extent of
such exemption shall be eighty percent of such net value in the calendar year during
which this act shall become effective, increasing by five percent for each succeeding
calendar year until such exemption shall be equal to one hundred percent of such net
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