AS 21.40.010 — 21.40.030 do not apply to equity securities of a domestic stock insurance company if (1) the securities are registered, or are required to be registered, under 15 U.S.C. 78l (§ 12, Securities Exchange Act of 1934), as amended; or
(2) the domestic stock insurance company does not have a class of its equity securities held of record by 100 or more persons on the last business day of the year preceding the year in which equity securities of the company would be subject to AS 21.40.010 — 21.40.030 except for the provisions of this section.