(1) All group accident and health insurance placed by an employer on employees who are residents of this state shall be placed by the employer with an insurer authorized to transact insurance in this state.
(2) This section shall not apply to group insurance lawfully placed in an insurer transacting insurance as a surplus lines insurer under § 23-65-101 et seq., the Unauthorized Insurers Process Act, § 23-65-201 et seq., and the Surplus Lines Insurance Law, § 23-65-301 et seq.