41-2862 [, Idaho Code,] shall not apply to equity securities of a domestic stock insurance company if:
(1) Such securities shall be registered, or shall be required to be registered, pursuant to section 12 of the Securities Exchange Act of 1934, as amended; or
(2) Such domestic stock insurance company shall not have 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 company would be subject to the provisions of sections 41-2860 — 41-2862[, Idaho Code,] except for the provisions of this subsection (b).