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.