Any life insurance company must meet the following requirements in order to qualify under section 11 of this act:
a. Be licensed under the laws of the State of New Jersey to transact life and accidental death insurance, and the amount of its group life insurance in the State of New Jersey shall at the time said insurance is to be purchased equal at least 1% of the total amount of such group life insurance in the State of New Jersey in all life insurance companies; or
b. Come within the exceptions provided in chapter 234 of the laws of 1968 (C. 17:32-16 et seq.).