Sections 56-3-702 — 56-3-704 do not apply to equity securities of a domestic stock insurance company if:
(1) The securities are registered, or are required to be registered, pursuant to section 12 of the Securities Exchange Act of 1934 (15 U.S.C. § 78l ); or
(2) The domestic stock insurance company does 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 §§ 56-3-702 — 56-3-704, except for this subdivision (2).