The provisions of sections 4302-4304 of this title shall not apply to equity securities of a domestic stock insurance company if (1) the securities are registered, or required to be registered under section 12 of the Securities Exchange Act of 1934, as amended, or if (2) the domestic stock insurance company does not have any class of its equity securities held of record by 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 4302-4304 of this title except for the provisions of this section. (Added 1965, No. 88, § 7.)