(1) Nothing contained in this chapter shall be so construed as to affect or apply to grand or subordinate lodges of Masons, Odd Fellows, or Knights of Pythias exclusive of the insurance department of the supreme lodge Knights of Pythias, and the Junior Order of United American Mechanics exclusive of beneficiary degree or insurance branch of the National Council Junior Order United American Mechanics, or societies which admit to membership only persons engaged in one or more hazardous occupation in the same or similar lines of business. The Commissioner of Insurance may require from any society such information as will enable him to determine whether such society is exempt from the provisions of this chapter.

(2) Any larger fraternal benefit society heretofore organized and incorporated and operating within the definition set forth in Section 83-30-1 providing benefits in case of death or disability resulting solely from accidents, but which does not obligate itself to pay death or sick benefits, may be licensed under the provisions of this chapter, and shall have all the privileges and shall be subject to all the provisions and regulations of this chapter, except that the provisions of this chapter as to valuations of benefit certificates shall not apply to such society.

(3) The commissioner may require from any society or association, by examination or otherwise, such information as will enable the commissioner to determine whether such society or association is exempt from the provisions of this chapter.

(4) Societies exempted under the provisions of this section shall also be exempt from all other provisions of the insurance laws of this state.