§ 1502. Exemptions. (a) Notwithstanding any other provision of this
article the following shall not be deemed holding companies:

(1) authorized insurers, including alien insurers transacting business
in this state through United States branches, or their subsidiaries; or

(2) the United States, a state or any political subdivision, agency or
instrumentality thereof, or any corporation wholly owned directly or
indirectly by one or more of the foregoing.

(b) The superintendent may conditionally or unconditionally exempt any
specified person or class of persons from any obligation or liability
under this article, if and to the extent he finds the exemption
necessary or appropriate in the public interest or not adverse to the
interests of policyholders or shareholders and consistent with the
purposes of this article.