R.I. Gen. Laws § 27-1-35: Companies not subject to securities regulations.

The provisions of §§ 27-1-29 — 27-1-31 shall not apply to equity securities of a domestic stock insurance company if: (1) the securities shall be registered, pursuant to 15 U.S.C. § 78l; or if (2) the domestic stock insurance company shall not have any class of its equity securities held of record by five hundred (500) 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 §§ 27-1-29 — 27-1-31 except for the provisions of this clause.