This chapter applies to:

(1) All domestic mutual hail, fire, and other casualty insurers of farm property and stock and rural buildings formed before July 1, 1966, and immediately prior to said date lawfully transacting business under sections 31.2701 through 31.2812, 31.2918, 31.3001 through 31.3010, and amendments thereto, of the South Dakota Code of 1939; and

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(2) All insurers formed after June 30, 1966, under this chapter.

Source: SL 1966, ch 111, ch 17, § 1 (1).