(1) The commissioner may subject any fraternal to some or all of the restrictions of Subsections 31A-5-305(2)(a)(i) and (ii), and Subsection 31A-5-410(1)(b), as such provisions are incorporated by Sections 31A-9-303 and 31A-9-407.

(2) The commissioner may free a fraternal from any of the restrictions applicable to fraternals under the provisions enumerated in Subsection (1), if he is satisfied that the fraternal’s financial condition, management, and other circumstances give assurance that the interests of insureds and the public will not be endangered by the waiver.