An employer may secure the payment of compensation to any employee by insuring and keeping insured the payment of the compensation in some association organized for the exchange of reciprocal or interinsurance contracts with each other by individuals, partnerships, or corporations of this state for the purpose of providing indemnity among themselves from any loss under the workers' compensation law, if the association is authorized to do the business of entering into reciprocal or interinsurance contracts by the director of the Division of Insurance. Nothing in this section applies to reciprocal or interinsurance exchanges authorized to do business under the provisions of chapter 58-34 .
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