Neither the corporation, the member associations, nor those persons owning savings accounts therein are subject to the provisions of any laws of this Commonwealth concerning insurance by reason of participation herein except that the provisions of section 641, act of May 17, 1921 (P.L. 789, No. 285), known as "The Insurance Department Act of one thousand nine hundred and twenty-one," shall continue to apply.
7 P.S. § 6509