An insurer that otherwise qualifies may be authorized to transact any one kind or combination of kinds of insurance as defined in AS 21.12, except that (1) a life insurer may also grant annuities, but is not authorized to transact any other kind of insurance than health; except that if the insurer is otherwise qualified, the director shall continue to authorize a life insurer that, immediately before July 1, 1966, was lawfully authorized to transact in this state a kind or kinds of insurance in addition to life and health;
(2) a reciprocal insurer may not transact life insurance;
(3) a title insurer must be a stock insurer;
(4) a property or casualty insurer may not transact life insurance and may not grant annuities.