A. An insurer which otherwise qualifies therefor may be authorized to transact any one kind or combination of kinds of insurance as defined in article 2 of this chapter, except that:
1. A life insurer shall not be authorized to transact any other kind of insurance except disability, but if immediately prior to January 1, 1955 any life insurer lawfully held a subsisting certificate of authority granting it the right to transact in this state additional kinds of insurance other than disability, as long as the insurer is otherwise in compliance with this title the director may continue to authorize such insurer to transact the same kinds of insurance as those specified in such prior certificate of authority.
2. A reciprocal insurer shall not transact life insurance.
3. A title insurer shall not transact any other kind of insurance.
B. A life insurer authorized to transact life insurance in this state may issue guaranteed investment contracts. An insurer authorized to issue guaranteed investment contracts may offer an annuity option as a feature of a guaranteed investment contract.