An insurer which otherwise qualifies therefor shall be authorized to transact any one kind or combination of kinds of insurance as defined in Sections 107 through 115 [ 59A-7-1 to 59A-7-9 NMSA 1978] (kinds of insurance) of the Insurance Code, except:
A. a life insurer may grant annuities and may be authorized to transact in addition only health insurance;
B. a reciprocal insurer or Lloyds insurer shall not transact life insurance; and
C. a title insurer shall be a stock or mutual corporation, and shall not transact any additional kind of insurance.