An insurer which otherwise qualifies therefor may be authorized to transact any one kind or any combination of kinds of insurance as defined in NRS 681A.010 to 681A.080, inclusive (kinds of insurance), except:
1. A life insurer may grant annuities and may be authorized to transact in addition only health insurance; but the Commissioner may, if the insurer otherwise qualifies therefor, continue so to authorize any life insurer which immediately prior to January 1, 1972, was lawfully authorized to transact in this state a kind or kinds of insurance in addition to life and health insurances and annuity business.
2. A reciprocal insurer shall not transact life insurance.