26-3-107. Insurer may be authorized to transact combination of kinds of insurance; exceptions.
(a) A qualified insurer may be authorized to transact one (1) or more kinds of insurance as defined in chapter 5 of this code, except:
(i) A life insurer may grant annuities and may be authorized to transact disability insurance, except that the commissioner may continue to authorize any qualified life insurer which immediately prior to January 1, 1968 was lawfully authorized to transact in this state any kinds of insurance in addition to life and disability insurances and annuity business;
(ii) A reciprocal insurer shall not transact life insurance;
(iii) A title insurer shall be a stock insurer and shall not transact any other kind of insurance.