An insurer that otherwise qualifies therefor may be authorized to transact any one class or combination of classes of insurance, except:
(1) A reciprocal insurer shall not transact life insurance or title insurance.
(2) A title insurer shall be a stock insurer, and shall not transact any other class of insurance.
(3) A mortgage insurer shall be a stock insurer, and shall not transact any other class of insurance. [1967 c.359 §83; 1969 c.692 §2]