An insurer authorized to engage in the business of life insurance may also grant annuities, but shall not be authorized to engage in any other kind of insurance business except health; except, that the director shall, if the insurer otherwise qualifies therefor, continue so to authorize any life insurer which immediately prior to July 1, 1966, was lawfully authorized to transact in this state a kind or kinds of insurance in addition to life and health insurance and annuity business.
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