No insurance company admitted to do business in the state shall be authorized to transact more than one (1) class or kind of insurance, unless it shall pay the license fees for each class and have the requisite capital for each business engaged in. A life insurance company may do an accident business and a fire insurance company may transact insurance as prescribed in Section 83-19-1, subsections (a), (b), and (g), with the payment of the largest license fees provided for any one (1) business done. No insurance company or other insurer shall be required to pay license fees amounting in the aggregate to more than Three Hundred and Fifty Dollars per annum.
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