To qualify for and hold authority to transact insurance in this state an insurer shall be otherwise in compliance with the provisions of this title and with its charter powers, and shall be an incorporated stock insurer, an incorporated mutual insurer, a reciprocal insurer, or a Lloyd’s association of the same general type as may be formed as a domestic insurer under this title. No foreign or alien insurer shall be authorized to transact insurance in this state which does not maintain reserves as required by article 1 of chapter 3 of this title applicable to the kind or kinds of insurance transacted by such insurer.