Any insurance company which is, on August 25, 1989, the holder of a valid certificate of authority issued by the Department of Insurance in effect immediately prior to such date may, on and after such date, subject to compliance with Chapter 44 and the rules and regulations of the department, continue to transact any insurance business in this state authorized by such certificate of authority and shall thereafter be eligible to have such certificate of authority renewed pursuant to Chapter 44. The Director of Insurance shall determine what line or lines of insurance as specified in section 44-201 each renewed certificate of authority shall include. Any certificate of authority valid on August 25, 1989, shall expire on April 30, 1990, as provided in section 44-303.