Sec. 887.203.  ISSUANCE OF LIFE INSURANCE POLICY BY CERTAIN ASSOCIATIONS.  (a)  A local mutual aid association or statewide mutual assessment company that has a mortuary fund and expense fund with a combined value of at least $100,000 greater than the liabilities of the combined funds may issue a life insurance policy in the same manner as a company organized under Chapter 841. 
(b)  An insurance policy issued as provided by Subsection (a):
(1)  may not insure an individual life for more than $5,000;
(2)  must be reserved as required for a company organized under Chapter 841;  and
(3)  may be issued only on an endowment or limited pay basis.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.