Sec. 887.355.  DIVISION OF FUNDS:  CERTAIN LIFE INSURANCE CERTIFICATES WITH NO RATE INCREASE.  (a)  This section applies to a life insurance certificate in force on December 31, 1965, on which the assessment rate has not been increased.
(b)  An association may:
(1)  deposit in a mortuary fund at least the net renewal premium, based on the reserve table adopted by the association;  and
(2)  deposit in an expense fund the remaining portion of the premium.
(c)  This section does not apply to an association operating on an assessment-as-needed basis.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.