Section 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. 6/1/2003.