(a) The company operates as a domestic mutual insurance company under Chapter 883. The company is subject to that chapter, but is not subject to Chapter 826.
(b) The company:
(1) has the legal rights of a mutual insurance company operating under Chapter 883 and of an individual in this state; and
(2) may bring a suit in the company's own name without any procedural prerequisites to the exercise of that power.
(c) The company is not a state agency or executive agency or a governmental entity for any purpose.