(a) After the examination of a mutual life insurance company under Section 882.059, the commissioner shall issue a certificate of authority to the company if the commissioner finds that:
(1) the company has complied with all applicable laws;
(2) the company satisfies the unencumbered surplus requirements of Section 882.055; and
(3) the company's unencumbered surplus is in the custody of the company's officers.
(b) A certificate of authority issued under this section authorizes the company to engage in the business of life, health, or accident insurance in this state as may be specified in the company's charter or charter application.