(a) A stipulated premium company that possesses capital and unencumbered surplus in a combined amount of at least $100,000 may issue life insurance policies as authorized for a company operating under Chapter 841.
(b) A stipulated premium company may not insure one life under this section for more than $25,000, except as provided by Section 884.304 or Subchapter I.
(c) A stipulated premium company may issue a policy under this section only on an endowment or limited pay basis.
(d) A stipulated premium company must reserve and reinsure a policy issued under this section as required for a company operating under Chapter 841.