(a) A fraternal benefit society that provides benefits for death or disability resulting from accidents only and does not provide death benefits or benefits for sickness may hold a certificate of authority under this chapter if the society:
(1) was organized and incorporated before July 1, 1913; and
(2) operates as provided by Sections 885.051-885.054 and 885.062.
(b) A fraternal benefit society that holds a certificate of authority as provided by Subsection (a) may exercise all the privileges provided by and is subject to this chapter other than:
(1) provisions requiring medical examination;
(2) provisions requiring that a benefit certificate specify the amount of benefits; and
(3) provisions relating to the valuation of benefit certificates.