(a) This section applies to a life insurance certificate in force on December 31, 1965, on which the assessment rate has not been increased.
(b) An association may:
(1) deposit in a mortuary fund at least the net renewal premium, based on the reserve table adopted by the association; and
(2) deposit in an expense fund the remaining portion of the premium.
(c) This section does not apply to an association operating on an assessment-as-needed basis.