This subchapter applies only to a policy or contract issued by a stock or mutual legal reserve life insurance company that:

1. (1) is licensed by the department to transact the business of life insurance in this state; and
2. (2) maintains the legal reserve required by state law.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.