(a) The premium for the policy must be paid:
(1) wholly from funds contributed by the employer or employers of the insureds;
(2) wholly from funds contributed by the labor or credit union or unions; or
(3) partly from funds described by Subdivision (1) or (2) and partly from funds contributed by the insureds.
(b) An insured’s contribution toward the cost of the insurance may not exceed 40 cents per month for each $1,000 of insurance coverage.