Sec. 8. The department is hereby authorized, in its discretion, to approve or disapprove the articles of incorporation of the proposed company. If the department shall approve the articles of incorporation of the proposed company, the department shall write or stamp, in an appropriate place on each of said triplicate copies of such articles of incorporation, the:
(1) words "Approved by the department of insurance of the state of Indiana";
(2) date of the approval;
(3) impression of the seal of the department; and
(4) signature of the commissioner.