Sec. 12. (a) A plan of reorganization is effective when:
(1) the commissioner has issued the permit for completion of organization of the mutual insurance holding company; and
(2) the certificate of authority for the reorganized insurer has been:
(A) issued by the commissioner under this chapter; and
(B) recorded in the office of the county recorder of the county in which the principal office of the reorganized insurer is located.
(b) A plan to issue stock is effective on the date on which the stock is issued in compliance with this article.