1. (a) A plan of reorganization is effective when:

   1. (1) the commissioner has issued the permit for completion of organization of the mutual insurance holding company; and

   2. (2) the certificate of authority for the reorganized insurer has been:

      1. (A) issued by the commissioner under this chapter; and
      2. (B) recorded in the office of the county recorder of the county in which the principal office of the reorganized insurer is located.
2. (b) A plan to issue stock is effective on the date on which the stock is issued in compliance with this article.

As added by P.L.226-2023, SEC.30.