The procedure for organizing such a corporation shall be as follows: The proposed incorporators, a majority of whom must be residents of the state and not less than three (3), shall subscribe articles of association setting forth their intention to form a corporation; its proposed name, which must be approved by the commissioner and must not so closely resemble the name of an existing corporation doing business under the laws of this state as to be likely to mislead the public; the class or classes of insurance it proposes to transact and on what business plan or principle; the place within the state of its location; and, if on the stock plan, the amount of its capital stock. The words "insurance company" must be a part of the title of any such corporation.