Title 33, Chapter 14, Section 21
( 33-14-21)
The total expenses of organization of any insurer organized under
this chapter including commissions for the sale of stock shall not
exceed 12 1/2 percent of the amount for which the stock is sold in
the case of a stock insurer and 12 1/2 percent of the paid-in
surplus in the case of a mutual insurer. | 
