§ 26-13-119 — Interlocking ownership and management

(a) Any insurer may retain, invest in or acquire the whole
or any part of the capital stock of any other insurer, or have a
common management with any other insurer, unless the retention,
investment, acquisition or common management is inconsistent
with any other provision of this code, or unless by reason
thereof the insurers' business with the public is conducted in a
manner which substantially lessens competition generally in the
insurance business or tends to create any monopoly therein.
(b) Any person otherwise qualified may be a director of
two (2) or more insurers which are competitors, unless the
effect thereof is to lessen substantially competition between
insurers or tends materially to create a monopoly.