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 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. 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.