Sec. 31. Insurance corporations may have interlocking directorates, provided no person at the same time shall be a director in two (2) or more insurance corporations where the effect may be to substantially lessen competition generally or tend to create a monopoly. Whenever the commissioner of insurance has reason to believe that there is a violation of this section, he shall have the authority to proceed to an adjudication of the violation under IC 4-21.5-3.
Formerly: Acts 1935, c.162, s.273a; Acts 1949, c.90, s.1. As amended by P.L.252-1985, SEC.101; P.L.7-1987, SEC.139.
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