Any domestic insurance company may have as a director a person who is also a director of another insurance company, which may be a foreign or domestic company; provided, however, that if the effect is to substantially lessen competition generally in the insurance business or to tend to create a monopoly therein, it shall be deemed a violation of this chapter. In the administration and enforcement of this section the commissioner shall have the powers and duties conferred and imposed upon the commissioner by other applicable sections of this chapter with respect to violations of it.