Section 431:4-313 - Directors(a) No individual shall be a director of a domestic mutual insurer by reason of the individual's holding public office (i.e. ex officio).(b) An individual is disqualified from being or acting as a director if such person: (1) Is adjudged as a bankrupt;(2) Took the benefit of any insolvency law; or(3) Made a general assignment for the benefit of creditors.