(1) In any proceeding or claim by the receiver, an affiliate, a controlled or controlling person, or a present or former officer, manager, director, trustee, or shareholder of the insurer may not assert any defense unless:
(a) Evidence of the defense was recorded in the books and records of the insurer at or about the time the events giving rise to the defense occurred; and
(b) If required by statutory accounting practices and procedures, such events were timely reported on the insurer’s official financial statements filed with the office.
(2) An affiliate, a controlled or controlling person, or a present or former officer, manager, director, trustee, or shareholder of the insurer may not assert any claim unless:
(a) The obligations were recorded in the books and records of the insurer at or about the time the obligations were incurred; and
(b) If required by statutory accounting practices and procedures, the obligations were timely reported on the insurer’s official financial statements filed with the office.
(3) This section does not bar claims based on unrecorded or unreported transactions by the receiver against any affiliate, controlled or controlling person, or present or former officer, manager, director, trustee, or shareholder of the insurer.