1. Whenever it shall appear to the director that the records of any insurer after discharge of the liquidator are no longer useful, he may, after complying with sections 109.200 to 109.310, recommend to the court and the court shall direct what records should be retained for future reference and what should be destroyed, provided that the following records shall be retained for five years after the date of discharge:
(1) Financial records regarding administration of the estate;
(2) Records of claims and allowances or disallowances thereof.
2. Notwithstanding the provisions of section 375.1158, the provisions of this section shall apply to delinquency proceedings commenced before and after August 28, 1991.