SECTION 631.1522. Unrecorded obligations and defenses and claims of affiliates.
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1(1) 2In 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:37(a) 38Evidence 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
66(b) 67If required by statutory accounting practices and procedures, such events were timely reported on the insurer’s official financial statements filed with the office.
90(2) 91An 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:118(a) 119The obligations were recorded in the books and records of the insurer at or about the time the obligations were incurred; and
141(b) 142If required by statutory accounting practices and procedures, the obligations were timely reported on the insurer’s official financial statements filed with the office.
165(3) 166This 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.
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