31A-27a-112. Unrecorded obligations and defenses of affiliates.
(1) This section applies to a person who in relation to an insurer is: an affiliate; a controlled or controlling person; or a present or former officer, manager, director, trustee, or shareholder.
(2) In a proceeding or claim by the receiver, a person described in Subsectionmay not assert a defense unless evidence of the defense: (1) is recorded in the records of the insurer at or about the time the event giving rise to the defense occurs; and if required by statutory accounting practices and procedures, is timely reported on the insurer's official financial statements filed with the commissioner.
(3) A person described in Subsectionmay not assert a claim, unless the obligation: (1) is recorded in the records of the insurer at or about the time the obligation is incurred; and if required by statutory accounting practices and procedures, is timely reported on the insurer's official financial statements filed with the commissioner.
(4) A claim by the receiver against a person described in Subsectionthat is made on the basis of an unrecorded or unreported transaction is not barred by this section. (1)