(a) Except as provided in subsection (b) of this section, in all cases of mutual debts and credits between an insurer and another person in connection with a delinquency proceeding, the debts and credits shall be offset and the balance only shall be allowed or paid.(b) An offset may not be allowed in favor of another person if:(1) on the date of issuance of a liquidation order or otherwise, as specified in § 9-228(e) of this subtitle, the obligation of the insurer to the person would not entitle the person to share as a claimant in the assets of the insurer;(2) the obligation of the insurer to the person was purchased by or transferred to the person for use as an offset; or(3) the obligation of the person is to pay:(i) an assessment imposed on the members of a mutual insurer or the subscribers of a reciprocal insurer; or(ii) a balance on the subscription to the capital stock of a stock insurer.