(a) There shall be no liability on the part of and no cause of action shall arise against:
(1) The Insurance Commissioner;
(2) Any insurer or its authorized representatives, agents or employees;
(3) Any licensed insurance agent or broker; or
(4) Any person furnishing information to an insurer as to reasons for a termination or declination for any communication giving notice of or specifying the reasons for a declination.
(b) Subsection (a) of this section shall not apply to statements made in bad faith with malice in fact.