1. The Commissioner may adopt reasonable regulations:
(a) For the administration of any provision of this Code, NRS 287.04335 or chapters 616A to 617, inclusive, of NRS; or
(b) As required to ensure compliance by the Commissioner with any federal law or regulation relating to insurance.
2. A person who willfully violates any regulation of the Commissioner is subject to such suspension or revocation of a certificate of authority or license, or administrative fine in lieu of such suspension or revocation, as may be applicable under this Code or chapter 616A, 616B, 616C, 616D or 617 of NRS for violation of the provision to which the regulation relates. No penalty applies to any act done or omitted in good faith in conformity with any such regulation, notwithstanding that the regulation may, after the act or omission, be amended, rescinded or determined by a judicial or other authority to be invalid for any reason.