In a cause of action based on an action, inaction, decision, divestment, investment, company communication, report, or other determination made or taken in connection with this chapter, the state shall, without regard to whether the person performed services for compensation, indemnify and hold harmless for actual damages, court costs, and attorney's fees adjudged against, and defend:
(1) an employee, a member of the governing body, or any other officer of an investing entity;
(2) a contractor of an investing entity;
(3) a former employee, a former member of the governing body, or any other former officer of an investing entity who was an employee or officer when the act or omission on which the damages are based occurred;
(4) a former contractor of an investing entity who was a contractor when the act or omission on which the damages are based occurred; and
(5) an investing entity.