In a cause of action based on an action, inaction, decision, divestment, investment, financial 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 a state governmental entity;
(2) a contractor of a state governmental entity;
(3) a former employee, a former member of the governing body, or any other former officer of a state governmental entity who was an employee, member of the governing body, or other officer when the act or omission on which the damages are based occurred;
(4) a former contractor of a state governmental entity who was a contractor when the act or omission on which the damages are based occurred; and
(5) a state governmental entity.