(1) For any action or omission committed in the performance of their powers and duties under this part, there is no liability on the part of, and no cause of action of any nature shall arise against:
(a) any member insurer;
(b) a member insurer's agents or employees;
(c) the association;
(d) the association's:
(i) agents or employees; or
(ii) members of the board of directors;
(e) representatives of persons described in Subsections (1)(a) through (d);
(f) the commissioner; or
(g) the commissioner's representatives.
(2) The immunity described in Subsection (1) extends to:
(a) the participation in any organization of one or more other state associations of similar purposes;
(b) an organization described in Subsection (2)(a); and
(c) the agents or employees of an organization described in Subsection (2)(a).