(a) The following are not liable for or subject to any cause of action resulting from an act or omission by them in the performance of their powers and duties under this chapter:
(1) A member insurer or its agents or employees;
(2) The Arkansas Life and Health Insurance Guaranty Association or its agents or employees;
(3) Members of the Board of Directors of the Arkansas Life and Health Insurance Guaranty Association; or
(4) The Insurance Commissioner or his or her representatives.
(b) Immunity under this section extends to the participation in any organization of one (1) or more other state associations of similar purposes and to any such organization and its agents or employees.