(1) No cause of action shall arise nor shall any liability be imposed against the director, his or her authorized representatives, or any examiner appointed by the director for any statements made or conduct performed in good faith while carrying out the provisions of the Insurers Examination Act.

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(2) No cause of action shall arise, nor shall any liability be imposed against any person, for the act of communicating or delivering information or data to the director or his or her authorized representative or examiner pursuant to an examination made under the Insurers Examination Act if such act of communication or delivery was performed in good faith and without fraudulent intent or the intent to deceive.

(3) This section does not abrogate or modify in any way any common-law or statutory privilege or immunity otherwise enjoyed by any person identified in subsection (1) of this section.

(4) A person identified in subsection (1) of this section shall be entitled to an award of attorney‘s fees and costs if he or she is the prevailing party in a civil cause of action for libel, slander, or any other relevant tort arising out of activities in carrying out the provisions of the act and the party bringing the action was not substantially justified in doing so. For purposes of this section, a proceeding shall be substantially justified if it had a reasonable basis in law or fact at the time that it was initiated.