1. There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the association or its agents, employees, or any servicing agent acting at the direction of the association, the board of directors or any person serving as a representative of any director, or the director of the department of commerce and insurance or the director’s representatives for any action taken by them in the performance of their powers and duties under sections 375.771 to 375.779.

2. It is an unfair trade practice for any insurer or producer to make use in any manner of the protection given policyholders by sections 375.771 to 375.779 as a reason for buying insurance from such insurer or producer. If a policy exceeds the limitations of coverage under sections 375.771 to 375.779, the insurer shall prominently inscribe on an endorsement to the insurance contract the limitations of coverage provided by the guaranty association.