(a) Except for the payment of assessments as provided under Title 9, Subtitle 4 of the Insurance Article, there shall be no liability on the part of and no cause of action of any nature shall arise against a member insurer or its agents or employees, the Life and Health Insurance Guaranty Corporation or its agents or employees, members of the Board of Directors, or the Insurance Commissioner or representatives of the Commissioner for any action or omission taken by them in the performance of their powers and duties under Title 9, Subtitle 4 of the Insurance Article.

(b) The immunity provided under this section shall apply to the participation in any organization that consists of one or more other State associations or corporations that have purposes similar to the Life and Health Insurance Guaranty Corporation, and to any such organization and its agents or employees.