No liability on the part of and no cause of action of any nature may arise against the director of the Division of Insurance or against any insurer, its authorized representative, its insurance producers, its employees, or any firm, person, or corporation furnishing to the insurer information as to reasons for cancellation, for any statement made by any of them in any written notice of cancellation, notice of nonrenewal, or statement in their notice of refusal to insure, or in any other communication, oral or written specifying the reasons for cancellation, nonrenewal, or refusal to insure, or the providing of information pertaining thereto, or for statements made or evidence submitted at any hearings conducted in connection therewith.
SDCL 58-11-54