(1) If any person asks to be excused from attending and testifying or from producing
any books, papers, records, correspondence, or other documents at any hearing on the
ground that the testimony or evidence required of him may tend to incriminate him
or subject him to a penalty or forfeiture and, notwithstanding, is directed to give
such testimony or produce such evidence, he must comply with such direction; but
he shall not thereafter be prosecuted or subjected to any penalty or forfeiture for
or on account of any transaction, matter, or thing concerning which he may testify
or produce evidence pursuant thereto; and no testimony so given or evidence so produced
shall be received against him upon any criminal action, investigation, or proceeding. No such individual so testifying may be exempt from prosecution or punishment for
perjury in the first degree committed by him while so testifying, and the testimony
or evidence so given or produced shall be admissible against him upon any criminal
action, investigation, or proceeding concerning such perjury; nor may he be exempt
from the refusal, revocation, or suspension of any license, permission, or authority
conferred, or to be conferred, pursuant to the insurance law of this state.
(2) Any such individual may execute, acknowledge, and file in the office of the commissioner
a statement expressly waiving such immunity or privilege in respect to any transaction,
matter, or thing specified in such statement and thereupon the testimony of such person
or such evidence in relation to such transaction, matter, or thing may be received
or produced before any judge or justice, court, tribunal, grand jury, or otherwise,
and if so received or produced such individual shall not be entitled to any immunity
or privilege on account of any testimony he may so give or evidence so produced.
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