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LA SR159
Resolution
AI Summary
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Directs the Louisiana Legislative Auditor and Department of Insurance to study financial transactions between insurers (residential property and private passenger auto) and their affiliated companies from January 1, 2021 to December 31, 2024
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Requires examination of payments to managing general agents, holding companies, and service providers, including management fees, reinsurance premiums, commissions, administrative services, and dividends
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Mandates assessment of whether affiliated transactions affected insurers' reported losses, surplus levels, or rate filings
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Authorizes the legislative auditor to contract with independent consultants including actuaries, forensic accountants, and insurance finance experts
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Written report with findings and recommendations for legislative or regulatory reforms due to the Senate by September 1, 2026
Legislative Description
To authorize and direct the legislative auditor and the Department of Insurance to study the financial transactions between foreign and domestic insurers who are authorized to do and are doing business in the state of Louisiana.
INSURERS
Last Action
Enrolled. Signed by the President of the Senate and sent to the Secretary of State by the Secretary of the Senate on 6/5/2025.
6/8/2025