This bill enacts R.S. 12:1705, which establishes guidelines regarding the separate juridical personalities of business organizations in Louisiana. It specifies that the separate legal identity of a business organization cannot be disregarded between different organizations unless there are grounds that would justify such action in relation to a natural person. The bill outlines specific circumstances under which the separate personality of a business organization may not be disregarded, including shared control, common directors or employees, and centralized accounting systems, among others.

Additionally, the bill clarifies that it does not impact any legal or regulatory actions taken by the commissioner of insurance under the Louisiana Insurance Code, nor does it affect any laws or administrative rules that allow for the consolidation or unification of business organizations. The provisions of this Act will apply prospectively to all business organizations, including those that are already in existence at the time the Act takes effect.