Senate Bill No. by Senator Connick establishes the Homeowners' Insurance Transparency Act, which aims to enhance transparency in the homeowners' insurance sector in Louisiana. The bill introduces a new subpart to the Louisiana Revised Statutes, requiring homeowners' insurance companies to disclose detailed financial information regarding their affiliated entities, such as claims adjustment firms and reinsurance companies. These disclosures must include annual profits or losses, fees and commissions paid, services rendered, and any financial interests that could affect homeowners' insurance rates. The disclosures are due within ninety days after the end of the insurance company's fiscal year and must be made publicly available on the Department of Insurance's website.

To ensure compliance, the bill outlines penalties for homeowners' insurance companies that fail to submit the required disclosures on time, including potential suspension of their ability to issue new policies and fines of up to $25,000 for repeated offenses. Additionally, the commissioner of insurance is empowered to create the necessary forms for these disclosures and to promulgate rules and regulations to enforce the provisions of the Act. The Homeowners' Insurance Transparency Act is set to take effect on January 1, 2026.