Senate Concurrent Resolution No. by Senator Connick aims to authorize the legislative auditor and the Department of Insurance to conduct a comprehensive study of the financial transactions involving foreign and domestic insurers operating in Louisiana. This initiative arises from concerns regarding the financial stability and market conduct of property insurers, particularly in light of the state's vulnerability to natural disasters and the rising costs of insurance premiums. A recent report from Florida highlighted significant financial dealings between insurers and their affiliated companies, raising questions about the impact of these transactions on insurer solvency and consumer costs.

The resolution mandates that the study focus on financial data from January 1, 2021, to December 31, 2024, and examine various aspects of insurer-affiliated company relationships, including management fees and reinsurance premiums. The legislative auditor is also empowered to engage independent consultants for assistance in the study. A written report detailing the findings and any recommendations for legislative or regulatory reforms is to be submitted to the Legislature by September 1, 2026. This resolution reflects the Legislature's commitment to ensuring transparency and accountability in the insurance market to protect Louisiana consumers.