Actually, this is officially the flag of Acadiana, a region of Louisiana. It was designed in 1965 by Thomas J. Arceneaux, a professor of something or other at the University of Southwestern Louisiana (now University of Louisiana - Lafayette). The Louisiana legislature officially adopted it in 1974.
The upper blue part represents the French heritage of this region. The lower red one represents the fact that Louisiana was Spanish at the time of the arrival of the Acadians, and the white part of the flag with the star represents Our Lady of Assumption, the Patroness of the Acadians. No, there's no session movement there; either from Louisiana or the rest of the U.S.
I don't know where or when it might be used; but us Louisianans love pageantry in its various forms, particularly if it provides an excuse for music. Yes, even accordion music, sad to say. But go easy on speech making, whatever the occasion.
For the curious, Acadiana is found in the following part of Louisiana:
The so-called Florida Parishes used to be part of the British territory of West Florida, until Bernardo Galvez conquered it during the Revolutionary War. Greater New Orleans ironically includes Plaquemines Parish, which is mostly swamp. North Louisiana is boring; you don't want to go there.