With the passage of Senate Bill 831 during the 2025 legislative session, state lawmakers have expanded regulatory requirements for insurers that are part of holding company systems. The new provisions, which become operative on January 1, 2026, revise five key sections of Oregon Revised Statutes—ORS 732.548, 732.553, 732.569, 732.574 and 732.586—and bring Oregon in closer alignment with national supervisory models.
The NFIP, once the only option for homeowners and businesses, has long been criticized for its low coverage limits and lack of flexibility. With rising flood risks due to climate change and evolving property needs, consumers have sought alternatives that address losses beyond structural damage – like business interruption and building upgrades. Source link
The new legislation, Landry explained, is aimed at reining in what he described as “a cultural problem of frivolous litigation,” driven in part by lawyer advertising. He noted that while Louisiana’s rate of car accidents and repair costs align with national averages, the state sees disproportionately high minor injury claims—twice the national average. Source link
In 2023, the US P&C insurance sector recorded a net underwriting loss of $21.2 billion, a slight improvement from the previous year’s $24.9 billion loss. This period also saw the worst underwriting loss in a decade, primarily due to severe weather-related losses, persistent inflation, and rising reinsurance costs. Source link
New CEO at NJM Insurance Carol Voorhees (pictured right), currently executive vice president and chief operating officer at NJM Insurance, has been appointed president and CEO. She will succeed Mitch Livingston, who will retire on July 31, 2025, after 19 years with the company. Source link
