NJCRIB Proposes 4.7% Rate Cut

The New Jersey Compensation Rating and Inspection Bureau on Friday announced a proposed 4.7% decrease in the overall premium and rate level, effective Jan. 1. In addition to lower rates, the bureau said the filing submitted to the state Department of Banking also proposes several changes to experience and retrospective rating values. The bureau said it anticipates that revised rates and other amendments will be issued in time for carriers to prepare new and renewal policies. As such, NJCRIB said member companies should delay the issuance of policies that incept on or after Jan. 1 until ...