NJCRIB Files for 5.3% Rate Decrease

The New Jersey Compensation Rating and Inspection Bureau has submitted a filing to the Department of Banking and Insurance seeking a 5.3% decrease in the overall premium and rate level, effective Jan. 1. If approved, it would be the third year in a row that workers’ comp rates have decreased in the state, and the fourth in a row without a rate increase, NJCRIB said in a letter to its members. The proposed revision is based on the most recent experience and an annual review of classification relativity, the bureau said. The filing also proposed several manual amendments and changes...