NJCRIB Recommends 4.3% Rate Decrease

The New Jersey Compensation Rating and Inspection Bureau recommended a 4.3% decrease in the overall premium and rate level, effective Jan. 1. If the Department of Banking and Insurance approves the reduction, it would mark the 10th consecutive year without an increase, the bureau said. The bureau also proposed several changes to experience and retrospective rating values, and to transition from two decimal places to three for rates and excess elements.  NJCRIB said revised rates and revisions to the New Jersey Workers' Compensation and Employer's Liability Insurance Manual shou...