The New Jersey Compensation Rating and Inspection Bureau on Monday announced it is seeking a 3.8% decrease in the overall premium and rate level for 2020.
The proposed revision for 2020 is based on the most recent experience and an annual review of classification relativity.
If approved, the recommendation would mark the fourth consecutive year that rates decreased and the fifth year in a row without an increase, the bureau said.
The bureau said it anticipates that revised rates will be issued in time for 2020 renewals. As a result, it said, member companies should wait to issue new policie...
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