Rating Bureau Announces Amendment to Insurance Manual

The New Jersey Compensation Rating and Inspection Bureau announced that the state insurance commissioner approved an amendment to the Workers’ Compensation and Employers Liability Insurance Manual to incorporate changes the National Council on Compensation Insurance made to its retrospective rating plan. The changes take effect Jan. 1, 2021. In July 2017, NCCI adopted a new methodology aimed at improving the accuracy of the insurance charge component of the basic premium factor when there is an individual loss limitation as well as an aggregate loss limitation. In June 2018, NCCI prop...