NJCRIB Announces Assessment Changes, Extension of COVID-19 Premium Adjustments

The New Jersey Compensation Insurance Rating Bureau announced it will return all assessment adjustment funds to carriers electronically and start assessing penalties for late payments. NJCRIB also announced that it extended premium reduction pricing elements implemented in response to the COVID-19 pandemic that were set to expire at the end of April. The bureau in Circular Letter 2005 said its Governing Committee on Tuesday decided to return assessment overpayments to carriers electronically in furtherance of efforts to eliminate paper checks. As a result, all member carriers that have not ...