Another state's insurance commissioner has overruled a rating agency and forced a larger decrease in in workers' compensation overall premiums.
The New Jersey commissioner of banking and insurance, Marlene Caride, last week announced that she had approved a 5.8% decrease in rates and rating values for 2020. That's two percentage points greater than what the New Jersey Compensation Rating and Inspection Bureau recommended in September, the bureau reported.
The average rate change for industry groups ranges from a 4.5% decrease for office and clerical, to a 7.7% decrease for co...
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