N.J. regulator proposes 4.9% comp rate cut

The New Jersey Compensation Rating and Inspection Bureau submitted a filing with the Banking and Insurance Department seeking a 4.9% decrease in the overall premium rate level effective Jan. 1.

If approved, this would be the seventh consecutive year without a rate increase, the bureau said.

At the same time, NJCRIB is proposing several amendments and changes to experience rating values and retrospective rating values.

“The bureau anticipates that revised rates and manual amendments will be issued in a timely

manner for the orderly preparation of new and renewal policies effective on and after Jan. 1,” NJCRIB said in a letter.

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