New Jersey commissioner approves comp rate cut

The New Jersey Commissioner of Banking and Insurance approved a 5.3% decrease in rates for policies incepting on or after Jan. 1.

The New Jersey Compensation Rating and Inspection Bureau recommended a 4.9% rate cut, but the commissioner revised the filing.

Average rate changes will vary by industry group. The “miscellaneous” category will see the largest average decrease at 7.1%, while manufacturing will see the smallest at 2.6%, according to information provided by the Compensation Rating and Inspection Bureau.

The bureau also announced that the commissioner approved changes to the Workers Compensation and Employers Liability Insurance Manual.

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