Newark, NJ – The New Jersey Compensation Rating and Inspection Bureau (NJCRIB) recently announced that it has submitted a filing to the Department of Banking and Insurance seeking a 1.3% reduction in the overall workers’ compensation premium and rate level effective January 1, 2027.
The proposed revision is based upon the most recent experience and a review of classification relativity.
If approved, this would be the twelfth year in a row without an increase.
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 January 1, 2027. Accordingly, to the extent practicable, member companies should defer the final issuance of such policies until after the Bureau formally announces the changes at www.njcrib.com.
The Bureau noted that any policy to become effective on or after January 1, 2027 which is prepared and issued prior to the release of the new rates should include the Pending Rate Change Endorsement (WC 00 04 04) and, where applicable, the Experience Rating Modification Factor Endorsement (WC 00 04 03). This procedure, however, should be the exception rather than the rule.
Source: NJCRIB