New Jersey Ins. Commissioner Approves 5.1% Workers Compensation Rate Decrease and more

NJ Workers Compensation Rate Decrease

The New Jersey insurance commissioner has approved a 5.1% rate decrease for workers compensation premiums on a new and renewal basis, the Compensation Rating and Inspection Bureau said Wednesday in a letter to bureau members.This decrease is effective Jan. 1, 2018.New Jersey's system works with statutory rates so all carriers will move to these new decreased rate sets.Additionally, the maximum weekly benefit with respect to all types of injuries, except permanent partial disabilities, will be changed to $903 from $896. The minimum weekly benefit will be changed to $241 from $239.In cases involving permanent partial disabilities, the present maximum weekly benefits ranging from $239 to $896 will increase to $241 and $903, respectively. The minimum weekly benefit for permanent partial injuries will remain at $35, the comp bureau said.Source: http://www.businessinsurance.com/article/20171128/NEWS08/912317503/New-Jersey-approves-workers-comp-rate-decrease-ups-benefits

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