DOBI approves 8.3 percent increase in WC rates

December 11, 2012

The commissioner of the Department of Banking and Insurance approved an 8.3 percent increase in manual rates and rating values applicable to New Jersey workers compensation and employers liability insurance effective Jan. 1, 2013, on a new and renewal basis.

The rating components that resulted in the increase, as well as other revisions are detailed in the Compensation Rating And Inspection Bureau Circular Letter No. 1849. There are 574 classifications in the revised manual, including the codes to accommodate Federal employments. Seven classifications carry no rate assignment. Of the remainder, 451 develop increased rates, 106 show decreases, and 10 are unchanged.

The commissioner also approved changes in Manual Amendment Bulletin No. 457 and Manual Amendment Bulletin No. 458 for use with the revised manual of rates issued concurrently with Circular Letter No. 1849.