NJ Agency Advises to Wait For Final Rates

The New Jersey Compensation Rating and Inspection Bureau (NJCRIB) has filed to cut the overall premium and rate level by 4.3%, effective Jan. 1, 2026.
“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, 2026. As a result,
member companies should delay the issuance of such policies until after the Bureau formally announces
the changes at www.njcrib.com,” the Bureau’s Sept. 18 statement said.
The proposed revision is based upon the most recent experience and a review of classification relativity.
If approved, this would be the 10th consecutive year without an increase.
The filing proposed to the state Department of Banking and Insurance also includes the transition from two (x.xx) to three (x.xxx) decimal places for Rates and Excess Elements.
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Payroll processor ADP suggests that businesses can help determine how much they actually pay for their workers’ compensation insurance by controlling documentation, classifications, and claims outcomes.
“The reality is you can’t control the market,” said ADP VP Timothy Ryan. “But you can control the documentation, classifications, and claims outcomes that determine how much you actually pay.”
Among the tips suggested, businesses are advised to audit employee classifications prior to policy renewal, and regularly reviewing job codes to ensure accuracy and report any discrepancies as needed.
It is also suggested that businesses develop a return-to-work program.
“Offering light-duty or modified roles for injured employees reduces productivity loss, lowers wage replacement costs, and shortens claim duration – all of which help improve your Ex-Mod score.”
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The MEMIC Group plans to buy The Dakota Group, including Risk Administration Services, Inc. and its four affiliated insurance services companies.
The deal, led by parent company Maine Employers’ Mutual Insurance Company, would make the combined company the third-largest multi-state workers’ compensation specialist in the U.S. with estimated combined 2025 writings of more than $600 million and coverage for more than 25,000 employers nationwide.
The transaction also includes Risk Administration Services, Inc. (RAS), which serves as attorney-in-fact to the reciprocal insurer Dakota Truck Underwriters (DTU), as well as a controlling interest in First Dakota Indemnity Company, which is managed by RAS.
The expected closing date is in early January 2026.
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