The New Jersey Commissioner of Banking and Insurance, Marlene Caride, has approved a 5.3 percent decrease in rates for policies effective on or after January 1, 2022. Earlier, the New Jersey Compensation Rating and Inspection Bureau recommended a 4.9 percent rate cut, but Caride revised that filing.

According to information provided by the Compensation Rating and Inspection Bureau, average rate changes will vary based by industry group, with the "miscellaneous" category receiving the largest average decrease at 7.1 percent and manufacturing seeing the smallest at 2.6 percent.

Caride also overruled the rating agency and forced a larger decrease in workers' compensation overall premiums in 2019, when she approved a 5.8 percent decrease in rates and rating values for 2020.