Overview
What is The Workers Compensation Rating & Inspection Bureau Of Massachusetts?
The Workers Compensation Rating & Inspection Bureau of Massachusetts is a non-profit organization based in Boston. It is an unincorporated association of insurers, licensed by the Massachusetts Division of Insurance as a rating organization for workers' compensation insurance. The Bureau functions voluntarily and acts as a statistical agent for workers' compensation data, serving the Massachusetts Division of Insurance. It serves an essential role by collecting and analyzing data to promote fair and accurate insurance premiums for workers' compensation in Massachusetts.
Official website here: www.wcribma.org
Is The Workers Compensation Rating & Inspection Bureau Of Massachusetts legitimate?
The Workers Compensation Rating & Inspection Bureau Of Massachusetts is a legitimate nonprofit organization registered as a 501(c)(6) entity. The Workers Compensation Rating & Inspection Bureau Of Massachusetts submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $2,557,300
Professional Fundraising Fees: $0
Other Salaries and Wages: $3,840,447
For more financial information, click here
Official website here: www.wcribma.org
What is the mission statement of The Workers Compensation Rating & Inspection Bureau Of Massachusetts?
The Workers Compensation Rating & Inspection Bureau of Massachusetts serves as a non-profit association of insurers authorized by the Massachusetts Division of Insurance to function as a rating organization for workers' compensation insurance. Based in Boston, this bureau collects and analyzes statistical data on behalf of the division to ensure fair and consistent pricing for workers' compensation insurance. The Bureau operates on a voluntary basis, acting as a vital intermediary in the workers' compensation insurance industry, promoting transparency and accuracy in the data collection process. By fulfilling its role as the statistical agent, the Bureau helps maintain a stable and sustainable workers' compensation insurance market in Massachusetts.
Official website here: www.wcribma.org
Who is the CEO of The Workers Compensation Rating & Inspection Bureau Of Massachusetts?
Daniel Judson is the Director of The Workers Compensation Rating & Inspection Bureau Of Massachusetts.
Official website here: www.wcribma.org
What is the revenue of The Workers Compensation Rating & Inspection Bureau Of Massachusetts?
The Workers Compensation Rating & Inspection Bureau Of Massachusetts's revenue in 2022 was $15,210,321.
Official website here: www.wcribma.org
Who are the executives of The Workers Compensation Rating & Inspection Bureau Of Massachusetts and what are their salaries?
The average compensation at The Workers Compensation Rating & Inspection Bureau Of Massachusetts during 2022 was $116,323. There are 55 employees and 12 volunteers at The Workers Compensation Rating & Inspection Bureau Of Massachusetts.
Here are 24 key members and their salaries:
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- Compensation: $439,182
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- Compensation: $128,345
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- Other: $54,531
- Compensation: $137,332
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- Other: $37,448
Official website here: www.wcribma.org
Where can I find the form 990 for The Workers Compensation Rating & Inspection Bureau Of Massachusetts?
The Workers Compensation Rating & Inspection Bureau Of Massachusetts's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.wcribma.org
Learn more at the official website: www.wcribma.org
Mission Statement of The Workers Compensation Rating & Inspection Bureau Of Massachusetts
The Workers Compensation Rating & Inspection Bureau of Massachusetts, or WCRIBMA, serves as a vital non-profit organization in the workers' compensation insurance sector. Established as an unincorporated association of insurers, it is licensed by the Massachusetts Division of Insurance to act as a rating organization.
Operating on a voluntary basis, WCRIBMA is instrumental in collecting and analyzing statistical data related to workers' compensation insurance in Massachusetts. Its primary role is to provide essential information to the Massachusetts Division of Insurance, enabling them to make informed decisions regarding the industry. By functioning as the statistical agent for workers' compensation data, WCRIBMA plays a crucial role in ensuring that the Massachusetts Division of Insurance has accurate and up-to-date information to effectively regulate the workers' compensation insurance market.
In summary, the Workers Compensation Rating & Inspection Bureau of Massachusetts is a dedicated non-profit organization that supports the Massachusetts Division of Insurance in its regulatory role within the workers' compensation insurance sector. Through its collection and analysis of statistical data, WCRIBMA provides valuable insights that help ensure a stable and fair insurance market for the benefit of insurers and policyholders alike.
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Impact
October, 2024
The Workers Compensation Rating & Inspection Bureau of Massachusetts (WCRIBMA) plays a critical role in the workers' compensation insurance system in the state. By serving as a licensed rating organization under the Massachusetts Division of Insurance, WCRIBMA establishes and maintains the classification system and the associated rates for insurers. This ensures that pricing for workers' compensation insurance is equitable and reflective of the risk associated with different industries and occupations.
WCRIBMA also functions as a statistical agent, collecting and analyzing data related to workers' compensation claims. This data-driven approach helps improve safety standards and reduce workplace injuries by providing insights that inform both insurers and employers. Moreover, its voluntary operation fosters collaboration among insurers, ultimately leading to a more stable and reliable insurance marketplace.
By facilitating a fair and effective workers' compensation system, WCRIBMA contributes to the economic health of Massachusetts, supporting businesses in managing their insurance costs while ensuring employees receive the protection and benefits they need in the event of workplace injuries. Its commitment to community improvement enhances overall workforce safety and well-being across the state.
This information is meant to be a general summary of The Workers Compensation Rating & Inspection Bureau Of Massachusetts. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $45,991
- Program Service Revenue: $14,894,855
- Gross Receipts: $15,210,321
Assets and Liabilities:
- Total Assets: $10,799,284
- Total Liabilities: $7,360,532
- Net Assets: $3,438,752
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MEMBERSHIP DUES
Revenue
$13,543,129
DATA QUALITY & OTHER FEES
Revenue
$1,351,726
Organization Details
Founding Year
1915
Phone
(617) 439-9030Principal Officer
Daniel Judson
Main Address
101 ARCH STREET 5TH FLOOR, BOSTON, MA, 021101130
Website
www.wcribma.orgNTEE Category
Code: S40 - Community improvement
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