Overview
What is Insurance Fraud Bureau Of Massachusetts?
The Insurance Fraud Bureau of Massachusetts is a state-authorized organization, established under Massachusetts General Laws, located in Boston, specifically at 101 Arch Street, MA 021101103. Its primary mission is to combat insurance fraud by conducting investigations and collaborating with law enforcement and public prosecutors. In 202X, the Bureau received and scrutinized 3,549 insurance fraud referrals, leading to the acceptance of 1,520 cases for further examination, resulting in 1,245 new investigative cases. Despite initial investigations, 586 cases were closed due to lack of sufficient evidence to proceed with criminal prosecution. With a workforce of 47 employees, the Bureau continues its mission to safeguard the insurance industry from fraudulent activities.
Official website here: www.ifb.org
Is Insurance Fraud Bureau Of Massachusetts legitimate?
Insurance Fraud Bureau Of Massachusetts is a legitimate nonprofit organization registered as a 501(c)(6) entity. Insurance Fraud 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: $743,711
Professional Fundraising Fees: $0
Other Salaries and Wages: $3,773,794
For more financial information, click here
Official website here: www.ifb.org
What is the mission statement of Insurance Fraud Bureau Of Massachusetts?
The Insurance Fraud Bureau of Massachusetts, as per its authorization by Massachusetts General Laws, is committed to combating insurance fraud. It carries out this mission by collaborating with law enforcement and public prosecutors in investigating potential violations of insurance fraud laws. The Bureau receives referrals from various sources, such as the insurance industry and the public, and evaluates them for potential fraud. Out of the 3,549 referrals received in a certain period, 1,520 were selected for further investigation, leading to 1,245 new investigative cases. However, 586 of these cases were ultimately closed without criminal prosecution due to a lack of sufficient evidence.
Official website here: www.ifb.org
What is the revenue of Insurance Fraud Bureau Of Massachusetts?
Insurance Fraud Bureau Of Massachusetts's revenue in 2023 was $10,988,584.
Official website here: www.ifb.org
Who are the executives of Insurance Fraud Bureau Of Massachusetts and what are their salaries?
The average compensation at Insurance Fraud Bureau Of Massachusetts during 2023 was $94,115. There are 48 employees at Insurance Fraud Bureau Of Massachusetts.
Here are 23 key members and their salaries:
- Compensation: $292,528
- Related: $0
- Other: $109,956
- Compensation: $263,716
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- Other: $72,732
- Compensation: $208,337
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- Other: $46,193
- Compensation: $144,875
- Related: $0
- Other: $44,464
- Compensation: $132,730
- Related: $0
- Other: $38,681
- Compensation: $135,357
- Related: $0
- Other: $13,547
- Compensation: $118,192
- Related: $0
- Other: $29,240
- Compensation: $118,537
- Related: $0
- Other: $22,833
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Official website here: www.ifb.org
Where can I find the form 990 for Insurance Fraud Bureau Of Massachusetts?
Insurance Fraud Bureau Of Massachusetts's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.ifb.org
Learn more at the official website: www.ifb.org
Mission Statement of Insurance Fraud Bureau Of Massachusetts
The Insurance Fraud Bureau of Massachusetts, as per Massachusetts General Laws, is a designated entity tasked with preventing, detecting, and investigating insurance fraud. This organization collaborates closely with law enforcement agencies and public prosecutors, focusing on cases that may involve potential violations of insurance fraud laws. Their mission is to safeguard the integrity of the insurance industry by identifying and combating fraudulent activities, thereby protecting both insurance companies and their policyholders. The Bureau plays a crucial role in maintaining trust and fairness within the insurance sector by ensuring that claims are processed accurately and honestly.
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Impact
October, 2024
The Insurance Fraud Bureau of Massachusetts plays a critical role in maintaining the integrity of the state's insurance system by preventing, detecting, and investigating insurance fraud. In a recent reporting period, the Bureau evaluated 3,549 suspected fraud referrals, showcasing the high volume of concerns surrounding fraudulent activities in the insurance sector. Out of these referrals, 1,520 were accepted for further investigation, culminating in 1,245 new investigative cases.
The Bureau collaborates closely with law enforcement and public prosecutors to address potential violations of insurance fraud laws. Despite the diligent investigations, 586 cases were closed without criminal prosecution due to insufficient evidence, indicating the complexities of proving fraud.
By working to identify and combat fraudulent activities, the Bureau not only protects consumers but also helps reduce the financial burden of fraud on insurance companies and policyholders alike. This proactive approach contributes to a more transparent and trustworthy insurance environment in Massachusetts.
This information is meant to be a general summary of Insurance Fraud 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 2023.
- Investment Income: $364,848
- Program Service Revenue: $10,623,736
- Gross Receipts: $10,988,584
Assets and Liabilities:
- Total Assets: $8,481,147
- Total Liabilities: $4,566,255
- Net Assets: $3,914,892
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Statutory Assessments
Revenue
$10,123,736
Fraud Initiative Grant
Revenue
$500,000
Organization Details
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