Overview
What is New York Compensation Insurance Rating Board?
The New York Compensation Insurance Rating Board is a rate-service organization based in New York City, licensed by the New York State Department of Financial Services. The Board's primary mission is to collect and compile statistical data for the development of loss costs, classifications, rating plans, and forms of coverage for workers compensation insurance carriers in New York State. This data, subject to approval by the New York State Superintendent of Financial Services, plays a crucial role in the pricing structure for workers compensation insurance in the state. The Board also conducts actuarial research to benefit the New York State workers' compensation marketplace and stakeholders.
Official website here: www.nycirb.org
Is New York Compensation Insurance Rating Board legitimate?
New York Compensation Insurance Rating Board is a legitimate nonprofit organization registered as a 501(c)(6) entity. New York Compensation Insurance Rating Board 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: $2,254,500
Professional Fundraising Fees: $0
Other Salaries and Wages: $7,546,398
For more financial information, click here
Official website here: www.nycirb.org
What is the mission statement of New York Compensation Insurance Rating Board?
The New York Compensation Insurance Rating Board functions as a rate-service organization, licensed under New York State Insurance Law. Its primary role involves the collection and compilation of statistical data essential for the creation of loss costs, classifications, rating plans, and insurance coverage forms. All these developments are subject to the approval of the New York State Superintendent of Financial Services. In summary, the New York Compensation Insurance Rating Board gathers statistical data and uses it to create insurance industry standards and guidelines, under the oversight of the New York State Department of Financial Services.
Official website here: www.nycirb.org
Who is the CEO of New York Compensation Insurance Rating Board?
Vincent Licause is the Institutional Trustee of New York Compensation Insurance Rating Board. The CEO's salary of New York Compensation Insurance Rating Board is $555,619 and their total compensation is $573,072.
Official website here: www.nycirb.org
What is the revenue of New York Compensation Insurance Rating Board?
New York Compensation Insurance Rating Board's revenue in 2022 was $22,280,663.
Official website here: www.nycirb.org
Who are the executives of New York Compensation Insurance Rating Board and what are their salaries?
The average compensation at New York Compensation Insurance Rating Board during 2022 was $89,916. There are 109 employees at New York Compensation Insurance Rating Board.
Here are 21 key members and their salaries (New York Compensation Insurance Rating Board's CEO's salary is $555,619 and their total compensation is $573,072):
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- Compensation: $555,619
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- Other: $17,453
- Compensation: $373,889
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- Other: $62,109
- Compensation: $224,191
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- Other: $52,323
- Compensation: $212,408
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- Other: $24,774
- Compensation: $182,403
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- Other: $7,063
- Compensation: $213,451
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- Other: $53,424
- Compensation: $213,047
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- Other: $62,347
- Compensation: $273,923
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- Other: $31,496
- Compensation: $258,712
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- Other: $75,860
- Compensation: $273,107
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- Other: $42,803
- Compensation: $171,017
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- Other: $43,464
- Compensation: $174,270
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- Other: $33,439
Official website here: www.nycirb.org
Where can I find the form 990 for New York Compensation Insurance Rating Board?
New York Compensation Insurance Rating Board's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.nycirb.org
Learn more at the official website: www.nycirb.org
Mission Statement of New York Compensation Insurance Rating Board
The New York Compensation Insurance Rating Board, often referred to as the Board, is a rate-service organization authorized by the New York State Department of Financial Services under the New York State Insurance Law. The Board's primary role is to gather and compile statistical data, which is essential for the creation of loss costs, classifications, rating plans, and forms of coverage. All these developments are subject to approval by the New York State Superintendent of Financial Services.
In simple terms, the New York Compensation Insurance Rating Board serves as a vital link between the insurance industry and the New York State regulatory body. By collecting and analyzing comprehensive data, the Board plays a pivotal role in shaping the insurance market in New York State. The information gathered is used to establish fair and equitable insurance rates, ensuring that providers remain competitive while maintaining financial stability. This, in turn, benefits policyholders by ensuring affordable and accessible insurance coverage. Additionally, the Board's activities contribute to the overall transparency and accountability of the insurance industry in New York State.
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Impact
October, 2024
The New York Compensation Insurance Rating Board significantly influences the workers' compensation insurance landscape in New York State. By collecting and analyzing loss, premium, and payroll data from insurance carriers, it helps establish a structured pricing framework for workers' compensation insurance. This process involves developing loss costs, classifications, rating plans, and forms of coverage, which must be approved by the New York State Superintendent of Financial Services.
Through actuarial research and statistical data compilation, the Rating Board enhances the overall stability and efficiency of the workers' compensation marketplace. Its activities ensure that the pricing for insurance coverage aligns with the underlying risks, ultimately safeguarding the interests of both insurers and policyholders. Furthermore, it plays a critical role in promoting fairness, transparency, and competitiveness within the insurance industry, contributing to a more robust workers' compensation system in New York.
This information is meant to be a general summary of New York Compensation Insurance Rating Board. 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: $296,283
- Program Service Revenue: $21,683,630
- Gross Receipts: $22,468,362
Assets and Liabilities:
- Total Assets: $29,742,755
- Total Liabilities: $21,991,046
- Net Assets: $7,751,709
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROVISIONAL ASSESSMENTS
Revenue
$20,135,224
OTHER FEES
Revenue
$1,499,444
OVERDUE REPORTS
Revenue
$48,962
Organization Details
Founding Year
1914
Phone
(212) 697-3535Principal Officer
Vincent Licause
Main Address
733 THIRD AVENUE 5TH FLOOR, NEW YORK, NY, 10017
Website
www.nycirb.orgNTEE Category
Code: Y20 - Mutual benefit
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