Overview
What is Indiana Compensation Rating Bureau?
The Indiana Compensation Rating Bureau (ICRB) is a nonprofit organization situated in Indianapolis, Indiana. Its primary function is to collect data from its member companies with the aim of establishing fair and adequate advisory rates. This information is then reviewed by the Indiana Department of Insurance and distributed to all member companies. Beyond data collection and rate-making, the ICRB is responsible for various workers' compensation programs, such as rule promulgation, experience rating, inspection and classification, assigned-risk administration, industry education, and dispute resolution. With a team of 12 individuals, the ICRB plays a crucial role in regulating worker compensation rates in the state of Indiana.
Official website here: www.icrb.net
Is Indiana Compensation Rating Bureau legitimate?
Indiana Compensation Rating Bureau is a legitimate nonprofit organization registered as a 501(c)(6) entity. Indiana Compensation Rating Bureau 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: $467,456
Professional Fundraising Fees: $0
Other Salaries and Wages: $589,522
For more financial information, click here
Official website here: www.icrb.net
What is the mission statement of Indiana Compensation Rating Bureau?
The Indiana Compensation Rating Bureau's mission is centered around regulating worker compensation rates within the state. In this role, the bureau collects data from its member companies to establish fair and adequate advisory rates. After reviewing this information, the Indiana Department of Insurance approves and distributes these rates to all member companies. Beyond data collection and rate-making, the bureau is responsible for various workers' compensation programs. These include rule promulgation, experience rating, inspection and classification, assigned-risk administration, industry education, and dispute resolution. The bureau plays a crucial role in maintaining fair and adequate worker compensation rates in Indiana.
Official website here: www.icrb.net
Who is the CEO of Indiana Compensation Rating Bureau?
Paul Keathley is the Chairperson of Indiana Compensation Rating Bureau.
Official website here: www.icrb.net
What is the revenue of Indiana Compensation Rating Bureau?
Indiana Compensation Rating Bureau's revenue in 2022 was $3,585,076.
Official website here: www.icrb.net
Who are the executives of Indiana Compensation Rating Bureau and what are their salaries?
The average compensation at Indiana Compensation Rating Bureau during 2022 was $88,082. There are 12 employees and 10 volunteers at Indiana Compensation Rating Bureau.
Here are 12 key members and their salaries:
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- Compensation: $159,331
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- Other: $79,812
Official website here: www.icrb.net
Where can I find the form 990 for Indiana Compensation Rating Bureau?
Indiana Compensation Rating Bureau's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.icrb.net
Learn more at the official website: www.icrb.net
Mission Statement of Indiana Compensation Rating Bureau
The Indiana Compensation Rating Bureau, abbreviated as ICRB, plays a crucial role in regulating worker compensation rates within the state of Indiana. Its mission is twofold: firstly, the organization gathers relevant data from its member companies to establish fair and adequate advisory rates. This information is then submitted to the Indiana Department of Insurance for review, ensuring that the rates are just and equitable for all parties involved.
Secondly, the ICRB is responsible for overseeing various workers' compensation programs. These programs encompass rules promulgation, experience rating, inspection and classification, assigned-risk administration, industry education, and dispute resolution. The ICRB's role in these programs is vital in maintaining a balanced and fair workers' compensation system within the state of Indiana. By regulating rates and overseeing programs, the ICRB is instrumental in protecting both employers and employees, ensuring they have access to a secure and reliable workers' compensation system.
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Impact
October, 2024
The Indiana Compensation Rating Bureau (ICRB) plays a crucial role in regulating worker compensation rates in Indiana. By collecting and analyzing data from member companies, the ICRB establishes fair and adequate advisory rates that reflect the realities of the market. This data is submitted to the Indiana Department of Insurance, ensuring that the rates are both justified and transparent.
In addition to its foundational rate-making function, the ICRB is involved in various essential workers' compensation programs. These include rule promulgation, which sets the standards for insurance practices, and experience rating, which adjusts premiums based on a company's claims history. The ICRB also oversees classification and inspection processes, ensuring that companies are accurately categorized based on their industry risks.
Furthermore, the Bureau administers assigned-risk programs to provide coverage for businesses unable to obtain it through traditional means, thereby promoting accessibility and stability within the worker compensation market. Through its educational initiatives, the ICRB helps industry stakeholders understand their responsibilities and navigate the intricacies of the workers' compensation system.
Overall, the ICRB's impact extends beyond just setting rates; it fosters a balanced, fair, and efficient workers' compensation environment that benefits employers, employees, and the overall economy in Indiana.
This information is meant to be a general summary of Indiana Compensation Rating Bureau. 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.
- Program Service Revenue: $3,585,076
- Gross Receipts: $3,585,076
Assets and Liabilities:
- Total Assets: $2,458,743
- Total Liabilities: $514,755
- Net Assets: $1,943,988
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENT REVENUE
Revenue
$3,585,076
Organization Details
Founding Year
1935
Phone
(317) 842-2800Principal Officer
Paul Keathley
Main Address
5920 CASTLEWAY WEST DRIVE 121, INDIANAPOLIS, IN, 46250
Website
www.icrb.netIf you are a representative of Indiana Compensation Rating Bureau and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.