Overview
What is North Carolina Rate Bureau?
The North Carolina Rate Bureau is a nonprofit organization, as outlined in Article 36, Chapter 58 of the North Carolina General Statutes. Its primary function is to regulate and administer property and casualty insurance rates in North Carolina. The bureau sets premium rates for motor vehicle, workers' compensation, and property insurance, and ensures the availability of workers' compensation insurance to eligible risks in the state by assigning risks to members on an equitable basis. All expenses incurred by the bureau are related to these functions and are funded by its member insurance companies in proportion to their written premiums. The organization maintains rules and regulations within the insurance industry in North Carolina and provides periodic updates on key metrics of their programs on their website (<https://www.ncrb.org/ncrb>).
Official website here: www.ncrb.org/ncrb
Is North Carolina Rate Bureau legitimate?
North Carolina Rate Bureau is a legitimate nonprofit organization registered as a 501(c)(6) entity. North Carolina Rate 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: $1,109,878
Professional Fundraising Fees: $0
Other Salaries and Wages: $3,394,060
For more financial information, click here
Official website here: www.ncrb.org/ncrb
What is the mission statement of North Carolina Rate Bureau?
The North Carolina Rate Bureau is a regulatory body established to manage property and casualty insurance rates in North Carolina for the insurance industry. Its primary functions include maintaining rules and regulations, setting premium rates for motor vehicle, workers' compensation, and property insurance, and ensuring the availability of workers' compensation insurance to eligible risks. The bureau equitably assigns risks to its member insurance companies to sustain the provision of workers' compensation coverage. All expenses incurred by the bureau are related to these functions and are covered by the member insurance companies in proportion to their written premiums. The North Carolina Rate Bureau operates independently of grants and solely relies on its members for financial support.
Official website here: www.ncrb.org/ncrb
Who is the CEO of North Carolina Rate Bureau?
Edith Davis is the Chief Financial Officer of North Carolina Rate Bureau.
Official website here: www.ncrb.org/ncrb
What is the revenue of North Carolina Rate Bureau?
North Carolina Rate Bureau's revenue in 2022 was $18,311,373.
Official website here: www.ncrb.org/ncrb
Who are the executives of North Carolina Rate Bureau and what are their salaries?
The average compensation at North Carolina Rate Bureau during 2022 was $59,262. There are 76 employees and 13 volunteers at North Carolina Rate Bureau.
Here are 22 key members and their salaries:
- Compensation: $256,280
- Related: $0
- Other: $103,831
- Compensation: $252,760
- Related: $0
- Other: $92,510
- Compensation: $297,246
- Related: $0
- Other: $32,825
- Compensation: $231,937
- Related: $0
- Other: $75,608
- Compensation: $224,444
- Related: $0
- Other: $56,562
- Compensation: $185,692
- Related: $0
- Other: $61,740
- Compensation: $192,627
- Related: $0
- Other: $47,708
- Compensation: $170,969
- Related: $0
- Other: $36,804
- Compensation: $181,130
- Related: $0
- Other: $25,591
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
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- Other: $0
- Compensation: $0
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- Compensation: $0
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- Other: $0
Official website here: www.ncrb.org/ncrb
Where can I find the form 990 for North Carolina Rate Bureau?
North Carolina Rate Bureau's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ncrb.org/ncrb
Learn more at the official website: www.ncrb.org/ncrb
Mission Statement of North Carolina Rate Bureau
The North Carolina Rate Bureau, a crucial organization established under Article 36, Chapter 58 of the NC General Statutes, is dedicated to administering property and casualty rates for the insurance industry within the state. With a mission rooted in regulation and rate-setting, the Bureau maintains intricate rules and establishes premium rates for Motor Vehicle, Workers' Compensation, and Property Insurance.
Beyond its rate-setting functions, the North Carolina Rate Bureau plays a significant role in ensuring the accessibility of Workers' Compensation Insurance to any eligible risk in the state. This is achieved by assigning risks to members on an equitable basis, thereby fostering a robust and inclusive insurance market for North Carolina residents. The Bureau's operations are self-funded, with all expenses directly related to its core functions. The Bureau does not receive grants and instead relies on its member insurance companies to cover expenses proportionate to their written premiums.
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Impact
October, 2024
The North Carolina Rate Bureau plays a crucial role in regulating property and casualty insurance within the state. Established under Article 36 of Chapter 58 of the North Carolina General Statutes, the Bureau is responsible for administering rates and maintaining rules and regulations for various types of insurance, including motor vehicle, workers' compensation, and property insurance.
By establishing premium rates, the Bureau ensures that these rates are fair and in line with the market, providing stability for both consumers and insurance providers. One of its key functions is to guarantee the availability of workers' compensation insurance for all eligible risks, which is achieved through an equitable assignment of these risks among member insurance companies. This mechanism is vital for protecting businesses and employees from the financial impacts of workplace injuries.
Moreover, the Bureau operates transparently by providing periodic updates on its performance metrics through its website, allowing stakeholders to stay informed about the status of insurance programs. All operational expenses of the Bureau are covered by its member insurance companies, ensuring that the organization is self-sustaining and directly aligned with the interests of the insurance industry in North Carolina. Thus, the North Carolina Rate Bureau significantly impacts both the insurance landscape and consumer protection within the state.
This information is meant to be a general summary of North Carolina Rate 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.
- Investment Income: $1,534
- Program Service Revenue: $18,309,840
- Gross Receipts: $18,311,373
Assets and Liabilities:
- Total Assets: $4,309,684
- Total Liabilities: $0
- Net Assets: $4,309,684
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DUES AND ASSESSMENTS
Revenue
$18,309,840
Organization Details
Founding Year
1977
Phone
(919) 783-9790Principal Officer
Edith Davis
Main Address
2910 SUMNER BLVD, RALEIGH, NC, 27616
Website
www.ncrb.org/ncrbNTEE Category
Code: Y20 - Mutual benefit
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