Delaware Compensation Rating Bureau, Inc.

The Delaware Compensation Rating Bureau, Inc. (DCRB) is a nonprofit organization established in 1917 in accordance with the insurance laws of Delaware. It operates independently of the state government, serving as the licensed rating organization for workers' compensation insurance in Delaware.

Mission and Function

The DCRB is responsible for setting and determining workers' compensation insurance rating values and classification systems used by insurers, agents, and employers within the state. Its primary mission is to ensure fairness and consistency in the workers' compensation insurance market, facilitating a stable and predictable environment for employers and employees alike.

Legal Status

The DCRB is registered as a 501(c)(6) entity, which allows donations to be tax-deductible. It operates under the supervision of the Delaware Insurance Commissioner, ensuring compliance with state insurance regulations.

Committees and Governance

The DCRB is governed by various committees, including the Classification and Rating Committee and the Actuarial Committee. These committees play crucial roles in reviewing and recommending changes to classification and rating procedures, ensuring that they remain equitable and effective. Members of these committees are drawn from major insurance companies operating in Delaware.

Impact

Through its work, the DCRB contributes to the overall stability of Delaware's workers' compensation system. It ensures that injured workers receive fair compensation and helps employers budget their insurance costs more accurately. Additionally, the organization fosters safer work environments by incentivizing industries to adopt best practices in workplace safety.

Financial Summary

As of recent reports, the DCRB's annual revenue primarily consists of assessments and membership fees from insurance carriers. The organization maintains transparency by filing Form 990 with the IRS, which is publicly available.

Membership and Structure

The DCRB's membership includes authorized workers' compensation insurance carriers in Delaware. Its governance structure ensures that decisions are made cooperatively by these members, alongside professional committees that oversee technical aspects of rating and classification.

Overall, the Delaware Compensation Rating Bureau, Inc. plays a pivotal role in regulating and stabilizing the workers' compensation insurance market in Delaware, adhering to a mission of fairness and consistency for all stakeholders involved.