THE NEW YORK COMPENSATION INSURANCE RATING BOARD (THE "BOARD") IS A RATE-SERVICE ORGANIZATION LICENSED BY THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES PURSUANT TO THE NEW YORK STATE INSURANCE LAW. THE BOARD COLLECTS AND COMPILES STATISTICAL DATA USED FOR THE DEVELOPMENT OF LOSS COSTS AND CLASSIFICATIONS, RATING PLANS, AND FORMS OF COVERAGE, SUBJECT TO APPROVAL BY THE NEW YORK STATE SUPERINTENDENT OF FINANCIAL SERVICES.