NU Online News Service, Oct. 7, 2:53 p.m. EDT
The Association of Insurance and Reinsurance Run-Off Companies has launched an arbitration procedure designed to expedite small and "less-complicated" claims between insurers and reinsurers.
The procedure, called Dispute Resolution Procedure, was developed in response to "broad industry concerns over the efficacy of arbitration as a swift, cost-effective ADR [alternative dispute resolution] mechanism," said Trish Getty, chief executive officer and executive director of AIRROC.
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