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 new Dispute Resolution Procedure was developed in response to “broad industry concerns over the efficacy of arbitration as a swift, cost-effective alternative dispute resolution mechanism,” said Trish Getty, chief executive officer and executive director of AIRROC.
Ms. Getty cited the high costs and “long, drawn-out process” currently involved in arbitrating disputes. She said many claims have not yet been paid by reinsurers because of disagreements over one or two small issues. But these disputes, she noted, are taking as much time to administer and resolve as large, complicated claims.
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