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