By: Stephen P. Lagoy
An insurance industry group will experiment with an expedited form of binding arbitration designed for small, uncomplicated disputes. The Association of Insurance and Reinsurance Run-Off Companies has announced the development of a new streamlined dispute resolution procedure the elements of which include a single arbitrator, discounted fee structure, and no discovery or hearing testimony without consent of the parties. The arbitrator must issue a decision within 30 days after the close of evidence.
To read more about this streamlined process, see http://www.businessinsurance.com
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