Coming of age

The arbitration system, the predominant method of dispute resolution in the treaty reinsurance business, is broken. This system was conceived in a different era to resolve business disputes between partners in long-term contracts to ensure fast, fair and cost-effective resolution by knowledgeable de...

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Bibliographic Details
Published in:	Best's Review Vol. 104; no. 5; p. 41
Main Authors:	Dakin-Grimm, Linda, Cloutier, Mark B
Format:	Trade Publication Article
Language:	English
Published:	Oldwick A.M. Best Company 01-09-2003
Subjects:	Alternative dispute resolution Arbitration Attorneys Contracts Conventions Court hearings & proceedings Disputes Judges & magistrates Reforms Reinsurance State court decisions Treaties United States > US
Online Access:	Get full text
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Summary:	The arbitration system, the predominant method of dispute resolution in the treaty reinsurance business, is broken. This system was conceived in a different era to resolve business disputes between partners in long-term contracts to ensure fast, fair and cost-effective resolution by knowledgeable decision-makers. It has deteriorated into a process in which few of the originally intended benefits are realized. Given the billions of reinsurance dollars currently in dispute before arbitration panels, the industry must work toward the creation of a "Convention on Reinsurance Arbitration," to be included in new treaties and appended to existing treaties by endorsement. At a minimum, the convention should address the following issues: arbitrator qualification/certification, enforceable ethical standards, neutral arbitrators, discovery, a calendar/timetable, written reasoned decisions, abandoning the assumption of confidentiality, and costs.
ISSN:	1527-5914 2161-282X