AAA ESTABLISHES NEW RULES TO RESOLVE REINSURANCE DISPUTES.The American Arbitration Association The American Arbitration Association (AAA) is a private enterprise in the business of arbitration, and one of several arbitration organizations that administers arbitration proceedings. The AAA also administers mediation and other forms of alternative dispute resolution. Nov. 14 established new rules for arbitration procedures for reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. disputes.The rules create "a streamlined, simpler way for parties to a reinsurance dispute to select an umpire A person chosen to decide a question in a controversy that has been submitted to Arbitration but has not been resolved because the arbitrators cannot reach agreement, or one who has been chosen to be a permanent arbitrator for the duration of a collective bargaining agreement. and maximize the benefits of arbitration," AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. vice president Brian Winn said. He said AAA maintains a National Roster of Umpires of active or retired insurance and reinsurance professionals who can be selected as umpires to resolve disputes. Under the new rules, parties will be asked to select between the following levels of service to speed up the selection process: List Only, with one list of up to 12 umpires; List with Appointment, with a list of umpires for parties to review and make mutual selection, and Full Service Administration, with AAA serving as administrator for the arbitration. |
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