The following Arbitration guidance note Produced in partnership with Ralph Morley of 7 King’s Bench Walk provides comprehensive and up to date legal information covering:
This Practice Note is an introduction to the Fast Track Rules of the AIDA Reinsurance and Insurance and Arbitration Society of the UK or the ARIAS Fast Track Rules (AFTAR Rules), effective from 3 October 2013 which govern insurance and reinsurance arbitration proceedings. For a general introduction to ARIAS, see Practice Note: Arbitration under the ARIAS (UK) Rules 2014.
AFTAR was developed to respond to concerns from the insurance and reinsurance markets that traditional arbitration, even under the ARIAS Rules, was time-consuming and not cost-effective in its reliance on a three-person panel.
AFTAR include both rules and explanatory notes. If an explanatory note conflicts with the rules, the rules take precedence.
AFTAR is broadly similar in its overall structure to the ARIAS Rules, and many aspects are materially identical: the procedures for commencing an arbitration and serving notice, the arbitrator’s jurisdiction, the structure of the award, liability for fees and expenses and provisions on costs follow the same basic approach.
There are several key differences in AFTAR arbitrations to ensure disputes can be resolved quickly:
references under AFTAR are to a sole arbitrator
progress of the case to final determination will be decided at a preliminary meeting usually not more than seven days after the arbitrator’s appointment
the default position is that the arbitration will be conducted
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