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N.Y. Ins. Law § 5603

Arbitration administration fund and expenses

Showing this section's text as in effect on January 1, 2015 (in force January 1, 2015 – January 1, 2023). View current text →

§ 5603. Arbitration administration fund and expenses. (a) There is\nestablished within the department an arbitration administration fund\nwhich shall be considered to be an expense of the department and shall\nbe funded by order of the superintendent, pursuant to section three\nhundred thirty-two of this chapter in such amount as shall be sufficient\nto defray the actual administrative expenses of the department and the\narbitration administrator for the projected number of arbitration\nproceedings for a twelve month period, after taking into consideration\nany excessive or insufficient amounts from the previous assessments, any\nappropriation of public funds for this purpose and any funds collected\nfrom claimants participating in the arbitration. If the amount assessed\nfor any twelve month period is insufficient to defray expenses during\nthat period, a further assessment may be ordered by the superintendent.\nThe arbitration administrator shall establish reasonable fees for\nclaimants who participate in the arbitration, subject to the approval of\nthe superintendent.\n (b) The administrative expenses shall include but not be limited to\nthe costs of arbitrators, the arbitration administrator and the\ndepartment.\n

Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.