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This entry was published on 2022-07-29
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Arbitration administration fund and expenses
Insurance (ISC) CHAPTER 28, ARTICLE 56
§ 5603. Arbitration administration fund and expenses. (a) There is
established within the department an arbitration administration fund
which shall be considered to be an expense of the department and shall
be funded by order of the superintendent, pursuant to section two
hundred six of the financial services law in such amount as shall be
sufficient to defray the actual administrative expenses of the
department and the arbitration administrator for the projected number of
arbitration proceedings for a twelve-month period, after taking into
consideration any excessive or insufficient amounts from the previous
assessments, any appropriation of public funds for this purpose and any
funds collected from claimants participating in the arbitration. If the
amount assessed for any twelve-month period is insufficient to defray
expenses during that period, a further assessment may be ordered by the
superintendent. The arbitration administrator shall establish reasonable
fees for claimants who participate in the arbitration, subject to the
approval of the superintendent.

(b) The administrative expenses shall include but not be limited to
the costs of arbitrators, the arbitration administrator and the