The Association of Insurance and Reinsurance Run-Off Companies (“AIRROC”) has announced the formal launch of the Dispute Resolution Procedure (“DRP”), an expedited binding arbitration procedure especially designed for small and less-complicated claims. The key features of the DRP include a single arbitrator, a pre-arranged discounted fee structure ($150 hourly rate), and no discovery or live hearing testimony absent the parties’ consent.

A copy of AIRROC’s press release providing further information about the DRP can be found here.