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NEW YORKA nonprofit alliance of global corporations, law firms, scholars and public institutions has released a tool to help manage the cost of disputes between insurers and reinsurers.
The new procedural protocol from the International Institute for Conflict Prevention & Resolutionthe CPR International Reinsurance Dispute Resolution Protocolwas developed by a committee of insurers and reinsurers.
The protocol sets a schedule for companies in a dispute to exchange information, negotiate and, if needed, enter mediation.
The protocol, available at www.insurancemediation.org, includes a statement of best practices. Companies can incorporate the protocol into reinsurance contracts or adopt it in specific instances.