Regulatory: ARIAS US Builds Affiliate Network, Smooths Arbitration Process

ARIAS•U.S., the non-profit corporation dedicated to improving the insurance and reinsurance arbitration process for both the domestic and international markets, has now formally affiliated with its related organizations, ARIAS-Asia, ARIAS-Latin America, ARIAS-Germany, ARIAS-France, and ARIAS-U.K.

The “A” in ARIAS stands for AIDA, the Association Internationale de Droit des Assurances, with which ARIAS•U.S. reinvigorated its relationship in May 2019. AIDA was formed in 1960 for the purpose of promoting and developing, at an international level, collaboration among its 10,000 members, which includes industry executives, lawyers, and regulators world-wide.

In May, ARIAS•U.S. issued a standard International Arbitration Form (“IAF”) for use in trans-national insurance and reinsurance agreements. Drafted by ARIAS•U.S.’s International Committee, the IAF gives parties negotiating an international insurance or reinsurance agreement the option to select both a neutral panel of arbitrators and a governing substantive law that differs from the laws of the parties’ respective jurisdictions.

The latter feature would give the parties the flexibility to select the best law for them and the best forum for the resolution of disputes. In this way, the IAF functions much like “Bermuda Form” insurance contracts.

Jonathan Sacher, co-chair of the ARIAS•U.S. International Committee and member of its Quarterly Editorial Board was elected to the Board of Directors of ARIAS-U.K. in June 2019.

For over 25 years, ARIAS•U.S. has hosted conferences, and more recently those conferences have included panels addressing insurance and reinsurance in the European Union, Latin America, and Bermuda.  2019 is ARIAS•U.S.’s 25th anniversary and its Fall Conference will be held on October 3-4, 2019, at the Marriott Brooklyn Bridge in Brooklyn, New York.

 

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