Abitration Forums Gives Back $4 Million In Fees

Thursday, Jan 07,2010, 12:54:17 PM Click:

Insurance companies and self-insured participants in Arbitration Forums, Inc. (AF) programs will save $4 million in filing fees and other charges over the course of 2010, W. Russ Smith, AF president and chief executive officer, announced.

The giveback, effective February 1, 2010, is part of an ongoing program to benefit the industry by further reducing arbitration system costs and simplifying participation in AF’s programs, he said.
“This $4 million dividend from AF is concrete proof of our commitment to provide the industry with the most efficient, cost-effective services to satisfy its dispute resolution needs,” Smith said.

In 2009, AF saved the industry more than $1 million by eliminating the fee to notify parties to a dispute that an arbitration action has been submitted by members who use its online filing service. In addition, effective February 1, 2010, AF will change its fee structure to simplify costs. By streamlining fees and not charging for the first deferment or reschedule request associated with a case, AF will save the industry an additional $2.7 million.

AF is the nation’s largest membership-driven organization that provides arbitration and subrogation services. Founded in 1943, AF has a membership of over 4,300 insurers and self-insureds. AF resolves more than 520,000 disputes worth nearly $2.5 billion in claims each year.