N.Y. Insurance Law 5603 – Arbitration administration fund and expenses
§ 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 § 206 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.
Terms Used In N.Y. Insurance Law 5603
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
(b) The administrative expenses shall include but not be limited to the costs of arbitrators, the arbitration administrator and the department.