Insurance companies and self-insured participants in Arbitration Forums, Inc. (AF) programs will save $6.6 million in filing fees and other charges over the course of 2012 in an ongoing effort to reduce arbitration system costs for the industry, W. Russ Smith, AF president and chief executive officer, announced.
The latest installment of the giveback program, effective October 1, 2012, will return $1.2 million to the industry.
Smith pointed out that the $1.2 million giveback represents additional savings in filing fees above the $5.4 million that AF previously committed to the insurance industry over the course of 2012.
By the end of the year, the industry will have realized $17.75 million in savings since the fee modification program was initiated in 2009, a 25 percent reduction.
“AF’s latest giveback 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. “It has been implemented to benefit our membership, simplify participation in our programs and reduce costs.”
He also noted that AF will continue to offer the use of its Web-based E-Subro Hub electronic subrogation system at no charge.
Founded by the insurance industry in 1943, AF is a membership-driven, not-for-profit organization that exists to effectively and efficiently serve its over 4,600 members’ recovery and resolution needs.
Source: Arbitration Forums, Inc.
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