The use of alternative dispute resolution mechanisms for insurance and reinsurance has become a growing practice in Latin America.
In particular, arbitration has been widely accepted as offering flexibility, celerity and high qualified and specialized arbitrators, generating confidence, guaranteeing access to the administration of justice and relieving congestion in the ordinary jurisdiction Arbitration regulations in Latin America are not standardized within its different jurisdictions, as each country has determined their own rules governing this dispute resolution mechanism.
On the other hand, in international matters there is a greater degree of homogeneity as a result of the efforts of international commissions to modernize and harmonize international trade rules.
Herein, the readers will find a comparison of general aspects of the regulations of arbitration as a dispute resolution mechanism regarding (re)insurance matters within the region.
About Insuralex in Latin America
Insuralex is a group created by independent law firms that specialise in Insurance and Reinsurance coverage, defence, litigation and all other related legal services.
Insuralex works for a wide range of clients including insurance and reinsurance companies, Lloyd’s syndicates, insurance and reinsurance brokers as well as captives and self insured companies.
Each member of Insuralex is considered to be a leading practice in this specialist field within its national jurisdiction.
Insuralex Latin American insurance law practice covers countries such as: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, Mexico, Panama, Paraguay, Peru, Uruguay and Venezuela.