Post Arbitration Hearing

Post Arbitration Hearing A. Findings of the Arbitrator Within fourteen (14) days of the Arbitration conference, the arbitrator shall submit to the Administrator and the parties a written finding of fact. The written findings of fact shall state what remedy or relief that the arbitrator deems as just and equitable and within the scope of the agreement of the parties. The Findings of the Arbitrator are confidential and shall not be used in any other proceeding. The arbitrator shall not make any finding relating to the award of punitive damages. Within seven (7) days of the issuance of the Findings of the Arbitrator, the parties shall contact the Administrator in writing to either accept or refuse the Findings. If the parties accept the Findings, and an award is to be made to the insured, the insurer has seven (7) days to disburse the award to the insured. B. Settlement of Parties If at any time throughout this process the parties are able to reach a settlement, the arbitrator shall include a copy of the settlement agreement with the status report. If a settlement is reached, the insured shall have three (3) business days to rescind any settlement agreement provided that the insured has not cashed or deposited any check or draft disbursed to him or her for the disputed matters as a result of the arbitration conference. A settlement agreement can be rescinded by contacting the Mississippi Department of Insurance at (601) 359-3581. If a settlement agreement is reached and is not rescinded, it shall act as a release of all specific claims that were presented and actually settled. However, the release shall not constitute a final waiver of rights of the insured with respect to claims for damages or expenses if circumstances that are reasonably unforeseen arise resulting in additional costs that would have been covered under the policy but for the release. If an award is to be made to the insured, the insurer has seven (7) days to disburse the award to the insured. C. Non-binding Arbitration This program is non-binding; therefore, neither the insured nor insurer must settle the claim or accept the Findings of the Arbitrator. Nothing in this Regulation shall preclude an insured's right to pursue any other remedy, including but not limited to, mediation, the appraisal process set forth in the insured's insurance policy, litigation, or any other dispute resolution procedure available under Mississippi law.