Jere Beasley spoke on the consumer’s behalf at the public hearing on Arbitration Clauses in Insurance Contracts on Monday, March 10 in Atlanta, GA. The hearing was held in conjunction with the 2003 Nation Association of Insurance Commissioners Spring National Meeting.
The hearing was held to discuss the idea of having arbitration agreements in insurance policies.
“Arbitration in Insurance is terrible a terrible thing,” said Beasley. “If you sign an arbitration agreement and that company denies a claim, you can’t take them to court. Many times they get to pick the arbitrator so it’s very unfair for the consumer. The right to a trial by jury doesn’t need to be taken away from consumers.”
The NAIC is the organization of insurance regulators from the 50 states, the District of Columbia and the four U.S. territories. The NAIC provides a forum for the development of uniform policy when uniformity is appropriate.