ARBITRATION SETTLEMENT. The decision of a majority of the Arbitration Panel shall be final and binding, except to the extent otherwise provided in the Federal Arbitration Act. The Arbitration Panel shall render its award in writing. The Arbitration Panel shall have no power to award consequential, special, or punitive damages. Judgment upon the award may be entered in any court having jurisdiction, pursuant to the Federal Arbitration Act. The arbitrators will base their decision on the terms and conditions of this Agreement plus, as necessary, on the customs and practices of the insurance and reinsurance industry rather than solely on a strict interpretation of the applicable law or rules of evidence.
Appears in 4 contracts
Samples: Reinsurance Agreement (Minnesota Life Individual Variable Universal Life Account), Yrt Reinsurance Agreement (Minnesota Life Individual Variable Universal Life Account), Yrt Reinsurance Agreement (Minnesota Life Individual Variable Universal Life Account)
