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N.Y. ISC Law § 5603

This is the official text of N.Y. ISC Law § 5603, part of New York’s ISC Law — part of the compiled statutory law of New York, published by the state as "ISC Law." Browse the sections below, each linked to its official government source.

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Arbitration administration fund and expenses

Official statutory text

§ 5603. Arbitration administration fund and expenses. (a) There is\nestablished within the department an arbitration administration fund\nwhich shall be considered to be an expense of the department and shall\nbe funded by order of the superintendent, pursuant to section two\nhundred six of the financial services law in such amount as shall be\nsufficient to defray the actual administrative expenses of the\ndepartment and the arbitration administrator for the projected number of\narbitration proceedings for a twelve-month period, after taking into\nconsideration any excessive or insufficient amounts from the previous\nassessments, any appropriation of public funds for this purpose and any\nfunds collected from claimants participating in the arbitration. If the\namount assessed for any twelve-month period is insufficient to defray\nexpenses during that period, a further assessment may be ordered by the\nsuperintendent. The arbitration administrator shall establish reasonable\nfees for claimants who participate in the arbitration, subject to the\napproval of the superintendent.\n (b) The administrative expenses shall include but not be limited to\nthe costs of arbitrators, the arbitration administrator and the\ndepartment.\n

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.