What is the main focus of the 1996 Arbitration Act?

The primary focus of the 1996 Arbitration Act is to provide a clear framework for the powers of arbitrators and the processes of arbitration panels. This act was designed to modernize the legal framework surrounding arbitration, emphasizing the importance of resolving disputes efficiently outside of the court system. By detailing the powers granted to arbitrators and the procedural aspects of arbitration tribunals, the Act aims to enhance the effectiveness, transparency, and fairness of the arbitration process.

This legislation is particularly relevant in the context of insurance claims, as it allows parties to reach decisions on disputes regarding claims in a manner that is often more expedient and less adversarial than traditional litigation. Consequently, the Act reinforces the neutrality and independence of arbitrators, which can lead to greater confidence in the arbitration process among those involved in claims handling.

The other options focus on aspects not covered primarily by the 1996 Arbitration Act. For instance, the rights of the insured, compensation amounts, and the establishment of new insurance policies are topics that would fall under different pieces of legislation or regulations, rather than the core intention of the Arbitration Act itself. This distinction highlights how the Act specifically targets the arbitration process, making it vital for comprehending the legal landscape related to dispute resolution in insurance.