Appealed cases are governed by Article 19 of Act No. 55/1992 on Natural Catastrophe Insurance of Iceland (NTI)
NTI shall as soon as possible reach a decision with regard to its obligation to pay and the amount of insurance benefits. and if a party that has suffered damage is unwilling to accept the decision of the NTI such party may, within 30 days of receiving notification from NTI, refer the dispute to a committee of arbitration. The committee shall be appointed by the Minister of Finance and Economic Affairs. The committee shall be made up of four members. One member shall be appointed by nomination by the Supreme Court and have specialized knowledge in the field of insurance law and that member shall be the chairman. The second member shall be appointed by nomination by the school of Engineerind and Natural Sciences of the University of Iceland and that person shall have specialized knowledge in structures. The final two members shall be appointed without nomination and shall have specialized knowledge in the field of insurance, structures or damage assessment. Alternate members shall be appointed in the same manner. Board members shall be appointed for a three year period. The committee may seek assistance from experts, should it see reason to do so.
The period within which a matter may be referred to the committee of arbitration is 30 days from the date when the appellant received the notification of the decision of NTI.