Appealed cases are governed by Article 19 of Act No. 55/1992 on the Iceland Catastrophe Insurance (ICI)
The ICI’s Board of Directors shall as soon as possible reach a decision with regard to its obligation to pay and the amount of insurance benefits. ICI’s Board of Directors shall reach a decision with regard to matters of dispute, and if a party that has suffered damage is unwilling to accept the decision of the ICI such party may, within 30 days of receiving notification from the Board of Directors, 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 that member shall be the chairman. The second member shall be appointed by nomination by the Icelandic Meteorological Office, the third by the University of Iceland, and the fourth shall be appointed without a nomination. Alternate members shall be appointed in the same manner. 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 Board of Directors is three months from the date of the decision.
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 the Board of Directors.