§ 16–4403. When chapter applies.

(a) This chapter governs an agreement to arbitrate made on or after [February 27, 2008].

(b) This chapter governs an agreement to arbitrate made before [February 27, 2008] if all the parties to the agreement or to the arbitration proceeding so agree in a record.

(c)(1) Any provision in an insurance policy with a consumer that requires binding arbitration is void and unenforceable.

(2) An insurance policy with a consumer may permit the resolution of disputes through arbitration; provided, that:

(A) The decision to arbitrate is made by the parties at the time a dispute arises; and

(B) The decision whether to arbitrate is not a condition for continued policy coverage under the same terms that otherwise would apply.

(3) If the parties to an insurance policy with a consumer elect to arbitrate, the provisions of this chapter shall apply.

(d) A provision for mandatory binding arbitration within a consumer arbitration agreement is void and unenforceable except to the extent federal law provides for its enforceability.

(e) On or after July 1, 2009, this chapter governs an agreement to arbitrate whenever made.

(f)(1) This chapter does not apply to any arbitrator or any arbitration organization in an arbitration proceeding governed by rules adopted by a securities self-regulatory organization; provided, that the rules are approved by the United States Securities and Exchange Commission under federal law.

(2) For the purposes of this paragraph, the term “securities self-regulatory organization” means:

(A) A securities exchange registered under the federal Securities Exchange Act of 1934, approved June 6, 1934 (48 Stat. 881; 15 U.S.C. § 78a et seq.) (“Securities Exchange Act”);

(B) A national securities association of broker-dealers registered under the Securities Exchange Act;

(D) The Municipal Securities Rulemaking Board established under the Securities Exchange Act.