The panel of arbitrators shall have the following powers and duties:
(a) To compel by subpoena the attendance of witnesses and the production of documents and things;
(b) To decide the extent and method of any discovery;
(c) To administer oaths and affirmations;
(d) To take and hear evidence pertaining to the proceeding;
(e) To rule on the admissibility of evidence;
(f) To interpret and apply these rules insofar as they relate to the arbitrators’ powers and duties; and
(g) To perform all acts necessary to conduct an effective arbitration hearing.