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23-63-107. Prompt processing of payment by insurer.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-107. Prompt processing of payment by insurer.
(a) No insurer shall intentionally or unreasonably delay, for more than three (3) business days after presentment for collection, the processing of any properly executed and endorsed check or draft issued in settlement of an insurance claim.
(b) It is the intent of the General Assembly that insureds or claimants shall be paid their settlement proceeds at the earliest possible time.
(c) Any insurer violating this section shall pay the insured or claimant a penalty of two hundred dollars ($200) or fifteen percent (15%) of the face amount of the check or draft, whichever is higher.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-107
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-63-107
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c1f7e0c0d102736cac1a9765ec6f2101a8e27ee60183e5b78c6e3f42e770c2fd
Source location: content.xml paragraph 30819
Stored source content
23-63-107. Prompt processing of payment by insurer.
(a) No insurer shall intentionally or unreasonably delay, for more than three (3) business days after presentment for collection, the processing of any properly executed and endorsed check or draft issued in settlement of an insurance claim.
(b) It is the intent of the General Assembly that insureds or claimants shall be paid their settlement proceeds at the earliest possible time.
(c) Any insurer violating this section shall pay the insured or claimant a penalty of two hundred dollars ($200) or fifteen percent (15%) of the face amount of the check or draft, whichever is higher.
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