(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.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 63 - Insurance Companies Generally
Subchapter 1 - General Provisions
§ 23-63-102. Retaliation for foreign taxes, fees, restrictions, etc
§ 23-63-103. Retaliation for unjustified refusal to permit business because of similar name
§ 23-63-104. Domicile of alien insurer
§ 23-63-105. Service contracts to perform administrative functions
§ 23-63-107. Prompt processing of payment by insurer
§ 23-63-110. Policy cancellation or premium increase
§ 23-63-111. Policyholder's right to loss information
§ 23-63-112. Notice of intent to settle