Arkansas § 23-63-107 Prompt processing of payment by insurer

Arkansas Statutes

§ 23-63-107 — Prompt processing of payment by insurer

Arkansas § 23-63-107

Title23

This text of Arkansas § 23-63-107 (Prompt processing of payment by insurer) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 23-63-107 (2026).

Text

(a)An insurer shall not intentionally or unreasonably delay, for more than three (3) business days after presentment for collection, the processing of any properly executed and endorsed check, draft, or electronic funds transfer issued in settlement of an insurance claim.

(b)It is the intent of the General Assembly that an insured or a claimant be paid the insured's or the claimant's settlement proceeds at the earliest possible time.

(c)Any insurer violating this section shall pay the insured or the claimant a penalty of two hundred dollars ($200) or fifteen percent (15%) of the face amount of the check, draft, or electronic funds transfer, whichever is higher.

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(a) An insurer shall not intentionally or unreasonably delay, for more than three (3) business days after presentment for collection, the processing of any properly executed and endorsed check, draft, or electronic funds transfer issued in settlement of an insurance claim. (b) It is the intent of the General Assembly that an insured or a claimant be paid the insured's or the claimant's settlement proceeds at the earliest possible time. (c) Any insurer violating this section shall pay the insured or the claimant a penalty of two hundred dollars ($200) or fifteen percent (15%) of the face amount of the check, draft, or electronic funds transfer, whichever is higher.