All claims paid by an administrator from funds collected on behalf of an insurer shall be paid:

1. (1) by draft or check; or

2. (2) via electronic payment;

   as authorized by the insurer.

   As added by Acts 1980, P.L.168, SEC.2. Amended by Acts 1982, P.L.165, SEC.5; P.L.160-2003, SEC.11; P.L.130-2020, SEC.5.