(1) Within 20 days after the determination of damages by the arbitration panel pursuant to s. 766.207, the defendant shall:
(a) Pay the arbitration award, including interest at the legal rate, to the claimant; or
(b) Submit any dispute among multiple defendants to arbitration pursuant to s. 766.208.
(2) Commencing 90 days after the award rendered in the arbitration procedure pursuant to s. 766.207, such award shall begin to accrue interest at the rate of 18 percent per year.