An insurance carrier shall have 20 days from and after the date of approval of a compromise settlement agreement in which to pay or tender payment to the injured employee of the amount approved by the board, and shall have 20 days from the receipt of bills in which to tender all accrued medical expenses resulting from the injury. Failure to tender payment within such time shall cause the board to immediately set such cause for formal hearing for the purpose of invoking proper sanctions (Rev. 1971).