39-72-711. Lump-sum and compromise settlements. (1) A final and binding award made upon any claim pursuant to this chapter may not be converted into a lump-sum payment, in whole or in part, except as provided in 39-72-712 or this section.
     (2) Whenever there are contested issues as to an insurer's liability for a claim under this chapter, including a claim based on 39-72-405, a claimant and an insurer may enter into a full and final compromise settlement of the claim. However, such settlements are not binding on the parties until approved by the department. After the department approves a full and final compromise settlement, the claim is closed and the insurer's liability for a settled claim is forever released.

     History: En. Sec. 23, Ch. 155, L. 1959; amd. Sec. 13, Ch. 208, L. 1977; R.C.M. 1947, 92-1323(part); amd. Sec. 17, Ch. 104, L. 1979; amd. Sec. 4, Ch. 112, L. 1985; amd. Sec. 64, Ch. 613, L. 1989; amd. Sec. 53, Ch. 7, L. 2001.