The amendments add definitions for "formal set-aside allocation" and "non-compromise case." An agreement for final compromise and settlement of a claim that is submitted to the commission for approval must contain a payment allocation sheet, the worker's average weekly wage, the worker's date of birth and age, the total amount of indemnity benefits paid, a statement that the insurer will reimburse Medicare that are determined to be the responsibility of the employer or insurer, and the gross total of future payments to be paid pursuant to an annuity. If the insurer makes an assignment of its obligations to a third party, the agreement must contain language confirming that the employer or insurer must resume its obligation for all remaining payments in the event of a default by the third party. The amendment also adds procedure for agreements containing future medical expenses.
Read more at the WorkersComp Forum homepage.
September 30, 2011
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