Repeals and adds to existing law to provide for settlement agreements.

The purpose of this bill is to streamline the worker's compensation settlement process for the involved parties, employers and injured workers, who choose to settle their respective claims, rather than go to hearing (trial). Currently, the settlement process is cumbersome, slow, and private party agreements require approval of the Industrial Commissioners. This bill eliminates the requirement of approval of the Industrial Commissioners, except for settlements involving minors or legally incompetent persons. The Industrial Commission would still require the parties to submit information regarding settlements.