A settlement must be signed by the commissioner and all parties to the dispute.
The commissioner shall approve a settlement if the commissioner is satisfied that:
the settlement accurately reflects the agreement between the parties;
the settlement reflects adherence to all appropriate provisions of law and the policies of the division; and
under the law and facts, the settlement is in the best interest of the claimant.
A settlement that is not approved or rejected before the 16th day after the date the settlement is submitted to the commissioner is considered to be approved by the commissioner on that date.
A settlement takes effect on the date it is approved by the commissioner.
A party to a settlement may withdraw acceptance of the settlement at any time before its effective date.Acts 1993, 73rd Leg., ch. 269, Sec. 1, eff. Sept. 1, 1993.Amended by:Acts 2005, 79th Leg., Ch. 265 (H.B. 7), Sec. 3.081, eff. September 1, 2005.