§ 32. Waiver agreements. No agreement or release except as otherwise\nprovided in this chapter by an employee to waive his right to\ncompensation under this chapter shall be valid.\n (a) Whenever a claim has been filed, the claimant or the deceased\nclaimant's dependents and the employer, its carrier, the special\ndisability fund as set forth in subdivision (e) of this section, or the\naggregate trust fund, if the board has directed that the present value\nof any unpaid compensation be paid into such fund pursuant to section\ntwenty-seven of this article, may enter into an agreement settling upon\nand determining the compensation and other benefits due to the claimant\nor his or her dependents. The agreement shall not bind the parties to\nit, unless it is approved by the board. Such agreements, when so\napproved, notwithstanding any other provisions, shall be final and\nconclusive upon the claimant, the claimant's dependents, the employer,\nits insurance carrier, the aggregate trust fund and the special\ndisability fund. Every insurance carrier as defined in subdivision\ntwelve of section two of this chapter shall offer each claimant the\nopportunity to enter into an agreement settling upon and determining the\ncompensation and other benefits due, in the case of disability, within\ntwo years after the date the claim was indexed by the board or six\nmonths after the claimant is classified with a permanent disability,\nwhichever is later, and in the case of death, within six months after\nentitlement to benefits is established for all beneficiaries. The offer\nmade by the insurance carrier shall clearly state what portion of the\noffer is (i) for compensation as defined in subdivision six of section\ntwo of this chapter, if any; (ii) for medical benefits, including\nprescription medicine, if any; and (iii) for the fee of the attorney or\nlicensed representative, if any. If a claimant is represented by an\nattorney or licensed representative, the insurance carrier shall present\nsuch offer to such legal representative. If a claimant is not\nrepresented by an attorney or a licensed representative, the insurance\ncarrier shall, in addition to the offer to enter into a settlement\nagreement, provide the claimant with a statement of his or her rights,\nobligations and potential liability if the offer is accepted.\n (b) The agreement shall be approved by the board in a decision duly\nfiled and served unless:\n (1) the board finds the proposed agreement unfair, unconscionable, or\nimproper as a matter of law;\n (2) the board finds that the proposed agreement is the result of an\nintentional misrepresentation of material fact; or,\n (3) within ten days of submitting the agreement one of the interested\nparties requests that the board disapprove the agreement.\n (c) A decision duly filed and served approving an agreement submitted\nto the board shall not be subject to review pursuant to section\ntwenty-three of this article. However, a decision duly filed and served\ndisapproving an agreement submitted to the board is subject to review\npursuant to section twenty-three of this article. If the board\ndisapproves of an agreement it shall duly file and serve a notice of\ndecision setting aside the proposed agreement.\n (d) An agreement for compensation and other benefits covered by this\nchapter may be modified at anytime by agreement of all interested\nparties provided it is approved by the board.\n (e) The chair shall establish an office under his or her supervision\nto be known as the "waiver agreement management office," to negotiate\nand seek board approval for waiver agreements on behalf of the special\ndisability fund. The office shall operate in accordance with guidelines\nor directives that the chair may issue, as approved by the special\ndisability fund advisory committee, or in the absence of such guidelines\nor directives, using such discounting factors as the office determines\nare in the financial interest of the speci
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