62-7-6. Petition for lump-sum settlement--Hearing by and order of department--Beneficiaries excluded--Partial lump sum payment.
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An employer or employee who desires to have any unpaid compensation paid in a lump sum may petition the Department of Labor and Regulation asking that the compensation be paid in that manner. If, upon proper notice to interested parties and proper showing before the department, it appears in the best interests of the employee that the compensation be paid in lump sum, the secretary of labor and regulation may order the commutation of the compensation to an equivalent lump-sum amount.
That amount shall equal the total sum of the probable future payments capitalized at their present value on the basis of interest calculated at a rate per year set by the department with annual rests in accordance with rules promulgated pursuant to chapter 1-26 . If there is an admission or adjudication of permanent total disability, the secretary may order payment of all or part of the unpaid compensation in a lump sum under the following circumstances:
(1)If the employee has exceptional financial need that arose as a result of reduced income due to the injury; or
(2)If necessary to pay the attorney's fees, costs and expenses approved by the department under § 62-7-36 .
If a partial lump sum payment is made, the amount of the weekly benefit shall be reduced by the same percentage that the partial lump sum bears to the total lump sum computation. The remaining weekly benefit is subject to the cost of living allowance provided by § 62-4-7 . Any compensation due to beneficiaries under §§ 62-4-12 to 62-4-22 , inclusive, may not be paid in a lump sum, except for the remarriage lump sum provided in § 62-4-12 .