§ 22-3-3-25 — Lump sum payments; minors; interest rate

(a) In unusual cases, upon the agreement of
the employer and the employee or his dependents, and the insurance
carrier, and the approval of the worker's compensation board,
compensation may be redeemed, in whole or in part, by the cash
payment, in a lump sum, of the commutable value of the installments
to be redeemed.
(b) The board may, at any time, in the case of permanently disabling
injuries of a minor, require that he be compensated by the cash
payment in a lump sum of the commutable value of the unredeemed
installments of the compensation to which he is entitled.
(c) In all such cases, the commutable value of the future unpaid
installments of compensation shall be the present value thereof, at the
rate of three percent (3%) interest, compounded annually.
Formerly: Acts 1929, c.172, s.43; Acts 1937, c.214, s.4; Acts
1947, c.162, s.11. As amended by P.L.28-1988, SEC.31.