When the parties agree and the Commission deems it to be to the best interests of the employee or his dependents, or when it will prevent undue hardships on the employer, or his insurance carrier, without prejudicing the interests of the employee or his dependents, liability for compensation may be redeemed, in whole or in part, through payment by the employer of a lump sum which shall be fixed by the Commission, but in no case shall the sum awarded be less than a sum equal to the present value of future compensation payments commuted, computed at four percent true discount compounded annually.
Code 1950, § 65-71; 1968, c. 660, § 65.1-74; 1972, c. 619; 1973, c. 401; 1991, c. 355.
Structure Code of Virginia
Title 65.2 - Workers' Compensation
Chapter 5 - Compensation and Payment Thereof
§ 65.2-501. Incapacity after permanent loss
§ 65.2-506. Compensation after second injury in same employment
§ 65.2-507. Same employment; when both injuries permanent
§ 65.2-509. Commencement of compensation
§ 65.2-510. Refusal of employment; compensation for partial incapacity
§ 65.2-510.1. Employee imprisonment; suspension of benefits
§ 65.2-511. Compensation to employee's distributees upon his death from any other cause
§ 65.2-512. Compensation to dependents of an employee killed; burial expenses
§ 65.2-514. Special provisions for coal worker's pneumoconiosis claims for total disability or death
§ 65.2-515. Persons conclusively presumed to be wholly dependent
§ 65.2-516. Other cases of dependency
§ 65.2-517. Termination of dependency
§ 65.2-518. Limitation upon total compensation
§ 65.2-519. When limitations inapplicable to injuries arising out of pneumoconiosis
§ 65.2-520. Voluntary payment by employer
§ 65.2-522. Lump sum payments, generally
§ 65.2-523. Lump sum payments to trustees
§ 65.2-524. Failure to pay compensation within two weeks after it becomes due
§ 65.2-525. Who may receive payment and receipt therefor
§ 65.2-526. Payment to junior dependents in good faith
§ 65.2-527. When employee's rights exercised by guardian or trustee
§ 65.2-528. Time limitations on persons under disability
§ 65.2-530. Preferences and priorities
§ 65.2-531. Assignments of compensation; exemption from creditors' claims