65.2-522 - Lump sum payments, generally. - Virginia Statutes

§ 65.2-522. Lump sum payments, generally.

When the parties agree and the Commission deems it to be to the bestinterests of the employee or his dependents, or when it will prevent unduehardships on the employer, or his insurance carrier, without prejudicing theinterests of the employee or his dependents, liability for compensation maybe redeemed, in whole or in part, through payment by the employer of a lumpsum which shall be fixed by the Commission, but in no case shall the sumawarded be less than a sum equal to the present value of future compensationpayments 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.)