Section 32 Agreement Video
During this hearing, a judge reviews the agreement to ensure that the Section 32 transaction is fair and appropriate. If all parties to a settlement under Article 32 sign the agreement, the transaction referred to in Article 32 shall be provisionally approved. A Section 32 agreement is an optional waiver agreement between a claimant who receives workers` compensation benefits and a carrier that pays compensation benefits. A carrier is usually an insurance company, but the carrier can also be a third party or a self-employed employer. In essence, Section 32 is an agreement between an injured worker and the carrier responsible for paying that worker`s benefits, in which both parties accept lump sum compensation, unlike ongoing weekly payments. In other words, if a Section 32 agreement is approved by the New York State Workers` Compensation Board, an injured worker receives a one-time “lump sum payment” to cover future loss of income and, in general, medical expenses. After provisional authorization, all parties have 10 days to use the contract. Once this 10-day period has passed, the Workers` Compensation Board takes a formal decision to authorise the transaction in accordance with section 32. Check out the New York State Workers` Compensation Board`s doctrinal video on the Section 32 waiver agreement, with useful information about the process of comparing a workers` compensation case….