(a) Subject to approval by the Commission under subsection (c) of this section, after a claim has been filed by a covered employee or the dependents of a covered employee, the covered employee or dependents may enter into an agreement for the final compromise and settlement of any current or future claim under this title with:

(1) the employer;

(2) the insurer of the employer;

(3) the Subsequent Injury Fund; or

(4) the Uninsured Employers’ Fund.

(b) The final compromise and settlement agreement shall contain the terms and conditions that the Commission considers proper.

(c) A final compromise and settlement agreement may not take effect unless it has been approved by the Commission.

(d) (1) When approved by the Commission, a final compromise and settlement agreement is binding on all of the parties to the agreement.

(2) Unless the Commission orders otherwise, a final compromise and settlement agreement between a covered employee or the dependents of a covered employee and the employer or its insurer precludes the right of the covered employee or the dependents of the covered employee to proceed against the Subsequent Injury Fund on the claim.

(e) If an individual entitled to payment under a final compromise and settlement agreement dies before the individual receives the total amount payable, the balance payable is an asset of the estate of the individual.