(a) If the Treasurer and an injured employee, or his legal representative, reach an agreement in regard to compensation payable under the provisions of this chapter, such agreement shall be submitted in writing to the administrative law judge for his approval and, upon approval, shall remain in effect until otherwise ordered by the administrative law judge.
(b) The Treasurer may make payment by way of stipulated settlement in any matter concerning the fund under the provisions of this chapter, subject to the approval of the administrative law judge, whenever such stipulated settlement is: (1) In the best interests of the injured employee, (2) in the best interests of the injured employee's dependents, or (3) for claims by an employer or insurer pursuant to section 31-306 , 31-307a or 31-310 .