(a) An agreement may be reduced to writing and sent to the division. The agreement is effective and binding on the date the division approves it.(b) An oral agreement reached during a benefit contested case hearing and preserved in the record is effective and binding on the date made.(c) A signed written agreement, or one made orally, as provided by subsection (b) of this section, is binding on:(1) an insurance carrier and a claimant represented by an attorney through the final conclusion of all matters relating to the claim, whether before the division or in court, unless set aside by the division or court on a finding of fraud, newly discovered evidence, or other good and sufficient cause; and(2) a claimant not represented by an attorney through the final conclusion of all matters relating to the claim while the claim is pending before the division, unless set aside by the division for good cause.