(a) A settlement must be sent to the division.(b) The division may approve or reject it before the 16th day after the date the settlement is submitted to the division.(c) A settlement must:(1) establish that the insurance carrier is liable for the claim;(2) establish that the claim is compensable;(3) establish that the employee is entitled to benefits;(4) incorporate by reference all prior oral and written agreements between the parties; and(5) state that a final resolution has been reached on all issues in the claim, and that the parties waive their rights to subsequent division proceedings, other than those necessary to resolve medical benefit disputes or to enforce compliance with the terms of the settlement.