(a) The amounts of compensation payable periodically under this chapter may be commuted to one (1) or more lump sum payments. These may be commuted upon motion of any party subject to the approval of the circuit, chancery or criminal court. No agreed stipulation or order or any agreement by the employer and employee or any other party to the proceeding shall be a prerequisite to the court's approval or disapproval of the award being paid in one (1) or more lump sum payments. In making the commutation, the lump sum payment shall, in the aggregate, amount to a sum of all future installments of compensation. No settlement or compromise shall be made except on the terms provided in this chapter. In determining whether to commute an award, the trial court shall consider whether the commutation will be in the best interest of the employee, and the court shall also consider the ability of the employee to wisely manage and control the commuted award, regardless of whether special needs exist. Attorneys' fees may be paid as a partial lump sum from any award when approved and ordered by the trial judge.

(b)

(1) Certified copies of the pleadings, orders, judgments and decrees, whereby any lump sum payment settlement has been approved by the court, shall be forwarded to the division of workers' compensation by the employer within ten (10) days after the entry of any final judgment in the proceeding.

(2) The administrator shall have thirty (30) days after the receipt of the certified copies of the proceedings within which to intervene in the lump sum settlement proceedings to secure a readjustment of the lump sum in accordance with the requirements and provisions of this law, whether court shall have adjourned or not, § 50-6-230 to the contrary notwithstanding.