(1) Despite Divisions 1 and 2, those Divisions do not apply in relation to a claim for compensation in respect of an injury if:
(a) a judgment or settlement has been made in respect of the claim; and
(b) the amount of compensation fixed by the judgment or settlement is a small amount; and
(c) the amount of compensation so fixed is the entire amount of compensation in respect of the injury.
(2) An amount of compensation is a small amount if it is equal to or less than:
(a) $5,000; or
(b) if a higher amount is prescribed for the purposes of this subsection by the regulations--that amount.