No, it cannot.  And the reverse is also true: you cannot force an insurance company to settle your claim.  Only when both sides reach an agreement on the terms of a settlement, the agreement is put into a Stipulation and presented to the State Board for approval.  Once approved, the settlement is final and your claim can be officially closed.  You will not be able to re-open your case if you change your mind after the settlement is approved by the State Board.