The phrase "to propose the settlement" means suggesting or presenting a plan or agreement to resolve a problem, dispute, or disagreement between two or more parties. Full definition
Essentially, it involves proposing a settlement with your creditors. (hoyes.com)
In certain cases, however, a person may propose a settlement agreement also including the federal public prosecutor. (globalinvestigationsreview.com)
If you're not represented by an attorney yet, be aware that the insurance company will never propose a settlement offer anywhere close to the actual value of your claim. (jrlawfirm.com)