(a) The time within which the following acts shall be performed under this chapter shall be limited to the following periods, respectively:

(1) Actions or proceedings by an injured employee to determine or recover compensation: one (1) year after the occurrence of the injury, except as provided in § 50-6-203;

(2) Actions or proceedings by dependents to determine or recover compensation: one (1) year after the date of notice in writing given by the employer to the division of workers' compensation, stating the employer's willingness to pay compensation when it is shown that the death is one for which compensation is payable. In case the deceased was a native of a foreign country and leaves no known dependent or dependents within the United States, it shall be the duty of the commissioner to give written notice forthwith of the death to the consul or other representative of the foreign country residing within the state;

(3) Proceedings to obtain judgment in case of default of employer for thirty (30) days to pay any compensation due under any settlement or determination: one (1) year after the default; and

(4) In case of physical or mental incapacity, other than minority, of the injured person or the injured person's dependents to perform or cause to be performed any act required within the time in this section specified: the period of limitation in those cases shall be extended for one (1) year from the date when the incapacity ceases.

(b) This section applies only to injuries that arise on or before December 31, 2004, and shall have no applicability to injuries that arise on or after January 1, 2005.