¹[47A. (1) Any dispute arising under a policy of life insurance assuring a sum not exceeding five thousand Taka (exclusive of any profit or bonus not being a guaranteed profit or bonus) issued by an insurer in respect of insurance business transacted by him in Bangladesh, between the claimant and the insurer who issued the policy or has otherwise assumed the liabilities in respect thereof, may, at the option of the claimant, be referred to the Chief Controller of Insurance for settlement and the Chief Controller may, after hearing the parties and taking such evidence as he may, in his absolute discretion, consider necessary, settle the dispute. (2) The decision of the Chief Controller under this section shall be final and shall not be called in question in any Court and shall be deemed to be a decree of a Court which would have been competent to decide the dispute and be executed accordingly.(3) The Chief Controller shall, in respect of the duties performed by him for the purpose of this section, charge and collect such fees whether by way of percentage or otherwise as may be prescribed.]