Malaysia legislation
Section 95
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 95
(a)
upon the death of the nominee, or where there is more than one nominee, upon the death of all the nominees, during the lifetime of the policy owner;
(b)
by a notice in writing given by the policy owner; or
(c)
by any subsequent nomination.
(2)
Subject to subsection (1), a nomination shall not be revoked by a will or by any other act, event or means.
(3)
Where there is more than one nominee and one of the nominees predeceases the policy owner, in the absence of any subsequent nomination by the policy owner disposing of the share of the deceased nominee, the Labuan takaful operator shall pay the share of the deceased nominee to the remaining nominees in proportion to their respective shares.
Payment of policy monies