Malaysia legislation
Section 96
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 96
(2)
Where a nominee fails to claim the policy monies within two months of the Labuan takaful operator becoming aware of the death of the policy owner, the Labuan takaful operator shall notify the nominee in writing at his last known address of his entitlement to claim the policy monies.
(3)
Where a nominee fails to claim the policy monies within twelve months of the notification under subsection (2), section 100
shall apply as though no nomination was made.
Labuan Islamic Financial Services and Securities 111
(4)
Where a nominee, other than a nominee under section 97, dies after the death of the policy owner but before any policy monies has been paid to him as nominee, this section 95 or section 100 shall apply to the policy, as the case may be.
Trustee of policy monies