Malaysia legislation
Section 99
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 99
(2)
Where more than one person is entitled under the security or the assignment, the respective rights of the persons entitled under the security or the assignment shall be in the order of priority according to the priority of the date on which the security or the assignment was created, both security and assignment being treated as one class for this purpose.
Payment of policy monies where there is no nomination