Section 120
of Labuan Financial Services and Securities Act 2010
ActIn forceProvision 119 of 201
Section 120
(1)
Subject to subsection (2), where a policy owner dies having made a nomination, the Labuan insurer shall pay the policy monies of the deceased policy owner according to the direction of the nomination upon receipt of a claim by the nominee and the claim is accompanied by proof of death of the policy owner.