Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part VII · Labuan Takaful Business and Labuan Takaful Related Activities
101. Payment to person incompetent to contract
Feedback & supportWhere a person has not attained the age of eighteen years, or is certified by a medical practitioner in the public service to be of unsound mind and no committee of his estate has been appointed, or to be incapable, by reason of infirmity of mind or body, of managing himself and his property and affairs, the
property
“property” includes any plant, machinery, equipment or other chattel attached or to be attached to the earth and “charters of ships” means bareboat charters only and does not include the transportation of passengers or cargo by sea or the charter of ships on a voyage or time charter;
Labuan takaful operator—
Labuan takaful operator
“Labuan takaful operator” means a person who is licensed to carry on Labuan takaful business;
in the case of a nominee under subsection 97(1)—
if the policy monies are ten thousand ringgit or its equivalent in foreign currency or less or such other amount or denomination as may be specified, may pay to a person who satisfies
policy
“policy” means a takaful certificate and any reference to a policy of a Labuan takaful operator and includes a reference to any policy in respect of which the Labuan takaful operator is under any liability, whether the policy was issued by the Labuan takaful operator or the liability was transferred to the Labuan takaful operator from another takaful operator;
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the Labuan takaful operator that he will apply the policy monies for the maintenance and benefit of the nominee under subsection 97(1), or a person to whom policy monies are payable under subsection 100(2) or (6), subject to the execution of an undertaking by that person that the policy monies will be applied solely for the maintenance and benefit of the nominee; and
if the policy monies are more than the amount in paragraph (a), shall pay to the Public Trustee or a trust company nominated by the Public
Trustee; or
in the case of a person to whom policy monies are payable under subsection 100(2) or (6), shall pay to the Public
Trustee or a trust company nominated by the Public
Trustee.