Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part VII · Labuan Takaful Business and Labuan Takaful Related Activities
102. Distribution of policy monies in due course of administration
Feedback & supportA person to whom policy monies may be paid under section 100
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;
shall receive the policy monies as an executor and not solely as a beneficiary and shall distribute the policy monies in the due course of administration of the estate of the deceased person in accordance with the terms of a will of the deceased person, and if there is no such will, in accordance with the law applicable to the administration, distribution and disposition of his estate upon his intestacy.