Section 96
Payment of policy monies
of Labuan Islamic Financial Services and Securities Act 2010
Subject to subsection (2), where a policy owner dies having made a nomination, the Labuan takaful operator 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.
(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.