Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part VII · Labuan Takaful Business and Labuan Takaful Related Activities
98. Nominee other than a nominee under section 97
Feedback & supportA nominee, other than a nominee under section 97, shall receive the policy monies payable on the death of the policy owner as an executor and not solely as a beneficiary and any payment to the nominee shall form part of the estate of the deceased policy owner and be subject to his debts and the Labuan takaful operator shall be discharged from liability in respect of the policy monies paid.
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;
Subsection (1) applies to a nominee of a Muslim policy owner who, on receipt of the policy monies, shall distribute the policy monies in accordance with Syariah principles.