Section 98
Nominee other than a nominee under section 97
of Labuan Islamic Financial Services and Securities Act 2010
ActIn forceProvision 98 of 161
Section 98
(1)
A 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.
(2)
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.