Section 99
Assigned or pledged policy monies
of Labuan Islamic Financial Services and Securities Act 2010
Notwithstanding a nomination under section 94 or the creation of a trust under subsection 97(1), where the policy monies, wholly or partly, have been pledged as security or assigned to a person, the claim of the person entitled under the security or the assignee shall have priority over the claim of the nominee and, subject to the rights under the security or the assignment being preserved, the Labuan takaful operator shall pay the balance of the policy monies to the nominee.
(2)
Where more than one person is entitled under the security or the assignment, the respective rights of the persons entitled under the security or the assignment shall be in the order of priority according to the priority of the date on which the security or the assignment was created, both security and assignment being treated as one class for this purpose.