Labuan Financial Services and Securities Act 2010 s 119
s 119 Revocation of nomination
(1) A nomination, including a nomination to which section 121 applies, shall be revoked—
(a) upon the death of the nominee, or where there is more than one nominee, upon the death of all the nominees, during the lifetime of the policy owner;
(b) by a notice in writing given by the policy owner; or
(c) by any subsequent nomination.
(2) Subject to subsection (1), a nomination shall not be revoked by a will or by any other act, event or means.
(3) Where there is more than one nominee and one of the nominees predeceases the policy owner, in the absence of any subsequent nomination by the policy owner disposing of the share of the deceased nominee, the Labuan insurer shall pay the share of the deceased nominee to the remaining nominees in proportion to their respective shares.
Malay text (authoritative)
Pembatalan penamaan
(1) Sesuatu penamaan, termasuk sesuatu penamaan yang baginya seksyen 121 terpakai, hendaklah dibatalkan—
(a) apabila penama mati, atau jika terdapat lebih daripada seorang penama, apabila kesemua penama mati, semasa hayat pemunya polisi;
(b) melalui suatu notis bertulis yang diberikan oleh pemunya polisi; atau
(c) dengan apa-apa penamaan terkemudian.
(2) Tertakluk kepada subseksyen (1), sesuatu penamaan tidak boleh dibatalkan melalui wasiat atau melalui apa-apa tindakan, kejadian atau cara lain.
(3) Jika terdapat lebih daripada satu penama dan salah satu penama itu mati terdahulu daripada pemunya polisi, jika tiada apaapa penamaan terkemudian oleh pemunya polisi bagi melupuskan bahagian penama yang mati itu, penanggung insurans Labuan itu hendaklah membayar bahagian penama yang mati itu kepada penama yang masih hidup mengikut nisbah bahagian mereka masing-masing.
Read this section in the full act → · Open Division 4 →
Find Act 704 on lom.agc.gov.my ↗
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
