Labuan Financial Services and Securities Act 2010 s 122
Labuan Financial Services and Securities Act 2010 s 122
s 122 Nominee other than a nominee under section 121
(1) A nominee, other than a nominee under section 121, 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 insurer 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 shariah principles.
Malay text (authoritative)
Penama selain penama di bawah seksyen 121
(1) Seseorang penama, selain penama di bawah seksyen 121, hendaklah menerima wang polisi yang kena dibayar atas kematian pemunya polisi itu sebagai wasi dan tidak semata-mata sebagai benefisiari dan apa-apa pembayaran kepada penama hendaklah menjadi sebahagian daripada harta pusaka pemunya polisi yang telah mati dan tertakluk kepada hutangnya dan penanggung insurans Labuan hendaklah dilepaskan daripada liabiliti berkenaan dengan wang polisi yang dibayar.
(2) Subseksyen (1) terpakai bagi penama pemunya polisi yang beragama Islam yang, apabila menerima wang polisi itu, hendaklah membahagikan wang polisi itu mengikut prinsip shariah.
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).
