Labuan Financial Services and Securities Act 2010 s 126
s 126 Distribution of policy monies in due course of administration
A person to whom policy monies may be paid under section 124 shall receive the policy monies as an executor and not solely as a beneficiary and shall distribute the policy monies in the due course of administration of the estate of the deceased person in accordance with the terms of a will of the deceased person, and if there is not such will, in accordance with the law applicable to the administration, distribution and disposition of his estate upon his intestacy.
Malay text (authoritative)
Pembahagian wang polisi dalam perjalanan biasa pentadbiran
Seseorang yang kepadanya wang polisi boleh dibayar di bawah seksyen 124 hendaklah menerima wang polisi itu sebagai wasi dan tidak semata-mata sebagai benefisiari dan hendaklah membahagikan wang polisi itu dalam perjalanan biasa pentadbiran harta pusaka si mati mengikut terma wasiat si mati, dan jika tiada wasiat sedemikian, mengikut undang-undang yang terpakai bagi pentadbiran, pembahagian dan pelupusan harta pusakanya kerana kematiannya tanpa wasiat.
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).
