PUBLISHER : MALAYSIASME.
With implementation of new Financial Services Act in 2013, a policy holder can no longer act as his own trustee, restricting the freedom of policy holders in changing or amending their policies. As a result some policy holders may choose to avoid the restriction by leaving the policy without any nominees. However, there are two possible scenarios may arise where no nominees are appointed. Firstly, the policy holder may intentionally choose not to nominate any person. Secondly, a situation may arise when all named nominees do not survive the policy holder or if they fail to claim the policy monies within 12 months of the insurer becoming aware of the death of the policy holder. …
