Section 85
Payment of life policy and personal accident policy claims without probate etc.
(1)
In any case where the policy owner of any life policy or personal accident policy of an insurer dies, and the policy moneys are payable thereunder on his death, the insurer may make payment to a named beneficiary a prescribed amount of the policy moneys of all such policies issued by the insurer on the deceased’s life without the production of any probate or letters of administration; and the insurer shall be discharged from all liability in respect of the amount paid.
(2)
If, in any case as is mentioned in subsection (1), estate duty is payable in Brunei
Darussalam on any such policy moneys as are there mentioned, the insurer may, pay to a named beneficiary a prescribed amount of the policy moneys of all such policies issued by the insurer.
(3)
Before making any payment under subsection (2), the insurer shall give notice by registered post to the Collector appointed for the purposes of the Stamp Act (Chapter 34)
with such particulars as the Collector may require.
(4)
Subsection (2) shall apply in relation to policy moneys under policies of which the deceased was not the policy owner at his death as it applies in relation to any such policy moneys as are mentioned in subsection (1).
(5)
Where an amount is paid under subsection (2) on account of any policy moneys, the insurer may, before payment of the balance of such policy moneys to a named beneficiary, apply the whole or part of the policy moneys to pay any unpaid estate duty payable on the death of the insured.
Incorporating amendments until S 1/2016
(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020
80
BLUV as at 14th January 2016
(6)
In this section, “policy owner” includes a part owner of a policy, and “named beneficiary” means a person who is named to benefit from the sum in question.
Knowledge of and statement by authorised agent to be deemed knowledge and statement by insurer.