Section 54
of International Insurance and Takaful Order, 2002
Section 54
Notwithstanding any other provision of this Order, any other written law, the common law or the doctrines of equity, except to the extent provided in a final order or judgment made under section 50, all money or benefits of any kind, including policy proceeds and cash values,
44
BLUV as at 14th January 2016
to be paid or rendered to the insured a policy holder or any beneficiary under any policy of long-term business shall –
(a)
enure to the benefit of the person or persons for whose use and benefit the insurance or annuity is designated in the policy or any person lawfully entitled to such benefit or part thereof; and
(b)
be fully exempt from execution, attachment, garnishee order and other process:
Provided that nothing contained in this Part shall be construed as validating any disposition of property which is neither owned by, nor is the subject of a power of disposal with respect thereto vested in, the transferor or affecting the recognition of any foreign law in determining whether the transferor is the owner of such property or the holder of such a power.
Protection regardless of revocability.