In this Chapter, unless the context otherwise requires,

(61) "life insurance business" has the meaning assigned to it in clause (11) of section 2 of the Insurance Act,1938 (4 of 1938);

The Other Statute Referred:

Clause (11) of section 2 of the Insurance Act,1938 (4 of 1938):

"Life insurance business" means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependant on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include-

(a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance.

(b) the granting of annuties upon human life, and

(c) the granting of superannuation allowances and annuties payable out of any fund applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or pmployment or of the dependents of such person.