(1) Amongst the purposes for which industrial assurance companies may issue policies of industrial assurance there shall be included -

(a) the insuring of money to be paid for the reasonable expenses in connection with the death and funeral of any of the following persons, that is to say: -

(i) of a parent, son, daughter, grandparent, grandchild, step-parent, step-son, step-daughter, brother or sister of the person effecting the policy, or

(ii) of an uncle or aunt of the person effecting the policy, where such uncle or aunt at the time when the policy is effected resides with the person effecting the policy, or

(iii) of a nephew or niece of the person effecting the policy, where such person at the time when the policy is effected resides with such nephew or niece;