(1) The Revenue Commissioners may approve for the purposes of this Chapter a contract made by an individual with a person (in subsection (2) referred to as "the insurer") lawfully carrying on in the State the business of granting annuities on human life if -
(a) the main benefit secured by the contract is the provision of an annuity for the wife, husband or civil partner of the individual or for any one or more dependants of the individual, or
(b) the sole benefit secured by the contract is the provision of a lump sum on the death of the individual before he or she attains the age of 75 years, being a lump sum payable to the individual's personal representatives.
(1A) For the purposes of subsection (1), the reference in subsection (1) to a person lawfully carrying on in the State the business of granting annuities on human life shall include a reference to an insurance undertaking, authorised to transact insurance business in the State under Directive 2002/83/EC of the European Parliam
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