https://www.taxtmi.com/caselaws?id=187274 A compulsory municipal employees' family benefit scheme requiring monthly contributions and providing payments on retirement or death was treated as life insurance business because the benefits depended on contingencies related to human life. The exclusive privilege of the Life Insurance Corporation therefore applied, and the statutory exemption was confined to schemes already in existence or framed with Central Government approval for Government employees, not a municipal corporation scheme. The State Government could also suspend the scheme under the municipal corporation statute because it was not in conformity with law; illegality alone was sufficient, and the absence of any burden on municipal funds did not limit that power. en-us Fri, 30 Sep 1994 00:00:00 +0530 Mon, 17 Oct 2016 10:30:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187274 A compulsory municipal employees' family benefit scheme requiring monthly contributions and providing payments on retirement or death was treated as life insurance business because the benefits depended on contingencies related to human life. The exclusive privilege of the Life Insurance Corporation therefore applied, and the statutory exemption was confined to schemes already in existence or framed with Central Government approval for Government employees, not a municipal corporation scheme. The State Government could also suspend the scheme under the municipal corporation statute because it was not in conformity with law; illegality alone was sufficient, and the absence of any burden on municipal funds did not limit that power. Case-Laws Indian Laws Fri, 30 Sep 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187274