"insurance"

means insurance or guarantee against loss, damage, injury or risk of any kind whatever, whether pursuant to any contract or law, and includes reinsurance; and ‘contract of insurance’ includes a policy of insurance, an insurance cover, and a renewal of a contract of insurance: Provided that a premium is paid in respect of such insurance, guarantee or reinsurance: Provided further that nothing in this definition shall apply to any insurance specified in section 2;

[Definition substituted by section 37(1)(a) of the Taxation Laws Amendment Act, 2026, Notice No. 7344, GG54448, dated 1 April 2026 - comes into operation on 1 April 2026 (section 37(2))]