Life insurance means insurance described in section 9 (1) (a)-(g) and 9A of the Commonwealth Life Insurance Act 1995 in respect of--
(a) a life or lives, or
(b) any event or contingency relating to or depending on a life or lives,of a person whose principal place of residence is, or persons whose principal places of residence are, in New South Wales at the time the policy that effects the insurance is issued.