social insurance

(in relation to a class of contract of insurance) the class of contract of insurance, specified in paragraph IX of Part II of Schedule 1 to the Regulated Activities Order (Contracts of long-term insurance), of a kind referred to in article 2(3)(c) of the Solvency II Directive ("operations relating to the length of human life which are prescribed by or provided for in social insurance legislation, in so far as they are effected or managed by life insurance undertakings at their own risk in accordance with the laws of an EEA State").