Regulatory Alerts2018-04-01
Circular 10: Increase of Maximum Insurance Cover Amount for Friendly Societies
The Registrar of Friendly Societies issued Circular 10 to implement an amendment to the Insurance Act that raises the maximum insurance cover limit for members and their dependants from R600 to R1,000. Friendly societies must consult their appointed valuator prior to amending their governing rules to reflect this increased coverage threshold. Each society is required to distribute the circular to its auditor and promptly return the signed acknowledgement of receipt to the Registrar.
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