Regulatory Alerts2018-04-01
Circular No. F.S. 1: Fidelity Guarantee Insurance for Friendly Societies
The Registrar of Friendly Societies requires all privately administered friendly societies to obtain fidelity guarantee insurance covering officer dishonesty and fraud, while temporarily exempting them from covering negligence-related losses. Societies must amend their governing rules to mandate this coverage, determine appropriate policy limits in consultation with their auditors, and ensure their policies include automatic reinstatement provisions following claims. All societies must submit details of their insurance arrangements and certified statements of historical losses to the Registrar by 31 July 1963.
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