Regulatory Alerts2018-04-01
Circular 8: Amendments to the Friendly Societies Act, 1956
The Financial Institutions Office issued Circular 8 to notify all friendly societies of legislative amendments to the Friendly Societies Act, 1956, and the Inspection of Financial Institutions Act. Effective 1 August 1976, the changes raise the maximum insurable value for children's lives to R100 for those under six and R200 for those aged six to fourteen. The circular also mandates that societies expand their holdings of prescribed assets to meet the statutory requirement of maintaining at least 40 percent of their total assets in approved categories.
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