Regulatory Alerts2018-04-01
Circular 15: Amendments to the Friendly Societies Act, 1956
The Registrar of Friendly Societies issued Circular 15 to notify all friendly societies of amendments to the Friendly Societies Act, 1956, effective 1 August 1980. The amendments increase the maximum insurable amounts for children's lives to R250 for those under six and R500 for those aged six to fourteen, while mandating valuator consultation before societies amend their rules to reflect these changes. Additionally, the regulation expands the prescribed asset classes to include financial instruments guaranteed by the Land and Agricultural Bank of South Africa, which must constitute at least 40 percent of a society's total assets, and requires auditors to sign an acknowledgement form for return to the Office.
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