Regulatory Alerts2018-04-01
Financial Services Board Circular 29: Amendment of Regulation 29 under the Friendly Societies Act
The Financial Services Board issued Circular 29 to notify friendly societies of amendments to Regulation 29 of the Friendly Societies Act, 1956, effective 30 September 1991. The regulatory changes raise the overall investment limit to 95 percent, adjust specific caps for immovable property, shares, and individual claims, and explicitly authorize investments in Post Office Savings Bank accounts and Krugerrands. Compliant societies must now adhere to asset distribution standards, secure insurer certificates for any non-compliance, and acknowledge the circular by forwarding a copy to their auditors.
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