Regulatory Alerts2023-04-05
Chapter 6 – Friendly Societies Standards
The regulator issued Chapter 6 – Friendly Societies Standards to establish comprehensive prudential requirements for registered friendly societies. The document mandates adherence to updated governance frameworks, capital adequacy rules, and operational risk management practices across all member organizations. Effective from April 2023 and last revised in October 2024, the standards ensure consistent financial reporting, compliance monitoring, and regulatory oversight to safeguard member interests.
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