Regulatory Alerts2021-11-11
Added · Updated
Management and Governance of Friendly Societies
The Namibia Financial Institutions Supervisory Authority issued Standard FS.S.6.4 to establish comprehensive governance and management requirements for friendly societies under the Financial Institutions and Markets Act, 2021. The regulation mandates that boards consist of three to seven fit-and-proper members with terms not exceeding five years, while requiring a separate chairperson and a principal officer whose appointment must be reported within thirty days. Friendly societies must implement documented risk management and internal control systems, maintain strict conflict-of-interest protocols, and adopt formal governance, remuneration, and anti-money laundering policies to ensure prudent operations and regulatory compliance.