Regulatory Alerts2021-11-11
Added · Updated
Requirements for the Rules of a Friendly Society and Amendments
The Namibia Financial Institutions Supervisory Authority mandates that all registered friendly societies draft rules covering membership, benefits, governance, financial accounts, and dissolution procedures in strict compliance with the Financial Institutions and Markets Act. The standard prescribes detailed formatting, certification, and member access requirements while requiring societies to amend existing rules within six months of the standard's commencement. Any subsequent rule amendments or additions must be submitted to the regulator within thirty days alongside board resolutions and valuator financial certificates.
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