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Friendly society
A friendly society (sometimes called a benefit society, mutual aid society, benevolent society, fraternal organization or ROSCA) is a mutual association for the purposes of insurance, pensions, savings or cooperative banking. It is a mutual organization or benefit society composed of a body of people who join together for a common financial or social purpose. Before modern insurance and the welfare state, friendly societies provided financial and social services to individuals, often according to their religious, political, or trade affiliations. These societies are still widespread in many parts of the developing world, where they are referred to as ROSCAs (rotating savings and credit associations), ASCAs (accumulating savings and credit associations), burial societies, chit funds, etc.
Before the development of large-scale government and employer health insurance and other financial services, friendly societies played an important part in many people's lives. Many of these societies still exist. In some countries, some of them developed into large mutually-run financial institutions, typically insurance companies, and lost any social and ceremonial aspect they may have had; in others they continue to have a role based on solidarity and democracy without an objective to make profit. The current position of the mutual benefit society in Europe is well described in a report from 2012, commissioned by the European Commission. Healthcare mutuals worldwide are coming together in Association Internationale de la Mutualité, a Brussels-based association of healthcare mutuals.[citation needed]
Friendly societies in countries such as the United Kingdom were subject to prudential regulation to safeguard the financial interests of their members and secure the benefits promised to them, but the legislation (see for example the Friendly Societies Act 1875 (38 & 39 Vict. c. 60)) was separate from that applicable to insurance companies. In other countries friendly societies have no specific legal status, which means that they have to comply to the same rules and regulations as for-profit insurance companies.
In some cases, especially in America, members typically paid a regular membership fee and went to lodge meetings to take part in ceremonies. If members became sick, they would receive an allowance to help them meet their financial obligations. The society might have a doctor whom the member could consult for free. Members of the lodge would visit to provide emotional and other support (and possibly to verify that the sick member was not malingering). When a member died, the funeral would be paid for and the members of the lodge might attend in ceremonial dress. Often, there was some money left over for the next of kin.[citation needed]
Friendly societies might also organize social functions such as dances, and some had sports teams for members. They occasionally became involved in political issues that were of interest to their members. Others were purely financial, with little or no social side, from their foundation—this was more typical in Britain. The first mutual savings bank, founded in Scotland in 1810, was called the "Savings and Friendly Society". Credit unions and other types of organization are modern equivalents.[citation needed]
Friendly society brasses were the emblems of village friendly societies or clubs common in the west of England between the late 18th and early 20th centuries. The use of brasses as emblems was particularly prevalent in Somerset and the surrounding counties. The Museum of English Rural Life has a collection of over 900 Friendly Society Brasses aka poleheads. The design of the brasses was sometimes conventional or sometimes represented an interest of the club such as the inn in which the meetings were held.
Female friendly societies became a common form of friendly society in England during the 19th century e.g. the York Female Friendly Society, founded in 1788 by Faith Gray and Catherine Cappe. Grey and Cappe ran schools for girls and this society was intended to assist them. Another early Female Society was the Wisbech Female Friendly Society instituted on 1 February 1796.
In Australia, friendly societies are regulated under the Life Insurance Act 1995 (C'th) and registered with APRA.
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Friendly society AI simulator
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Friendly society
A friendly society (sometimes called a benefit society, mutual aid society, benevolent society, fraternal organization or ROSCA) is a mutual association for the purposes of insurance, pensions, savings or cooperative banking. It is a mutual organization or benefit society composed of a body of people who join together for a common financial or social purpose. Before modern insurance and the welfare state, friendly societies provided financial and social services to individuals, often according to their religious, political, or trade affiliations. These societies are still widespread in many parts of the developing world, where they are referred to as ROSCAs (rotating savings and credit associations), ASCAs (accumulating savings and credit associations), burial societies, chit funds, etc.
Before the development of large-scale government and employer health insurance and other financial services, friendly societies played an important part in many people's lives. Many of these societies still exist. In some countries, some of them developed into large mutually-run financial institutions, typically insurance companies, and lost any social and ceremonial aspect they may have had; in others they continue to have a role based on solidarity and democracy without an objective to make profit. The current position of the mutual benefit society in Europe is well described in a report from 2012, commissioned by the European Commission. Healthcare mutuals worldwide are coming together in Association Internationale de la Mutualité, a Brussels-based association of healthcare mutuals.[citation needed]
Friendly societies in countries such as the United Kingdom were subject to prudential regulation to safeguard the financial interests of their members and secure the benefits promised to them, but the legislation (see for example the Friendly Societies Act 1875 (38 & 39 Vict. c. 60)) was separate from that applicable to insurance companies. In other countries friendly societies have no specific legal status, which means that they have to comply to the same rules and regulations as for-profit insurance companies.
In some cases, especially in America, members typically paid a regular membership fee and went to lodge meetings to take part in ceremonies. If members became sick, they would receive an allowance to help them meet their financial obligations. The society might have a doctor whom the member could consult for free. Members of the lodge would visit to provide emotional and other support (and possibly to verify that the sick member was not malingering). When a member died, the funeral would be paid for and the members of the lodge might attend in ceremonial dress. Often, there was some money left over for the next of kin.[citation needed]
Friendly societies might also organize social functions such as dances, and some had sports teams for members. They occasionally became involved in political issues that were of interest to their members. Others were purely financial, with little or no social side, from their foundation—this was more typical in Britain. The first mutual savings bank, founded in Scotland in 1810, was called the "Savings and Friendly Society". Credit unions and other types of organization are modern equivalents.[citation needed]
Friendly society brasses were the emblems of village friendly societies or clubs common in the west of England between the late 18th and early 20th centuries. The use of brasses as emblems was particularly prevalent in Somerset and the surrounding counties. The Museum of English Rural Life has a collection of over 900 Friendly Society Brasses aka poleheads. The design of the brasses was sometimes conventional or sometimes represented an interest of the club such as the inn in which the meetings were held.
Female friendly societies became a common form of friendly society in England during the 19th century e.g. the York Female Friendly Society, founded in 1788 by Faith Gray and Catherine Cappe. Grey and Cappe ran schools for girls and this society was intended to assist them. Another early Female Society was the Wisbech Female Friendly Society instituted on 1 February 1796.
In Australia, friendly societies are regulated under the Life Insurance Act 1995 (C'th) and registered with APRA.