FMG is comprised of Farmers’ Mutual Group and FMG Insurance Limited (collectively referred to as FMG). At FMG, we take our responsibility to be fair and transparent seriously.
Find out about how we meet our legal and regulatory requirements below.
FMG is a mutual organisation, which means we’re owned by our rural clients, known as our ‘members’.
Members are defined as clients who have a rural risk insurance policy with FMG. Once you become a member, you’ll remain a member while you're an FMG client. Members can attend and vote at our annual AGM.
Farmers' Mutual Group Act 2007
FMG is governed by the Farmers' Mutual Group Act 2007.
FMG Constitution and Governance Charters
Member Director Election & Special Director Appointment Policy
This Policy is governed by the Farmers’ Mutual Group Act 2007 and the FMG Constitution, and additional regulatory requirements.
This Policy provides information on governance processes to ensure transparency around the election / appointment process and sets out criteria around the evaluation of prospective new Directors as well as current Member Directors who are required to retire by rotation.
As required by the Reserve Bank of New Zealand, all existing and prospective Directors must meet the requirements set out in FMG’s Fit & Proper Policy, as included in this Policy
As an insurer licensed under the Insurance (Prudential Supervision) Act 2010 FMG Insurance Limited is required to disclose information with regards to the solvency position. The solvency information as of 30 September 2023 is:
|Adjusted Prescribed Capital Requirement||$122,866,000|
|Adjusted Solvency Margin||$206,853,000|
|Adjusted Solvency Ratio||2.68|