Farmers' Mutual Group Act 2007

Reprint as at 1 April 2014

Farmers' Mutual Group Act 2007

Private Act2007 No 1
Date of assent22 August 2007
Commencementsee section 2

Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.


  • Preamble

    (1) The Farmers' Mutual Insurance Association (the FMIA) was formed from the merger of a number of associations incorporated under the Mutual Insurance Act 1955 (the 1955 Act). Those associations were incorporated to provide fire and other insurance to their members, being principally farmers and persons that service or support farmers:

    (2) The FMIA is now the only association incorporated under the 1955 Act:

    (3) The FMIA can operate only within the limited powers and authorities conferred upon it by the 1955 Act, and must comply with the governance requirements specified in the 1955 Act. Those powers, authorities, and requirements are outdated and inappropriate, and restrict the FMIA's ability to compete with others in its industry and to provide relevant products and services:

    (4) The FMIA wishes to preserve its mutual status, but modernise its powers and authorities. At the same time, the FMIA wishes to maintain its current principal business and to grant membership rights to policyholders insuring risks to rural property. Accordingly, this Act removes the FMIA from the jurisdiction of the 1955 Act, renames it the Farmers' Mutual Group, and incorporates it as a mutual association under this Act with the powers, capacity, and governance regime of a company under the Companies Act 1993:

    (5) The objects of this Act cannot be achieved without the authority of Parliament.