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FMG consolidates insurance businesses

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New Zealand mutual insurer FMG has consolidated its insurance operations to reduce compliance and legal costs.

The company has moved Farmers’ Mutual Group into FMG Insurance, and the Reserve Bank of New Zealand has cancelled the Farmers’ Mutual licence.

The company’s legal trading name for the insurance business will be FMG Insurance Ltd.

FMG has also opened a consultation on changes to its constitution and wants members to comment by May 8.

It proposes changes that will clarify who can vote, meet requirements of the Insurance (Prudential Supervision) Act and allow electronic communication with members.