Financial Markets Conduct (Climate-related Disclosures – FMG Insurance Limited) Exemption Notice 2025

The Financial Markets Conduct (Climate-related Disclosures – FMG Insurance Limited) Exemption Notice 2025 (Notice) exempts FMG Insurance Limited (FMGIL) from section 461Z of the Financial Markets Conduct Act 2013 (Act) to the extent that section requires climate statements that comply with the climate-related disclosure framework are to be completed in relation to FMGIL only.

Farmers’ Mutual Group (FMG) is a mutual association that provides risk insurance products under the Farmers’ Mutual Group Act 2007 (FMG Act). FMGIL, a wholly owned subsidiary of FMG, underwrites the products. The consolidated group comprises FMG and FMGIL (FMG Group). FMGIL is a climate reporting entity under the Act, but FMG is not. Without the exemption provided in the Notice, FMGIL would need to prepare climate statements in respect of only itself, rather than the FMG Group as a whole.

The exemption is subject to conditions, including requirements for FMGIL to prepare its climate statements on a consolidated basis in respect of the FMG Group, FMGIL to be wholly owned by FMG, and FMGIL to have as its principal purpose the underwriting of insurance products that are developed, distributed and administered by FMG.

The key reasons for granting the exemption (which are set out in full in the Statement of Reasons accompanying the Notice) include that:

• the FMG Act requires FMG’s principal business to consist at all times of the provision by FMG (whether directly or through a subsidiary or both) of rural risk insurance to both members and non-members;
• FMG and FMGIL operate as a single economic enterprise. To the extent that members of FMG can be considered the primary users of FMGIL climate statements, the climate-related performance of the FMG Group as a whole is of particular relevance to primary users. In these circumstances, stand-alone climate-related disclosure by FMGIL would cover only a small portion of the FMG Group’s activities and may be confusing, unhelpful and artificial; and
• more accurate and understandable information can be obtained from the consolidated climate statements in respect of the FMG Group.

Download Financial Markets Conduct (Climate-related Disclosures – FMG Insurance Limited) Exemption Notice 2025 [PDF 158KB]