Roy Eric: Farmers' Mutual Group Bill — Second Reading Procedure Third Reading 
Roy Eric: Farmers' Mutual Group Bill — Second Reading Procedure Third Reading 
[Volume:641;Page:11157] 
ERIC ROY (National—Invercargill) 
: 
 I would like to make a brief contribution as well. Today for the benefit of those who are out there listening is members’ day and this is the time when we deal with members’ and local bills. First on the Order Paper today is the Farmers’ Mutual Group Bill. Those who have been listening will have heard quite a little bit of the history of the Farmers’ Mutual Group and the significant part it has played in the development of the insurance fabric of what was firstly the rural sector but is now a much wider sector throughout New Zealand. 
The Farmers’ Mutual Group is very much a symbol of why New Zealand has been a success in so many areas. There was an issue 105 years ago; there was an inequity in what was being charged in terms of premiums for cover and an inequity in the adequacy of the cover. What did those people do who were affected? They rolled up their sleeves and created a mutual. From that mutual several other mutuals sprang up around the country and the need that was glaringly obvious was fulfilled. 
The history as has been relayed today is that those mutuals came together under the one umbrella so that today we have the Farmers’ Mutual Insurance Association providing a very worthwhile service to New Zealand. Both Nathan Guy and David Carter have declared an interest in the Farmers’ Mutual Group. I have to perhaps declare that I do not have an interest but that I am a beneficiary. I make the point that I am not actually insured with Farmers’ Mutual Group and do not have any association with it but I believe that I am a beneficiary of it because it has had an impact against which other insurance companies measure themselves. The fact that I have rates that I can afford through an alternative company is largely because of the impact that the Farmers’ Mutual Group has had over a very long period particularly since the different groups all came together into one and became a significant force throughout the country. 
I predict a good future for the Farmers’ Mutual Group. I think the very fact that the group has said that it needs to look at its product range and at the legislation that was restricting it shows that it has some foresight some innovation and some desire to meet the market and create a variety of new products. I think that gives us a very clear example that the group is looking to what its customers need and to how it can grow its base and increase its financial strength. So it is a good thing that we are handling this legislation so that the group is not delayed in doing that. 
I just say as an aside that in about 18 months time when National brings competition back into accident compensation I will look forward to any products that the Farmers’ Mutual Group might want to introduce into that arena. I am quite sure that the rural community and several other sectors of the business community are looking forward to the day that happens. 
The Farmers’ Mutual Group is symbolic of the success of New Zealand in so many fields. I mentioned earlier that the mutuals were set up to provide a fix-it or a solution to a situation that occurred in the insurance industry. Similarly we have seen co-ops that have sprung up through the whole fabric of New Zealand rural business. If I look at the percentage of leaders that the rural community has produced across a range of business options I think it is quite exciting and encouraging and it kind of sets New Zealand apart from a lot of other countries. If there is a problem we will fix it. If we cannot market if we cannot insure if we need to create a new piece of machinery or whatever we will fix the problem. It is very much a symbol of the success of New Zealand agriculture. It is a good thing that we are doing today in taking the next step for the Farmers’ Mutual Group. 
I also want to comment about that leadership. It is fitting that we get this legislation through for the sake of Peter Jensen because not only has he been involved in the Farmers’ Mutual Group but he has been involved in other things that have been significant as well—the fertiliser industry for example. It is that kind of leadership that we need to acknowledge. This is not the time for the tall-poppy syndrome; we want to extol those people who have done a very good job for New Zealand and will continue to do so. We look forward to a number of rural leaders taking significant roles in shaping and growing New Zealand in a way that everybody can benefit from. 
The Farmers’ Mutual Group is now a significant player not only in the insurance industry but in the financial industry of New Zealand. The group has stood the test of time. It has a wide variety of products and it wants to increase those. I thank the House for agreeing to put this bill through all stages today. It is an important thing that we are doing in allowing this legislation to go through. There has been no dissent whatsoever in the debates that have come forward. I look forward to the House now expediting the voting and seeing this legislation enacted. 
Bill read a second time.