The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) will dissolve its state-based committees to establish industry-based groups at its next annual general meeting.

The institute plans to replace the branch executive committees and the Institute Presidents Council – comprised of branch presidents – with the industry-based faculties, each of which will have an advisory board.

The plans will be discussed at the meeting on May 18.

ANZIIF recently announced the new membership faculties, which it says will provide online networking, discussion forums and professional development opportunities.

The institute also proposes to appoint directors for an initial three years, followed by a possible second term, for a maximum of six consecutive years.

Jonathon Seth and Kerrie Challenor are resigning as directors and new directors will be appointed at the meeting.

ANZIIF made $584,176 profit last year, down from $1,881,897 the year before.