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| Subject: NRMA have a joint venture with ERG NRMA have a joint venture with RACV called IMAaffiliated as well | |
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Author: anonymous |
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Date Posted: 22:11:39 10/18/02 Fri In reply to: anonymous 's message, "RAC was in existence before NRMA" on 07:44:08 10/14/02 Mon http://www.theage.com.au/business/2002/01/09/FFXTN4DK6WC.html ------------------------------------------------------------ Insurers to pay back fees By SHARON KEMPWednesday 9 January 2002 ------------------------------------------------------------ The RACV and NRMA have been forced to hand back $1.5 million to motor vehicle policy holders who the corporate watchdog believes were misled by a marketing campaign. ------------------------------------------------------------ http://stocknessmonster.com/news-item?S=ERG&E=ASX&N=200496 ------------------------------------------------------------ ERG LIMITED 2001-08-16 ASX-SIGNAL-G HOMEX - Perth +++++++++++++++++++++++++ The National Roads & Motorists' Association (NRMA) and ERG Group today announced they will form a jointly owned company to market and deliver smartcards and other smart devices for a range of applications. The move follows the recent announcement by the NSW Department of Transport that a consortium led by th e ERG Group has been chosen as the preferred proponent to design and build Australia's first mass-market smartcard system for public transport. NRMA Member Services CEO, Rob Carter, said the new, jointly owned company will provide the vehicle to deliver smartcards for a range of applications including public transport from 2003 assuming contract negotiations between Department of Transport and ERG Group are successful. NRMA's membership card will be replaced by a smartcard f rom July 2002. "NRMA formed a strategic alliance with ERG in May with the view to developing smartcard technology to support current and future services for NRMA's two million members," Mr Carter said. "Smartcard applications for NRMA members will co-exist with other applications. For example, we envisage NRMA members will be able to use their NRMA card to access NRMA's range of products and services as well as pay for public transport, parking, and motorway tolls once the Government's transport system comes on line. "NRMA welcomes the State Government's intended move to smartcards for public transport ticketing and will work closely with ERG when appropriate to ensure there is interconnectivity of cards across all applications including public transport when they come on line. "The formation of the NRMA and ERG company and the planned consolidation of applications will ensure that the economies of scale in the issuance and management of smar tcards are present, popularising them and making them a viable option for a range of different initiatives in Australia. "The new NRMA and ERG company will issue and manage smartcards. The joint venture will negotiate third party applications for inclusion on the smartcard so that NRMA members have access to an enormous range of services through their membership card. It is envisaged that use of the card will be included in NRMA's new membership rewards program. "The use of smartcard technology for our members will ensure continued high levels of customer satisfaction but also enable us to expand our range of products and services to meet the changing needs of current members and attract new members. "ERG is a highly successful leader in smartcard applications having the expertise in smartcard technology to provide the kind of solutions and enhancements we are seeking for our members," Mr Carter said. FOR NRMA MEDIA ENQUIRIES: Contact: Shan e McClelland, NRMA Corporate Affairs on 02 9292 8418, 0411 012 023 or shane.mcclelland@nrma.com.au. FOR ERG GROUP ENQUIRIES: Contact Colin Simpson, ERG Group on 08 9273 1400 or csimpsons@erg.com. The Australian Securities and Investments Commission claims up to 15,000 customers of the insurance giants were charged to protect their no-claim bonus despite the companies' offer of free rating protection. ------------------------------------------------------------ While neither insurer would concede its conduct was misleading or deceptive, both have signed an enforceable undertaking to repay the funds and comply with certain other demands from ASIC. The offer was made in policy documents sent to customers to coincide with the start of RACV's and NRMA's general insurance joint venture in 2000, informing them that NRMA's policies in Victoria would change to the Insurance Manufacturers of Australia (IMA) brand. ------------------------------------------------------------ The companies have agreed to refund $1.5 million after customers complained to the joint venture partners and ultimately to ASIC. ------------------------------------------------------------ NRMA said yesterday it did not accept that the wording contained in policy documents was misleading or deceptive. RACV conceded that the wording might have been unclear and as such needed to be corrected. ------------------------------------------------------------ Another problem for the joint venture company, IMA, was that some customers received free rating protection while others did not. ------------------------------------------------------------ RACV chief financial officer Steve Howard said NRMA policy holders who rolled over to the IMA policy would retain the same rating, but would have to pay to protect it if they made a claim, while "some customers that came in direct through our sales and marketing got (free rating protection) as well". ------------------------------------------------------------ "Because there was confusion, there was no deliberate intent, we agree that not only was the policy a little grey, but it was a little grey in the way we dealt with those people," Mr Howard said. ------------------------------------------------------------ "Some people got it, some people didn't and what we are doing is bringing those who didn't get it, irrespective of whether it is right or wrong, to the position of those that did." ------------------------------------------------------------ NRMA spokesman Wayne Burns said he believed there was no confusion among customers. ------------------------------------------------------------ "We maintain that the wording was not misleading," he said. The policy document sent out in October 2000 told customers that "if you pay to protect your rating, you will be protected for one full claim per year. However, we will now reward you with free rating protection if you have retained your rating for more than three years and have made no claims". ------------------------------------------------------------ Mr Burns said: "That would seem pretty clear (but) ASIC obviously held the view that it was not clear enough and some customers did as well." He said "a handful" of customers had complained. ------------------------------------------------------------ Mr Howard said RACV had received two complaints. ------------------------------------------------------------ ASIC executive director of consumer protection Peter Kell said it was important that relevant policy holders were notified of the discrepancy because not all would have noticed that they had been charged. ------------------------------------------------------------ RACV and NRMA have agreed to separately identify charges for rating protection. ------------------------------------------------------------ The companies signed the ASIC undertaking yesterday but had notified all and refunded about two-thirds of customers by Christmas. ------------------------------------------------------------ The joint venture's auditor will review compliance and report to ASIC. ------------------------------------------------------------ http://stocknessmonster.com/news-item?S=ERG&E=ASX&N=200652 22/8/2001 ----------------------------------------------------------- The acquisition costs of the business purchased from Motorola have been capitalised reversing the earlier indication that the costs would be written off. This has been done on the basis that our auditors expressed the view that the value of the assets exceeds the acquisition costs and there is no justification for writing the assets down particularly given the recent confirmation that the ERG subsidiary Integrated Transit Solutions Ltd (ITS) has been chosen as preferred proponent in Sydney. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Re: NRMA ERG Ecard all attended Cards Australia 2002 | anonymous | 22:52:05 10/18/02 Fri |
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