Setting insurer’s premium—Act, ss 13 and 13A
5 Setting insurer’s premium—Act, ss 13 and 13A
For section 13(2) of the Act, each quarter is an assessment period.
For section 13A(7) of the Act, the time limit for an insurer to submit to the commission the premiums set by the insurer for an assessment period is the period—
starting on the day on which the insurer receives notice of the limits of insurer’s premium fixed by the commission for each class of CTP insurance; and
Note—
See section 13A(6)(b) of the Act.
ending on the day that is 10 weeks before the start of the assessment period.
For section 13A(9) of the Act, the time limit in relation to an assessment period is the day that is 9 weeks before the start of the assessment period.
If a motor vehicle is to be used for racing, pacemaking, or in reliability, speed or other trials, the insurer may impose a surcharge of $10 for each day of the registration period on which the motor vehicle is to be used for the purpose.
A surcharge under subsection (4)—
must be paid directly to the insurer; and
is taken not to be part of the insurance premium under the provisions of the Act and this regulation dealing with the collection, disbursement and refund of insurance premiums.
The limits of insurer’s premium fixed by the commission for a class 10A, 10B or 11 motor vehicle may include an amount worked out using the formula—
where—
N means the number of passenger seats in the vehicle.
SA means an amount, for each passenger seat in the vehicle, decided by the commission.
The limits of insurer’s premium fixed by the commission for a class 22 motor vehicle may include an amount for each day more than 1 day the vehicle may be driven on roads while unregistered.
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