Maximum annual premium in fourth year
8 Maximum annual premium in fourth year
The maximum premium for a 12-month period that the Board may determine to be payable at any time in the fourth year in respect of a motor vehicle of any class (other than class 2, 4, 5, 6, 18, 21 or 23) is the product, rounded to the nearest whole dollar, of – the maximum premium that may be determined to be payable in the third year in respect of that motor vehicle; and the escalator index for the fourth year.
The maximum premium for a 12-month period that the Board may determine to be payable at any time in the fourth year in respect of a motor vehicle of class 2 is the product, rounded to the nearest whole dollar, of – the maximum premium that may be determined to be payable in the third year in respect of that motor vehicle; and the sum of the escalator index for the fourth year and 0.025.
The maximum premium for a 12-month period that the Board may determine to be payable at any time in the fourth year in respect of a motor vehicle of class 4 or 5 is the product, rounded to the nearest whole dollar, of – the maximum premium that may be determined to be payable in the third year in respect of that motor vehicle; and the sum of the escalator index for the fourth year and 0.0389.
The maximum premium for a 12-month period that the Board may determine to be payable at any time in the fourth year in respect of a motor vehicle of class 6 is the product, rounded to the nearest whole dollar, of – the maximum premium that may be determined to be payable in the third year in respect of that motor vehicle; and the sum of the escalator index for the fourth year and 0.0374.
The maximum premium for a 12-month period that the Board may determine to be payable at any time in the fourth year in respect of a motor vehicle of class 18 is the product, rounded to the nearest whole dollar, of – the maximum premium that may be determined to be payable in the third year in respect of that motor vehicle; and the sum of the escalator index for the fourth year and 0.05.
The maximum premium for a 12-month period that the Board may determine to be payable at any time in the fourth year in respect of a motor vehicle of class 21 is the product, rounded to the nearest whole dollar, of – the maximum premium that may be determined to be payable in the third year in respect of that motor vehicle; and the sum of the escalator index for the fourth year and 0.25.
The maximum premium for a 12-month period that the Board may determine to be payable at any time in the fourth year in respect of a motor vehicle of class 23 is the product, rounded to the nearest whole dollar, of – the maximum premium that may be determined to be payable in the third year in respect of that motor vehicle; and the sum of the escalator index for the fourth year and 0.031.
An amount that is dollars and a number of cents is rounded to the nearest dollar – if the number of cents is 50 or more, by increasing that amount to the next whole dollar; or if the number of cents is less than 50, by deducting those cents from that amount.
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