6Maximum annual premium in second year

6 Maximum annual premium in second year

(1)  The maximum premium for a 12-month period that the Board may determine to be payable at any time in the second 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 –

(a) the maximum premium specified in Schedule 1 for that class of motor vehicle; and

(b) the escalator index for the second year.

(2)  The maximum premium for a 12-month period that the Board may determine to be payable at any time in the second year in respect of a motor vehicle of class 2 is the product, rounded to the nearest whole dollar, of –

(a) the maximum premium specified in Schedule 1 for that class of motor vehicle; and

(b) the sum of the escalator index for the second year and 0.025.

(3)  The maximum premium for a 12-month period that the Board may determine to be payable at any time in the second year in respect of a motor vehicle of class 4 or 5 is the product, rounded to the nearest whole dollar, of –

(a) the maximum premium specified in Schedule 1 for that class of motor vehicle; and

(b) the sum of the escalator index for the second year and 0.0389.

(4)  The maximum premium for a 12-month period that the Board may determine to be payable at any time in the second year in respect of a motor vehicle of class 6 is the product, rounded to the nearest whole dollar, of –

(a) the maximum premium specified in Schedule 1 for that class of motor vehicle; and

(b) the sum of the escalator index for the second year and 0.0374.

(5)  The maximum premium for a 12-month period that the Board may determine to be payable at any time in the second year in respect of a motor vehicle of class 18 is the product, rounded to the nearest whole dollar, of –

(a) the maximum premium specified in for that class of motor vehicle; and