Economic Regulator (MAIB Premiums) Order 2025
7Maximum annual premium in third year
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7 Maximum annual premium in third year
(1) The maximum premium for a 12-month period that the Board may determine to be payable at any time in the third 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 that may be determined to be payable in the second year in respect of that motor vehicle; and
(b) the escalator index for the third year.
(2) The maximum premium for a 12-month period that the Board may determine to be payable at any time in the third year in respect of a motor vehicle of class 2 is the product, rounded to the nearest whole dollar, of –
(a) the maximum premium that may be determined to be payable in the second year in respect of that motor vehicle; and
(b) the sum of the escalator index for the third 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 third 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 that may be determined to be payable in the second year in respect of that motor vehicle; and
(b) the sum of the escalator index for the third 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 third year in respect of a motor vehicle of class 6 is the product, rounded to the nearest whole dollar, of –
(a) the maximum premium that may be determined to be payable in the second year in respect of that motor vehicle; and
(b) the sum of the escalator index for the third 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 third year in respect of a motor vehicle of class 18 is the product, rounded to the nearest whole dollar, of –
(a) the maximum premium that may be determined to be payable in the second year in respect of that motor vehicle; and