9Maximum quarterly and half-yearly premiums

9 Maximum quarterly and half-yearly premiums

(1)  The maximum premium for a 3-month period that the Board may determine to be payable at any time in a year in respect of a motor vehicle registered for such reduced period is the amount rounded to the nearest 5 cents, calculated in accordance with the following formula:

(2)  The maximum premium for a 6-month period that the Board may determine to be payable at any time in a year for a motor vehicle is the amount rounded to the nearest 5 cents, calculated in accordance with the following formula:

(3)  If a premium payable under this clause is not exactly divisible by 5, the remainder of that premium after dividing by 5 is to be –

(a) if the number of cents remaining is 2.5 or more but less than 5, rounded up to the nearest amount exactly divisible by 5; or

(b) if the number of cents remaining is less than 2.5 but more than 0, rounded down to the nearest amount exactly divisible by 5.