7Refund of premium on surrender of registration

7 Refund of premium on surrender of registration

(1)  On acceptance of an application for the surrender of the registration of a registered motor vehicle under the Vehicle and Traffic Act 1999 , the Registrar is to make a refund to the former registered operator of the vehicle, of a premium paid in accordance with section 30 of the Act in relation to the vehicle, calculated in accordance with the following formula:

where –

A is the amount of the refund;

A1 is the amount of the premium paid;

B is the number of days remaining in the period in respect of which the premium was paid as at the date of acceptance of the application for the surrender of registration;

C is the total number of days in the period that the premium was to be in force.

(2)  The Registrar may deduct from the amount of the refund a reasonable administrative fee for making the refund and no refund is to be made if the amount of the refund does not exceed the amount of the fee.