Commonwealth Consolidated Regulations

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NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 - REG 94

Proportionate rebate of consumer credit insurance premium

    For subsection   148(4) of the Code, the proportionate rebate of premium is calculated using the formula:

    Start formula start fraction PS open round bracket S plus 1 close round bracket over T open round bracket T plus 1 close round bracket end fraction end formula

where:

"P" is the amount of the premium paid (not including any amount payable in respect of a government charge).

"S" is the number of whole months in the unexpired portion of the period for which insurance was agreed to be provided.

"T" is the number of whole months for which insurance was agreed to be provided.


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