Commonwealth Consolidated Regulations Commonwealth Consolidated RegulationsFor subsection 149(4) of the Code, the manner of calculating the proportionate rebate of premium is to calculate the sum of:
(a) the amount of premium paid in respect of any period of the insurance contract that has not yet commenced; and
(b) 90% of the proportion of the amount of the premium for insurance paid in respect of the current period of the insurance contract attributable to the unexpired portion of that period consisting of whole months.
Note: Subsection 149(4) of the Code provides that the regulations may prescribe the manner of calculating the proportionate rebate of premium for the purposes of section 149.