Commonwealth Numbered Regulations

NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 (SLI NO 44 OF 2010) - REG 94

                For subsection 148 (4) of the Code, the proportionate rebate of p remium is calculated using the 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.