(1)  The maximum premium for a 12 month period that the Board may determine to be payable at any time in the second year in respect of a motor vehicle of any class (other than class 3, 6, 7 or 16) is the product, rounded to the nearest whole dollar, of –

(a) the maximum premium specified in Schedule 1 for that class of motor vehicle; and

(b) the escalator index for the second year.

(2)  The maximum premium for a 12 month period that the Board may determine to be payable at any time in the second year in respect of a motor vehicle of class 3, 6, 7 or 16 is the product, rounded to the nearest whole dollar, of –

(a) the maximum premium specified in Schedule 1 for that class of motor vehicle; and

(b) the escalator index for the second year plus 0.05.