Motor Vehicles Insurance Amendment Regulation (No. 1) 1992 (Qld)

Queensland Subordinate Legislation 1992 No. 94 Motor Vehicles Insurance Act 1936 MOTOR VEHICLES INSURANCE AMENDMENT REGULATION (No. 1) 1992 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Amended regulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Amendment of s.2 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Insertion of new ss.4A and 4B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4A Premiums varied for motor vehicles registered on a monthly basis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4B Insurance for motor vehicles registered on a monthly basis . . . . . . . 3

2 Motor Vehicles Insurance Amendment (No. 1) No. 94, 1992 ˙ Short title 1. This regulation may be cited as the Motor Vehicles Insurance Amendment Regulation (No. 1) 1992 . ˙ Amended regulation 2. The Motor Vehicles Insurance Regulation 1968 is amended as set out in this regulation. ˙ Amendment of s.2 (Interpretation) 3.(1) Section 2 (definition “Act” )— omit . (2) Section 2— insert — ‘ “registered on a monthly basis” , in relation to a motor vehicle, means that the motor vehicle is registered for a specified number of months under the TransportInfrastructure(Roads)Regulation1991 , other than 12 months; ’. ˙ Insertion of new ss.4A and 4B 4. After section 4— insert — ˙ ‘Premiums varied for motor vehicles registered on a monthly basis ‘4A.(1) The premium for a contract of insurance to be paid by the owner of a motor vehicle registered on a monthly basis for the period of the registration is varied in accordance with this section. ‘(2) The premium consists of— (a) an amount calculated by dividing the annual premium by 12 and multiplying the result by the number of months for which the motor vehicle is registered; and

3 Motor Vehicles Insurance Amendment (No. 1) No. 94, 1992 (b) an amount calculated by multiplying the amount under paragraph (a) by 0.5% for each month for which the vehicle is not registered in the year. ‘(3) The minimum amount for each premium under this section is $10.00. ‘(4) Premiums calculated under this section must be rounded upwards to the nearest dollar. Example of the application of subsections (2), (3) and (4)— A vehicle is registered for 3 months and the annual premium for the vehicle is $166.00. The premium for a contract of insurance for 3 months is $44.00 consisting of— (a) 3/12 of $166.00—$41.50; and (b) (0.5% X 9) of $41.50—$1.86; and then rounded upwards to the nearest dollar. ‘(5) The amount of a premium under this section does not include the prescribed annual amount under section 4E of the Act. ˙ ‘Insurance for motor vehicles registered on a monthly basis ‘4B.(1) If the owner of a motor vehicle registered on a monthly basis pays the amount of the premium as varied under section 4A, the owner is taken to have paid the annual premium for the purposes of this regulation. ‘(2) Subsection (1) does not mean that the motor vehicle is registered, or a contract of insurance is made, for a period longer than the number of months for which the motor vehicle is registered or for which the contract of insurance is made. ’. ENDNOTES 1. Made by the Governor in Council on 14 May 1992. 2. Published in the Gazette on 15 May 1992. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Queensland Treasury. The State of Queensland 1992