S 22-60 repealed by No 26 of 2014, s 3 and Sch 1 item 3, effective 9 April 2014. S 22-60 formerly read:
SECTION 22-60 PREMIUM INDEXATION FACTOR
22-60(1)
The
premium indexation factor
for a *product subgroup for 1 April in a particular year is the number worked out by dividing the premium charged under policies belonging to the subgroup on that 1 April (taking into account any change in the premium under section 66-10 that took effect on that day) by the *reference premium for the subgroup in relation to that year.
22-60(2)
The
reference premium
for a *product subgroup in relation to a year is:
(a)
if the subgroup was first made available on or before 1 April in the immediately preceding year
-
the premium charged under policies belonging to the subgroup on 1 April in that preceding year (taking into account any change in the premium under section 66-10 that took effect on that day); or
(b)
otherwise
-
the premium charged under policies belonging to the subgroup when the subgroup was first made available.
22-60(3)
Work out a *premium indexation factor to 3 decimal places (rounding up if the fourth decimal place is 5 or more).
Disregard certain changes in premiums
22-60(4)
For the purposes of subsections (1) and (2), disregard any change in a premium resulting from:
(a)
the application of Division 23 (premiums reduction scheme); or
(b)
the application of Part 2-3 (lifetime health cover); or
(c)
any discounts allowed under subsection 66-5(2).
S 22-60 inserted by No 106 of 2013, s 3 and Sch 1 item 4, effective 29 June 2013.
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