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{N x (MAIB/365*)} = split + S% = MAIBF

Where:

  • N is the number of days in the period for which registration is sought. This total is determined by counting the first day of the registration period and including the last
  • MAIB is the MAIB premium for 12 months
  • Split is the calculated split of the MAIB premium
  • S is the surcharge % on the split MAIB premium - 3% for 6 monthly and 6% for 3 monthly
  • MAIBF is the periodic MAIB fee.

* Divide by 366 if the 29th February falls in period.