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  • Refund/Adjustment of Insurance Pemium on Loan Prepayments and Top-Ups

    • CM-8.6.1

      Banks/financing companies must refund/adjust proportionately the insurance premium charged on individual loans when the borrower either requests for a top-up or prepayment of the loan as per the prescribed formula below:

      Refund/Adjustment Amount = Remaining period to Maturity X Premium Paid
       Original Maturity 
      Added: April 2008