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  • Refund / Adjustment of Insurance Premium on Financing Prepayments and Top-Ups

    • CM-7.6.1

      Banks/financing companies must refund/adjust proportionately the insurance premium charged on individual credit facilities when the customer either requests for a top up or prepayment of the credit facility as per the prescribed formula below:

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