(1) The maximum premium that may be charged for a third-party policy applying to a vehicle of a classification mentioned in column 2 of an item of the Schedule, or a trader's plate, is—
(a) if the policy is for 1 year—the appropriate amount mentioned in column 5 of the item; and
(b) if the policy is for any other period—an amount worked out in accordance with the following formula:
$0.75(2) In subregulation (1)—