168A   Optional alternative method of calculating premium for large employers

(1)  An insurance premiums order may fix (as an optional alternative method) an alternative method for calculating the premium payable for a policy of insurance by an employer who is classified under the order as a large employer (or a person who proposes to become such an employer).

(2)  An optional alternative method for calculating premium applies to an employer only if:

(a)  the employer satisfies any criteria established by the insurance premiums order for eligibility for the optional alternative method, and

(b)  the Nominal Insurer has, on the application of the employer, approved of the optional alternative method applying to the employer for the time being.

(3)  The Nominal Insurer may revoke an approval under this section at any time.

(4)  If an optional alternative method applies to an employer, that method applies for the purpose of calculating the relevant premium payable by the employer instead of any method that would otherwise apply to the employer under the insurance premiums order.