There has to be, by law.
A tidge under 50% at a first glance, but it's not that simple.
You aren't borrowing £163.20 for a year. If you were, you'd pay nothing
until the end of the year, then pay £163.20 plus the £80.74 interest.
You're paying £42.64 up-front, then borrowing the remainder - which
you're repaying over the next 11 months, £20.13 payment each month from
the end of the first month. So you're not borrowing anything past 11
months, and you're not borrowing the first £42.64 at all. So the actual
APR is a big chunk higher than 50% - but, of course, the original comment
applies. There's no legal maximum on the APR - so, if you don't like it,
don't take that credit.
Having a quick google for an insurance premium APR calculator doesn't
give anything that'll give an exact answer - but paying £20.13 monthly
would give just over 95% APR, just a couple of quid shy of your total
figure. Your example would be higher, because it has a much lower
outstanding balance, due to the larger initial payment moving the last
payment to the start.
Take the £42.64 off the £163.20 which means the loan is £120.56
The plug the numers into this site
Loan amount £120.56, for 10 months loan and interest rate of 127.2%.
The calculator gives you 10 monthly payments of £20.13 and total
interst of £80.74, which is the amount added to the premium for 10