(1) The commissioner of commerce and insurance shall fix and establish premium charges for admitted insurers so as to provide a ten percent (10%) reduction in premium rates for motorcycle liability insurance to qualified licensed motorcycle operators who provide proof of successful completion of a state approved rider training course.
(2) The premium reduction shall remain in effect for the qualifying insured persons for a period of three (3) years from the date of successful completion of an approved course, except that the insurer may elect to apply the premium reduction beginning at the next renewal date of the policy and continuing for a period of three (3) years.
(3) This section shall not apply to insured operators of autocycles.