(a) A Medicare supplement benefit plan must return to a plan holder benefits that are reasonable in relation to the premium charged.
(b) The commissioner shall adopt reasonable rules to establish minimum loss ratio standards for Medicare supplement benefit plans. The standards must be established:
(1) on the basis of incurred claims experience and earned premiums for the entire period for which rates are computed to provide coverage;
(2) in accordance with accepted actuarial principles and practices; and
(3) to the extent necessary for the state to obtain or retain certification as a state with an approved regulatory program.