(a) A rate is excessive, inadequate, or unfairly discriminatory for purposes of this chapter as provided by this section.
(b) A rate is excessive if the rate is likely to produce a long-term profit that is unreasonably high in relation to the insurance coverage provided.
(c) A rate is inadequate if:
(1) the rate is insufficient to sustain projected losses and expenses to which the rate applies; and
(2) continued use of the rate:
(A) endangers the solvency of an insurer using the rate; or
(B) has the effect of substantially lessening competition or creating a monopoly in a market.
(d) A rate is unfairly discriminatory if the rate:
(1) is not based on sound actuarial principles;
(2) does not bear a reasonable relationship to the expected loss and expense experience among risks; or
(3) is based wholly or partly on the race, creed, color, ethnicity, or national origin of the policyholder or an insured.