(1) No sponsor of any prepaid legal services plan, or authorized representative thereof, shall enter into any contract with subscribers unless and until the sponsor has filed with the commissioner a copy of its underwriting rules and a full schedule of the rates, premiums or membership fees to be charged to the subscribers. These filings shall be deemed to be approved by the commissioner ninety (90) days after the date of filing with the commissioner, unless, prior to the expiration of the ninety-day period, the commissioner notifies the sponsor of the prepaid legal services plan in writing of the commissioner’s disapproval.

(2) In considering whether or not to approve a given rate schedule, the commissioner shall consider the following factors:

(a) Whether the rates are adequate to insure that all the benefits contracted for will be supplied;

(b) Whether the rates are excessive;

(c) Whether the rates are unfairly discriminatory; and

(d) Whether the rates are otherwise contrary to the laws or public policies of this state.

(3) In determining whether the rates to be charged are excessive, unfairly discriminatory, inadequate or otherwise contrary to the laws or public policies of this state, consideration shall be given to the past and prospective loss and countrywide expense experience, to all factors reasonably attributable to the class of risk, to a reasonable margin for profit and contingencies, to subscribers’ or policyholders’ dividends, savings or unabsorbed premium deposits allowed or returned by an insurer or sponsor to its policyholders, members or subscribers and investment income.

The systems of expense provisions included in the rates for use by any insurer, group of insurers or sponsor may differ from those of other insurers, group of insurers or sponsors, to reflect the requirements of the operating method of any insurer, group of insurers or sponsors with respect to any kind of insurance, or with respect to any subdivision or combination thereof for which the subdivision or combination of separate expense provisions are applicable.

Risks may be grouped by classifications for the establishment of rates and minimum premiums. Classification rates may be modified to produce rates for individual risks in accordance with rating plans which establish standards for measuring variations in hazards, or in experience, or in expense provisions, or in all three (3) factors.

Except to the extent necessary to meet the provisions of subsection (1) of this section, uniformity among insurers or sponsors in any matters within the scope of this section is neither required nor prohibited.

(4) Insurers licensed to transact life or casualty insurance in this state are required to comply with the requirements of this section if they sell or offer for sale policies of prepaid legal services plans of sponsors licensed to operate prepaid legal services plans in this state. Provided, that nothing contained herein shall be deemed to relieve any insurer authorized to transact life or casualty insurance in this state from complying with the requirements of Title 83, Mississippi Code of 1972, and other laws of this state.