The commissioner shall disapprove a premium rate filed with an individual accident and health contract if the commissioner finds that the rate is not actuarially sound, is excessive, is inadequate, or is unfairly discriminatory.
(2) A rate is actuarially sound if it is:
(A) Supported by an actuarial analysis made by a member of the American Academy of Actuaries; and
(B) Based on generally accepted actuarial principles and methodologies that show the rate to be reasonable.