(a) Rates pertaining to basic benefit policies shall be:

1. (1) Filed with the Insurance Commissioner no less than sixty (60) days prior to intended use; and
2. (2) Approved by the commissioner prior to implementation.

(b) All rates submitted shall meet the following requirements:

1. (1) All rates shall be based upon a pool, community rating, or other rating formula acceptable to the commissioner;

2. (2)

   1. (A) No rate shall be approved unless accompanied by a statement from a qualified actuary certifying the reasonableness of the proposed rate.
   2. (B) Such statement shall outline the actuary's qualifications, and the commissioner may disapprove any rate filing accompanied by a statement from an actuary he or she deems to be unqualified.
   3. (C) Such actuary shall possess the qualifications outlined in 23 CAR § 10-103 or such other qualifications as the commissioner shall approve;
3. (3) All rates submitted for group policies shall be based upon a loss ratio of not less than seventy-five percent (75%);
4. (4) All rates submitted for individual policies shall be based upon a loss ratio of not less than sixty-five percent (65%);

5. (5)

   1. (A) All rates submitted pursuant to this part shall be accompanied by a statement from the insurer of the portion of the rate or premium applicable to the coverages provided for the basic benefit policy.
   2. (B) All such statements shall be made on forms provided by the commissioner; and
6. (6) Any insurer wishing to appeal a denial of a rate request should make a written request for hearing pursuant to the Arkansas Administrative Procedure Act, Arkansas Code § 25-15-201 et seq.