(a) Notwithstanding the determination by the Insurance Commissioner that the rates specified in 23 CAR §§ 83-105 and 83-106 are the presumably acceptable maximum rates that are reasonable in relation to the benefits of a policy providing the coverage to which the rates are applicable, an insurer may receive approval of a higher premium rate or schedule of rates to be used in connection with a creditor or class of creditors if said insurer demonstrates to the satisfaction of the commissioner that the:

1. (1) Mortality or morbidity experience which may reasonably be anticipated will be significantly higher than the average anticipated experience on the basis of which the applicable rate standards specified in 23 CAR §§ 83-105 and 83-106 were based; and
2. (2) Proposed rate can reasonably be anticipated to produce a loss ratio not less than that set out in 23 CAR § 83-104(b).

(b)

1. (1) Insurers may file rates lower than those specified in 23 CAR §§ 83-105 and 83-106 and, having filed acceptable rates under this part, may thereafter charge lesser rates without refiling.
2. (2) Provided, however, that other laws and this part are complied with.