(a) Rates set under this chapter may not be excessive or inadequate, as described by this section, or unreasonable or unfairly discriminatory.
(b) A rate is not excessive unless the rate is unreasonably high for the insurance coverage provided.

(c) A rate is not inadequate unless the rate is unreasonably low for the insurance coverage provided and:
(1) is insufficient to sustain projected losses and expenses; or
(2) the use of the rate has or, if continued, will have the effect of destroying competition or creating a monopoly.