In determining whether rates comply with the standards under s. 625.11, the following criteria shall be applied:

   (1)   Basic factors in rates. Due consideration shall be given to all of the following that apply:

      (a)    Past and prospective loss and expense experience within and outside of this state.

      (b)    Catastrophe hazards and contingencies.

      (c)    Trends within and outside of this state.

      (d)    Loadings for leveling premium rates over time or for dividends or savings to be allowed or returned by insurers to their policyholders, members or subscribers.

      (e)    Subject to s. 632.365, all other relevant factors, including the judgment of technical personnel.

   (2)   Classification. Except as provided in s. 632.729, risks may be classified in any reasonable way for the establishment of rates and minimum premiums, except that no classifications may be based on race, color, creed or national origin, and classifications in automobile insurance may not be based on physical condition or developmental disability as defined in s. 51.01 (5). Subject to ss. 632.365 and 632.729, rates thus produced may be modified for individual risks in accordance with rating plans or schedules that establish reasonable standards for measuring probable variations in hazards, expenses, or both. Rates may also be modified for individual risks under s. 625.13 (2).

   (3)   Expenses. The expense provisions included in the rates to be used by an insurer may reflect the operating methods of the insurer and, so far as it is credible, its own expense experience.

   (4)   Profits. The rates may contain an allowance permitting a profit that is not unreasonable in relation to the riskiness of the class of business.