The rates for workers' compensation and employer's liability, disability benefits, volunteer ambulance and volunteer firefighters' benefit insurance shall be fixed as low as possible consistent with the maintenance of a solvent fund and reasonable reserves and surplus. For such purpose the rate manual and rating plans and classifications established and promulgated by the Compensation Insurance Rating Board and approved by the Superintendent of Insurance pursuant to, and under the authority of the Insurance Law, are hereby adopted insofar as they are consistent with article 6 of the Workers' Compensation Law. Such rate manual and rating plans as applied to the standard risks insured with the State Fund may be modified to permit the application of such initial discount in rates and to permit other reductions in net costs of insurance as, in the judgment of the commissioners, or under their direction, seem to be appropriate consistent with the financial status of the State Fund; and similarly, for nonstandard risks, such rate manual and rating plans may be modified to permit the application of increased rates as may reflect the peculiar hazards of each individual risk. The term standard risk shall refer to a risk whose indicated accident and moral hazards approximate the normal hazards of the risk's governing classification. Rates for disability benefits shall be fixed as low as possible in accordance with the Insurance Law.