(1) Each corporation established under the provisions of this chapter shall furnish to the commissioner of insurance all information that he may request concerning the number of members of any such corporation and the type of practice of each such member. After considering the number of members and the type of practice of each such member, the commissioner of insurance shall require a minimum capital of Five Hundred Thousand Dollars ($500,000.00) and a minimum surplus of Five Hundred Thousand Dollars ($500,000.00) for such corporation. All dues, fees and assessments to any member of the corporation shall be set and maintained at the lowest possible cost subject to sound business practice and shall be subject to review and approval of the commissioner of insurance. No corporation established under the provisions of this chapter shall transact any other business than that specified in its charter and articles of incorporation; and it shall not begin operation until it has fully complied with all rules and regulations promulgated by the commissioner of insurance with respect to such corporations and until it has established the capital and reserve set for it by the commissioner.

(2) When necessary to effect the purposes of this section, in addition to all other remedies in law or equity, the attorney general and commissioner of insurance may be and are hereby authorized to petition the chancery court of the county in which a corporation established under this chapter is domiciled for a mandamus or injunction to prevent any violation of the provisions of this section, or the continuance of any such violation, or to enforce compliance herewith. The court is hereby vested with authority to entertain jurisdiction on any such petition to determine the cause and to issue such process as may be necessary to accomplish the purposes of this section.