(1) Any insurance company authorized to do business of health insurance in this state may join with one or more other such insurance companies to offer to any resident of this state who is sixty-five (65) years of age or older, and to the spouse of such resident, insurance against major financial loss from accident or disease. Such insurance may be offered by such companies in their own names or in the name of a voluntary unincorporated association or other organization formed by such companies solely for the purpose of this section. The forms of applications, certificates, and policies of such insurance and the applicable premium rates shall be filed with the insurance commissioner, who may require additional pertinent information.

(2) A financial summary concerning any insurance written under the authority of this section shall be furnished annually to the insurance commissioner in such form as he may prescribe. If the insurance commissioner finds that any forms for such insurance are not in the public interest or that the premium rates charged are, by reasonable assumptions, excessive in relation to the benefits provided, he may disapprove such forms or premium rates after notice of at least twenty (20) days and hearing.

(3) Any person aggrieved by the decision of the commissioner under the provisions of this section may appeal therefrom within thirty (30) days after receipt of notice thereof to the Chancery Court of the First Judicial District of Hinds County by writ of certiorari, upon giving bond with surety or sureties and in such penalty as shall be approved by the chancery court of said county, conditioned that such appellant will pay all cost of the appeal in the event such appeal is unsuccessful. The said chancery court shall have the authority and jurisdiction to hear said appeal and render its decision in regard thereto, either in term time or vacation.