Medical service corporations shall, before accepting applications for membership in a nonprofit medical service plan, submit to the Commissioner a plan of operating and overhead expenses, operation costs, and salaries paid or to be paid during any current year together with a schedule of their rates or dues to be charged and the amount of medical and surgical, dental, or podiatric service contracted to be rendered, which plan, rates, and amount of service shall be approved by the Commissioner as fair and reasonable before the medical service corporations shall engage in business.