Subject to paragraph (2) of this subsection, the provisions of Title 7 of the Insurance Article apply to managed care organizations. Before approving a transaction under § 7–306 of the Insurance Article, the Insurance Commissioner shall consult with the Secretary. The Insurance Commissioner: Shall adopt regulations establishing a reporting materiality threshold; and May adopt regulations necessary to implement the provisions of this subsection. The provisions of this subsection may not apply to any transaction preempted by federal law. The provisions of Title 4, Subtitle 5 of the Insurance Article apply to managed care organizations.