An employer who reduces the wages paid to an employee based on the employer's share of the health insurance premium, as provided in §18-103(c), State Finance and Procurement Article, Annotated Code of Maryland, may not lower an employee's wage rate below the minimum wage as set in Labor and Employment Article, §3-413, Annotated Code of Maryland. An employer who reduces the wages paid to an employee based on the employer's share of the health insurance premium shall comply with the record reporting requirements of Regulation .05 of this chapter.