(a) A person must register with the Commissioner before the person acts as or represents itself as an administrator in the State.
(b) A person that would be an administrator subject to this subtitle but for the exemption under § 8-301(b)(2)(iv) of this subtitle shall provide to the Commissioner:
(1) written notice that the person operates in the State; and
(2) evidence satisfactory to the Commissioner that the person is complying with any applicable bonding requirements imposed by ERISA.