(a) Within 90 days after the filing of an application for a certificate of authority to operate as a health maintenance organization, the Commissioner shall issue the certificate of authority to the applicant if:

(1) The application conforms with § 19-708 of this subtitle;

(2) The applicant has paid the fees required by § 19-709 of this subtitle;

(3) The Department has advised in writing that the health maintenance organization’s proposed health-related services, operations, and functions that fall under the regulatory jurisdiction of the Department appear to meet its requirements or are approved by the Department; and

(4) The Commissioner is satisfied that the requirements of § 19-710 of this subtitle are met.

(b) (1) Subject to paragraph (2) of this subsection, the provisions of Title 7 of the Insurance Article apply to health maintenance organizations.

(2) Before approving a transaction under § 7-306 of the Insurance Article, the Insurance Commissioner shall consult with the Secretary.

(c) Subsection (b) of this section may not apply to any transaction preempted by federal law.