Problem solved! Here is what my hosting provider did:
“”<span style=”color: #666666; font-family: Arial, Tahoma, Verdana, sans-serif; font-size: 12px; line-height: 17px; widows: 1;”>I am glad to inform you that the issue was resolved by disabling the mod_security rule which was matched upon saving any of the configuration settings. After that I was able to save the configuration settings just fine.</span><span style=”color: #666666; font-family: Arial, Tahoma, Verdana, sans-serif; font-size: 12px; line-height: 17px; widows: 1;”> “”</span>
Hope this guides the rest!