A Corporate pilot reported descending below their assigned altitude and received a Low Altitude Alert from ATC.

Narrative

While arriving at RNO via the SCOLA1 arrival i deviated from the clearance by descending from the MEA. While transitioning from IMC to VMC conditions I failed to arrest the aircraft descent at the proper altitude of 10000 ft and descended below the MEA in VMC conditions. Simultaneously I was working with ATC on my request for a visual approach in VMC conditions. The controller was unable to issue the clearance due to other IFR traffic in the area; and instead issued a vector with instructions to anticipate further clearance. With the airport and terrain in sight I subconsciously continued a shallow controlled decent not being conscious of vacating altitude without proper clearance. When my proximity to the terrain generated a low altitude alert; the controller promptly issued an advisory with instructions to climb. I initiated an immediate climb; and realizing the deviation from regulation immediately cancelled IFR services. The flight followed normal sequencing with out conflict to a normal landing.Human factors included a desire to remain in VMC conditions for the approach. I initially intended to cancel IFR service with ATC and when that did not occur; the workload of the reorientation caused me to mentally overlook the regulatory altitude. Although the area of VMC was a large area; a continued northbound heading would result in reentering IMC without a descent. The IFR cancellation simply did not happen early enough. If I was in the same situation again I would have cancelled IFR upon reaching VMC conditions and not accepted the controllers clearance. It would have relieved the controller of some separations responsibilities from other aircraft and terrain; and I could have maneuvered at the controllers discretion.