The Exchange, in consultation with the Commissioner and as approved by the Board, shall establish and implement a Qualified Resident Enrollment Program: to facilitate the enrollment of qualified residents in qualified plans; that, as necessary, meets the requirements of a waiver approved under § 1332 of the Affordable Care Act; and that is consistent with federal and State law. The Qualified Resident Enrollment Program shall allow qualified residents to purchase qualified plans on the Individual Exchange. The implementation of the Qualified Resident Enrollment Program shall be contingent on approval from the U.S. Secretary of Health and Human Services and the U.S. Secretary of the Treasury of a State Innovation Waiver application amendment under § 1332 of the Affordable Care Act. Within 6 months before a fiscal year in which the Exchange implements the Qualified Resident Enrollment Program, the Exchange shall submit a report to the General Assembly, in accordance with § 2–1257 of the State Government Article, on its plan to implement the Program, including: the amount and source of the funding for the Program; the parameters of the Program; the number of individuals anticipated to participate in the Program; the amount of premiums anticipated to be paid by participants under the Program; and if the General Assembly authorizes funding to subsidize premiums under the Program, the parameters of the subsidies. On or before January 1, 2026, the Exchange shall adopt regulations to carry out this section.