In this section, “Program” means the State–Based Health Insurance Subsidies Program. The Exchange, in consultation with the Commissioner and as approved by the Board, shall establish and implement a State–Based Health Insurance Subsidies Program to provide subsidies to individuals for the purchase of health benefit plans in the individual health insurance market. The Program required under this section shall be designed to: maintain affordability for individuals purchasing health benefit plans through the Exchange; and target individuals who experience an increase in the applicable percentages established under 26 U.S.C. § 36B(b)(3)(A)(iii) for premiums based on household income in calendar years 2026 and 2027, as compared to the applicable percentages in place for calendar year 2025. Subject to available funds, for calendar years 2026 and 2027, the Exchange, in consultation with the Commissioner and as approved by the Board, shall establish subsidy eligibility and payment parameters for the Program that: mitigate a reduction in advance premium tax credits because of changes in the applicable percentages described in subsection (c)(2) of this section; maximize enrollment in the individual market; take into consideration State funds needed to ensure the State Reinsurance Program continues to provide market stability through calendar year 2028; and take into consideration uncertainties in enrollment in the Maryland Medical Assistance Program, the individual market, and the small group market due to changes in State and federal regulation and funding. In fiscal years 2026 through 2028, the Exchange may designate funds from the Fund to be used for the Program. The Exchange shall adopt regulations to carry out this section. The Exchange shall track on a monthly basis expenditures on subsidies provided under the Program, including: the average number of individuals receiving subsidies under the Program; the average subsidy amount received by individuals under the Program; and the impact the Program has on rates in the individual insurance market. The information tracked by the Exchange under paragraph (1) of this subsection shall be: posted on the website of the Exchange; and included in the annual report required under § 31–119(d) of this subtitle.