An employer authorized by the Secretary may satisfy the requirements of this title through a private employer plan consisting of employer–provided benefits or insurance through an insurer that holds a certificate of authority issued by the Maryland Insurance Commissioner if the private employer plan is provided to all of the employer’s eligible employees and meets or exceeds the rights, protections, and benefits provided to a covered employee under this title. To determine the benefit amount under a private employer plan, the weekly benefit amount shall be based on the average weekly wage earned from the employer sponsoring the private employer plan. Notwithstanding subparagraph (i) of this paragraph, if an individual has worked less than 680 hours for the employer sponsoring the private employer plan, the weekly benefit amount shall be based on the average weekly wage under § 8.3–703(a) of this subtitle. This subsection may not be construed to prevent a private employer plan from providing a benefit that is greater than that provided in § 8.3–703(a) of this subtitle. A private employer plan shall be filed with the Department for approval. The Secretary shall establish reasonable criteria for determining which employers are authorized to meet the requirements of this title through employer–provided benefits. The criteria established under subparagraph (i) of this paragraph may include the employer’s: number of employees; capitalization; bondedness; and status as a government employer. The Department may adopt regulations that establish reasonable application and application renewal fees for private employer plans under this section. An employer that provides covered employees with a private employer plan and an employee that is covered by a private employer plan are exempt from the contributions required under Subtitle 6 of this title. An employer that provides a private employer plan may not deduct from an employee more than 50% of the contribution amount set by the Department under § 8.3–601(b) of this title.