In this chapter, the following terms have the meanings indicated. Terms Defined. “Declaration of intent (DOI)” means a legally binding, signed attestation from an employer documenting the employer’s intent and commitment to provide an approved EPIP with an effective date of January 1, 2028. “EPIP application” means an application submitted to the Division for approval of an EPIP in which the employer offers a private plan where the employer assumes all financial risk associated with the benefits and administration of the EPIP, whether it is administered by the employer or a third-party administrator. “Good cause” means an extraordinary circumstance which a person of ordinary business prudence and intelligence would consider reasonable cause for an extension. “Insurance producer” has the meaning as defined in Insurance Article, §1-101(u), Annotated Code of Maryland. “Seeding period” means the time during which contributions will accrue before benefits are available, January 1, 2027—December 31, 2027. “Utilization rate” means the anticipated number of approved claims in the State plan divided by the anticipated total number of workers in the State plan which shall be announced by the Division each November1 for the following calendar year based on the actuarial cost analysis performed in accordance with Labor and Employment Article, §8.3-601, Annotated Code of Maryland.