(a) There is a Maryland Crop Insurance Premium Cost Share Program which is established for the purpose of increasing participation by farmers in the State in the Federal Crop Insurance Program and reducing a farmer’s economic losses that result from natural disasters and market volatility.
(b) (1) (i) The Secretary may provide a cost share payment for a qualifying federal crop insurance product purchased by a farmer in the State.
(ii) A cost share payment made under this section may not exceed 8% of the net book premium, as established by the Federal Crop Insurance Corporation within the Risk Management Agency of the United States Department of Agriculture.
(2) The Department may distribute money under the Maryland Crop Insurance Premium Cost Share Program from funds provided in the budget.
(c) (1) The Secretary may adopt regulations to implement the provisions of this subtitle.
(2) On or before January 1, 2008, the Secretary shall adopt regulations that establish the qualifications for a farmer’s eligibility to receive a cost share payment for crop insurance.