Each resident of the state meeting the eligibility criteria of this section and who is unable to secure adequate private health coverage is eligible to apply for major risk medical coverage through the program. To be eligible for enrollment in the program, an applicant shall have been rejected for health care coverage by at least one private health plan. An applicant shall be deemed to have been rejected if the only
private health coverage that the applicant could secure would do one of the following: afford coverage only at an excessive price, which the department determines is significantly above standard average individual coverage rates.