There is hereby established in the joint custody of the comptroller and the commissioner of taxation and finance a fund, to be known as the “basic health program trust fund”. Such fund shall consist of moneys transferred from the federal government pursuant to 42 U.S.C. § 18051(d) for the purpose of reducing the premiums and cost-sharing of, or providing benefits for, eligible individuals enrolled in the basic health program, established pursuant to section three hundred sixty-nine-gg of the social services law. Upon federal approval, all monies in such fund shall be used to implement and operate the basic health plan, pursuant to section three hundred sixty-nine-gg of the social services law, except to the extent that the provisions of such section conflict or are inconsistent with federal law, in which case the provisions of such federal law shall supersede such state law provisions.