If such action is supported by the recommendations of actuarial experts retained by the department as being consistent with the purposes of N.H. Rev. Stat. § 404-G:1, I, the commissioner shall, at the earliest practicable date, submit an application on behalf of the state to the United States Secretary of the Treasury, and if required, to the United States Secretary of Health and Human Services, to waive certain provisions of the Act, as provided in section 1332 of the Act, or any other applicable waiver provision in order to create a risk sharing or reinsurance mechanism for the individual market under N.H. Rev. Stat. Chapter 404-G which is eligible to draw down federal pass-through funding to support such mechanism. The commissioner shall publish and accept public comment on the 1332 waiver application and the plan of operation for the individual market mechanism prior to approving such plans. The commissioner shall implement any federally approved waiver, including but not limited to overseeing the implementation of a revised plan of operations under N.H. Rev. Stat. § 404-G:12.