The bill establishes a new section in the Florida Statutes, specifically section 624.4032, which authorizes nonprofit agricultural organizations to offer medical benefit plans to their members. It defines a nonprofit agricultural organization and outlines the criteria that such organizations must meet, including being domiciled in Florida, being exempt from federal income tax under section 501(c)(3), and existing primarily to promote rural community development and support farmers. The bill clarifies that these medical benefit plans are not considered insurance under the Florida Insurance Code and mandates that a specific disclaimer be included in all related marketing materials.

Additionally, the bill prohibits nonprofit agricultural organizations from marketing or selling these medical benefit plans through licensed agents and requires them to conduct an annual financial audit by an independent certified public accountant. The results of this audit must be made publicly available, either upon request or by posting on the organization's website. The act is set to take effect on July 1, 2025.