The bill proposes significant changes to Chapter 632 of the Florida Statutes, which will now include a new designation for "Nonprofit Agricultural Organizations" alongside the existing "Fraternal Benefit Societies." It creates Part II of Chapter 632, specifically outlining the definition and regulations surrounding nonprofit agricultural organizations. These organizations are defined as those that are domiciled in Florida, exempt from federal income tax under section 501(c)(5), and primarily focused on promoting rural community development and supporting farmers. The bill allows these organizations to offer health coverage to their members, explicitly stating that such coverage will not be classified as insurance under the Florida Insurance Code.

Additionally, the bill amends existing sections of the Florida Insurance Code to reflect these changes, ensuring that the provisions applicable to fraternal benefit societies also extend to nonprofit agricultural organizations. The amendments clarify that the health coverage provided by these organizations is not subject to the same regulations as traditional insurance. The act is set to take effect on July 1, 2025.

Statutes affected:
H 497 Filed: 624.01, 624.12