The bill proposes the enactment of section 3901.96 of the Revised Code, which aims to exempt nonprofit agricultural membership organizations from certain insurance regulations. It defines a "nonprofit agricultural membership organization" as one that was incorporated in Ohio on or before December 31, 1919, and provides healthcare benefit coverage exclusively to its members and their families. The bill specifies that healthcare benefit coverage offered by such organizations will not be classified as insurance under Ohio law, provided it meets specific criteria, including written applications and contracts that clearly state the coverage is not insurance and is not subject to insurance laws.

Additionally, the bill prohibits nonprofit agricultural membership organizations from representing their healthcare benefit coverage as insurance in any marketing materials. It also allows these organizations to assume or reinsure the risks associated with the healthcare benefit coverage through a company authorized to conduct insurance business in Ohio. Overall, the legislation seeks to clarify the status of healthcare benefits provided by these organizations and ensure compliance with the outlined requirements.