The bill, introduced by Representative Peterson, aims to enact section 3901.96 of the Revised Code, which specifically excludes nonprofit agricultural membership organizations from insurance regulations. It defines a "nonprofit agricultural membership organization" as one that was incorporated in Ohio on or before December 31, 1919, with the purpose of promoting farmers' interests and providing healthcare benefit coverage exclusively to its members and their families.

Under this new section, nonprofit agricultural membership organizations will not be subject to Title XXXIX or Chapter 1751 of the Revised Code, nor will they fall under the jurisdiction of the superintendent of insurance. Additionally, the healthcare benefit coverage they provide will not be classified as insurance or a health benefit contract under state law. The bill also allows for the risks associated with the healthcare benefits provided by these organizations to be assumed or reinsured by companies authorized to conduct insurance business in Ohio.