The bill, introduced by Representative Peterson, aims to enact section 3901.96 of the Revised Code, which specifically addresses the status of nonprofit agricultural membership organizations in relation to 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 that provides healthcare benefit coverage exclusively to its members and their families.

Under this new section, nonprofit agricultural membership organizations would be exempt from the regulations outlined in Title XXXIX and Chapter 1751 of the Revised Code, as well as from the jurisdiction of the superintendent of insurance. The bill clarifies that the healthcare benefit coverage provided by these organizations is not classified as insurance or a health benefit contract under Ohio law. Additionally, it allows for the risks associated with the healthcare benefits to be assumed or reinsured by companies authorized to conduct insurance business in the state.