Senate Bill 98 proposes the creation of a new statute, 613.76, which allows health care cooperatives organized under Wisconsin law to convert into service insurance corporations. The bill outlines the process for conversion, which includes adopting a plan of conversion that details the reasons for the change, proposed terms, and the new corporation's name and bylaws. The plan must be approved by the commissioner of insurance before being submitted to the cooperative's members for their approval. The commissioner is required to approve the plan unless it is found to be contrary to law, inadequate in terms of surplus or contracts, or not in the best interest of the cooperative's members or the public.

Once the conversion is approved, the cooperative's legal existence ceases, and the new service insurance corporation assumes all assets and liabilities of the cooperative. The bill also stipulates that the initial officers and directors of the cooperative will serve in the same capacity for the new corporation. Additionally, it restricts the payment of compensation to existing personnel during the conversion process, allowing only regular salaries, while permitting reasonable payments for printing and professional services with the commissioner's approval.