Assembly Bill 448 proposes the creation of a new statute, 146.76, which allows nonprofit agricultural organizations to provide health benefit coverage to their members and their families. This bill exempts such health benefit coverage and the organizations offering it from the application of existing insurance laws. To qualify as a nonprofit agricultural organization under this bill, an organization must meet specific criteria, including being a member-directed cooperative established before January 1, 1922, collecting annual dues, and having a board of directors elected by its members. Additionally, the organization must offer health benefit coverage in every county of the state and provide written notice to members that the coverage is not health insurance and may not meet federal insurance requirements.

The bill outlines several requirements for nonprofit agricultural organizations that choose to offer health benefit coverage. These include reinsurance of risks with an authorized company, annual filing of a qualified actuary's opinion on financial reserves, and adherence to specific coverage rules, such as not excluding services provided by certain healthcare providers and limiting preexisting condition exclusions to six months. Furthermore, the bill mandates the establishment of a complaint resolution process for members that aligns with existing health insurance complaint procedures. The bill also creates a new provision in statute 600.01 (1) (b) 14, specifically addressing nonprofit agricultural organization health benefit coverage and the organizations providing it.