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 entity 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 have a wholly owned subsidiary for administering health benefits.

The bill outlines several requirements for nonprofit agricultural organizations that choose to offer health benefit coverage. These include providing coverage in every county, notifying members that the coverage is not health insurance and may not meet federal insurance requirements, and reinsuring risks with an authorized company. It also prohibits exclusions for services provided by healthcare providers if those services are covered when provided by a physician, limits preexisting condition exclusions to six months, and mandates a complaint resolution process consistent with health insurance consumer protections. Furthermore, the bill creates a new provision in statute 600.01 (1) (b) 14, specifically addressing nonprofit agricultural organization health benefit coverage.