Senate Bill 450 aims to establish a framework for nonprofit agricultural organizations in Wisconsin to provide health benefit coverage to their members and their families. The bill defines a nonprofit agricultural organization as a member-directed entity that meets specific criteria, including being tax-exempt, organized as a cooperative, established before January 1, 1922, collecting annual dues, and governed by an elected board of directors. The bill exempts these organizations and their health benefit coverage from standard insurance laws, allowing them to offer coverage in every county of the state while requiring them to notify members that the coverage is not considered health insurance under federal law.

To ensure compliance and protect members, the bill mandates that nonprofit agricultural organizations must reinsure their health benefit coverage risks and file annual actuarial opinions with the commissioner of insurance. Additionally, the bill prohibits these organizations from excluding coverage for services provided by healthcare providers if those services are covered when provided by a physician. It also limits preexisting condition exclusions to a maximum of six months and requires organizations to establish a complaint resolution process similar to that of health insurance consumers. The bill creates new statutory sections, specifically 146.76 and 600.01 (1) (b) 14., to formalize these provisions.