On July 22nd, Senator Bob Menendez (D-NJ) and Senator Rand Paul (R-KY) introduced S. 2201, the Clarifying Law Around Insurance of Marijuana (CLAIM) Act. The CLAIM Act recognizes the need for a comprehensive federal safe harbor for insurers and insurance agents who sell insurance to both cannabis-related legitimate businesses and other commercial and personal lines consumers who may have a direct or indirect relationship to cannabis businesses in states where it is already legalized. Congresswoman Nydia Velazquez (D-NY) and Congressman Steve Stivers (R-OH) introduced the House companion bill, H.R 4074, on July 25th.
The bill would prevent federal criminal prosecution of insurers that transact with consumers, and it would prevent civil liability for agents, brokers, and insurers, their officers, directors or employees. Since insurance is regulated by the states, the Claim Act allows those engaged in the business of insurance with relation to cannabis businesses to comply with state regulations.
PIA National helped develop the CLAIM Act and was joined by other trade associations in a letter of support for it.