PIA National is pleased that the House tonight passed H.R. 1595, the SAFE Banking Act of 2019 in a bipartisan vote of 321 – 103. Please see our press release here.
As reported earlier this week, PIA National has been working to advance legislation that would provide a legal safe harbor for independent agents who engage in insurance-related transactions associated with cannabis businesses that are otherwise permissible under state law. The SAFE Banking Act includes such provisions protecting insurance agents.
The SAFE Banking Act will prevent federal criminal prosecution of and civil liability for agents, brokers, and insurers, and their officers, directors, and employees when engaging in the business of insurance in states that have legalized cannabis in some form. Initially a banking-centric bill, the SAFE Banking Act was amended before consideration on the House floor and now includes provisions to protect insurance agents thanks to the advocacy of PIA National and our coalition allies.
PIA National will continue our advocacy in support of this bill in the Senate.