PIA recently collaborated with other insurance trade groups to send a letter to the leaders of the relevant Senate committees urging them to include the Secure and Fair Enforcement (SAFE) Banking Act in the final National Defense Authorization Act (NDAA) for Fiscal Year 2022 . PIA worked with a coalition of industry allies in support of this legislation to successfully ensure that key insurance-specific protections were included.
The House has passed the SAFE Banking Act five times since September 2019, most recently, as part of the NDAA the House passed on September 23, 2021. The SAFE Banking Act would protect insurance agents and carriers from federal prosecution for doing business with cannabis-related enterprises in states in which such businesses are legal. The bill would also make it easier for banks to offer financial services to the cannabis industry.
Nearly every state has legalized cannabis to some degree. PIA’s position is respectful of state insurance laws; we seek to protect independent agents from criminal prosecution for engaging in the sale of insurance to businesses that are legal according to state law. Including the SAFE Banking Act in the NDAA would provide much-needed clarity to such insurance transactions.
PIA is continuing to meet with Senate offices to encourage them to pass the NDAA with the SAFE Banking Act included.