Earlier this year, the Secure and Fair Enforcement (SAFE) Banking Act (S.1323/H.R.2891), was reintroduced in each chamber by Senator Jeff Merkley (D-OR), and Congressman David Joyce (R-OH), respectively. PIA strongly supports this legislation, which would protect insurance agents and carriers from the possibility of federal prosecution for providing insurance to cannabis-related entities in states where cannabis is legal. Initially conceived as a banking-specific bill, the SAFE Banking Act now includes insurance protections for agents, brokers, and insurers.
PIA has been a leading advocate in the protection of insurance agents from federal prosecution for doing business with cannabis-related enterprises in states where such businesses are legal. Most states have legalized cannabis use to some degree.
PIA does not take a position on the legalization of cannabis and views this issue strictly a matter of respecting state insurance laws. In addition, the evolving landscape of state law on this issue requires protection for agents that engage in the business of insurance with entities that comply with state law from prosecution by the federal government.
The SAFE Banking Act passed the House four times last Congress, but each time has stalled in the Senate. PIA urges the 118th Congress to pass the SAFE Banking Act to protect insurance agents from the possibility of federal prosecution.
Send a message to Congress urging them to support the SAFE Banking Act, and to protect insurance agents from the risk of federal prosecution for providing insurance to cannabis-related businesses in states where such entities are legal to operate. Click here to make your voice heard today!