Cannabis Bill Backed by PIA Set for House Vote
Throughout the summer, PIA National has been working to advance legislation to protect insurance agents from prosecution for doing business with cannabis-related enterprises in states in which such businesses are legal. In July, the Clarifying Law Around Insurance of Marijuana (CLAIM) Act was introduced with PIA’s full support. The bill would provide a legal safe harbor for independent agents that engage in insurance-related transactions associated with cannabis businesses that are otherwise permissible under state law.
Over the last several months, PIA National has been working with other insurance trade associations to build support for this important bill. Our advocacy has paid off, as key parts of the CLAIM Act will be merged with another bill, H.R. 1595, the SAFE Banking Act of 2019, which is meant to shield bankers from the same legal jeopardy concerning cannabis. The SAFE Banking Act, which will include protections for insurance agents and carriers, is scheduled to be considered on the House floor this week.
PIA supports the SAFE Banking Act now that it includes the provisions from the CLAIM Act that protect agents, and we are advocating for its passage in the U.S. House this week.