The CLAIM Act would protect insurers that provide insurance to cannabis businesses operating under state, local, or tribal law. It would limit federal agencies from penalizing insurers or taking certain actions against policies solely because they are connected to these businesses. It would also shield insurers and their staff from federal liability for providing insurance in permitted cannabis-related transactions. The bill does not require insurers to cover cannabis businesses. It directs the Government Accountability Office to study barriers to entry and financial services for minority-owned and women-owned cannabis businesses, then report its findings and recommendations to Congress.
Insurers could face fewer federal restrictions when serving eligible cannabis businesses and related customers. The bill does not require insurers to offer coverage. It also calls for a study of access to financial services and licensing barriers for minority-owned and women-owned cannabis businesses.
The bill does not specify spending or costs.
No publicly available information.
No publicly available information.