PIA National praises passage of cannabis insurance bill

PIA National praises passage of cannabis insurance bill | Insurance Business

PIA National praises passage of cannabis insurance bill

In response to the House passing HR 1595, the National Association of Professional Insurance Agents (PIA National) has issued a statement praising the decision.

HR 1595, also known as the SAFE Banking Act of 2019, includes key provisions from another bill that would protect insurance agents serving cannabis-related businesses in states where the industry has been legalized.

“PIA National supports the SAFE Banking Act now that it includes the provisions from the CLAIM Act that protect insurance agents,” said PIA National vice-president of government relations Jon Gentle in a statement.

The SAFE Banking Act had previously applied only to banks, but PIA National and other insurance industry proponents secured parts of the Clarifying Law Around Insurance of Marijuana (CLAIM) Act into the bill. The addition of the provisions will prevent federal criminal prosecution of and civil liability for agents, brokers, and insurers, as well as their officers, directors, and employees when providing insurance in state with legalized cannabis.

“Thirty-three states have medical marijuana laws and 11 states have legalized it for recreational use,” Gentle remarked. “As such, it is common sense to protect insurance agents from prosecution for doing business with cannabis-related businesses in states where they are legal.”

Gentle noted that PIA National will continue to advocate for the bill passage in the Senate, and that the association has started to work with senators on the matter.