CLAIM Act

Key Points

• This bill, called the CLAIM Act, would stop the federal government from punishing insurance companies that work with legal cannabis businesses. Currently, because marijuana is illegal at the federal level, many insurance companies are afraid to offer coverage to these businesses.
• If this becomes law, federal agencies could not cancel an insurance company's license or fine them just for having a cannabis-related client. This would apply to businesses that grow, sell, or transport cannabis in states where it is already legal.
• The policy also protects the people who work for these insurance companies. It ensures they cannot be held legally responsible or face federal charges for simply doing their jobs and providing insurance to the cannabis industry.
• It would also help people who lease buildings or equipment to cannabis businesses. The government would be blocked from taking action against their insurance policies just because their tenants are in the legal marijuana industry.
• The bill includes a requirement for a government study to look at the challenges minority-owned and women-owned cannabis businesses face. This study would help find ways to make it easier for these owners to get the financial services they need.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.