New bill aims to help cannabis businesses obtain insurance

The CLAIM Act has been referred to the House Financial Services Committee, of which Velázquez is the third most senior member. (Photo: Aaron P. Bernstein/Bloomberg)

Rep. Nydia M. Velázquez (D-NY) and Rep. Steve Stivers (R-OH) have introduced H.R. 4074, the Clarifying Law Around Insurance Marijuana (CLAIM) Act, which would help businesses operating in the growing cannabis sector to obtain insurance products.

The CLAIM Act establishes a federal “safe harbor”, preventing federal criminal prosecution of insurers that transact with consumers and would prevent civil liability for agents, brokers and insurers that do business with the cannabis sector.