Insurance Agents cheer House passage of cannabis bill

The National Association of Professional Insurance Agents (PIA National) issued a press release expressing support for and approval of the House’s passage of H.R. 1595, the SAFE Banking Act of 2019.

The association had previously reserved support of The SAFE Banking Act. Original language of the SAFE Banking Act applied only to banks. PIA National and other associations were able to  include additional provisions of the Clarifying Law Around Insurance of Marijuana (CLAIM) Act into the bill.

Officials say the addition of those provisions will prevent federal criminal prosecution of and civil liability for agents, brokers, and insurers, and their officers, directors, and employees when engaging in the business of insurance in states that have legalized cannabis in some form.

“Thirty-three states have medical marijuana laws and eleven states have legalized it for recreational use,” said Jon Gentile, Vice President of Government Relations for PIA National. “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.”

   

With the inclusion of these provisions for insurance professionals, PIA National and other agencies have moved to fully support the SAFE Banking Act.

“Insurance agents are neither enemies nor supporters of cannabis itself,” Gentile said. “They simply provide insurance to businesses that do business with legal entities.”

“PIA National supports the SAFE Banking Act now that it includes the provisions from the CLAIM Act that protect insurance agents,” Gentile said. “We will continue to advocate for its passage and have already begun to work with Senators to urge the bill’s passage.”