CLAIM Act

The CLAIM Act protects insurance companies and related financial institutions from federal penalties if they provide services to businesses involved in the legal cannabis industry. Specifically, it prevents federal agencies from stopping insurers from offering policies to cannabis manufacturers, producers, or other legitimate state-authorized cannabis businesses, and it shields these entities from being discriminated against or having their policies cancelled solely due to their involvement in the cannabis sector. The legislation also clarifies that engaging in this business does not make insurers liable under federal law, while explicitly stating that it does not force insurers to offer such coverage. Additionally, the bill requires the Government Accountability Office to conduct a study on barriers facing minority and women-owned cannabis businesses and submit a report with recommendations to improve their access to financial services and licensing.