CLAIM Act

This bill, titled the "Clarifying Law Around Insurance of Marijuana Act" or "CLAIM Act," creates a safe harbor for insurers engaging in the business of insurance with cannabis-related legitimate businesses. It defines a "cannabis-related legitimate business" as any entity involved in handling cannabis or cannabis products, including cultivation, production, manufacturing, or sale, pursuant to state or tribal law. The primary purpose is to prevent federal agencies from prohibiting, penalizing, or otherwise discouraging insurers from providing coverage to these businesses. Specifically, federal agencies are prohibited from terminating or limiting an insurer's policies solely because they serve cannabis-related legitimate businesses, or from taking adverse supervisory actions against policies for such entities or their employees. Insurers and their officers, directors, and employees are protected from federal liability solely for engaging in this business or for investing income derived from it. The bill clarifies that it does not mandate insurers to provide coverage and preserves existing state and federal regulations of the insurance business. Additionally, it mandates a Government Accountability Office (GAO) study on barriers to marketplace entry and access to financial services for minority-owned and women-owned cannabis businesses.