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Insurance Agents Cheer House Passage of Cannabis Insurance Bill

Statement by the National Association of Professional Insurance Agents on Passage of Cannabis Insurance Bill in U.S. House of Representatives

WASHINGTON, Sept. 25, 2019 /PRNewswire/ -- The National Association of Professional Insurance Agents (PIA National) is pleased the House today passed H.R. 1595, the SAFE Banking Act of 2019. The vote was 321-103. The SAFE Banking Act includes key provisions from an insurance focused cannabis bill that would protect insurance agents involved in servicing cannabis-related businesses in states where such business is legal.

"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."

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

The SAFE Banking Act had applied only to banks until recently, when PIA National and other allies secured key parts of the PIA National-supported Clarifying Law Around Insurance of Marijuana (CLAIM) Act into the bill. The addition of key provisions of the CLAIM Act in the SAFE Banking Act 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.

"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."

Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance but specialize in coverage of automobiles, homes, and businesses. PIA members are Local Agents Serving Main Street AmericaSM . PIA's web address is www.pianet.com.

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SOURCE National Association of Professional Insurance Agents