CLAIM Act
Sponsored By: Representative Velázquez, Nydia M. [D-NY-7]
Introduced
Summary
Creates a federal safe harbor for insurers that want to provide insurance and related financial services to cannabis businesses that operate legally under state or tribal law. It protects insurers from certain federal penalties while keeping state and tribal regulation intact and adds a study on access for minority and women owners.
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- Insurers: Federal agencies may not penalize, discourage, cancel, or limit insurers solely for serving state-legal cannabis businesses. Officers, directors, and employees are shielded from federal liability just for engaging in that insurance activity or investing income from it.
- Financial services and businesses: The protection covers a wide set of payment activities including processing, clearing, settling, money transmission under 31 U.S.C. 5330, and armored car services. The law is permissive and does not force insurers to participate.
- Market entry for minority and women owners: The Government Accountability Office must study licensing and finance barriers for minority- and women-owned cannabis businesses and report recommendations to Congress.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Definitions for cannabis and finance
If enacted, this bill would define key terms used in the Act. It would define "cannabis" to match the federal "marihuana" definition and define "cannabis product." It would define which businesses count as state-authorized cannabis-related legitimate businesses. It would also define "financial service" to include insurance, payment processing, money transmission that complies with 31 U.S.C. 5330, and armored car services. These definitions would apply only where activity is lawful under State, local, or tribal law and would take effect upon enactment.
Protections for insurers serving cannabis businesses
If enacted, Federal agencies would be barred from prohibiting, penalizing, or discouraging insurers from providing insurance to state-authorized cannabis businesses. Agencies could not terminate, cancel, limit, downgrade, or encourage avoiding coverage solely because a policyholder is a cannabis-related business. Insurers and their officers, directors, and employees would not be held liable under federal law solely for insuring or investing income from insuring such businesses in jurisdictions where cannabis is lawful. The bill would not require insurers to offer coverage and would take effect upon enactment.
Sponsors & CoSponsors
Sponsor
Velázquez, Nydia M. [D-NY-7]
NY • D
Cosponsors
Rep. Davidson, Warren [R-OH-8]
OH • R
Sponsored 9/16/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov