Washington, DC – The American Property Casualty Insurance Association (APCIA) released a following statement commending the House of Representatives for passing H.R. 1996, the SAFE Banking Act.
The legislation will prevent federal prosecution of and civil liability for insurance agents, brokers, and carriers, as well as their officers, directors, or employees when engaging in the business of insurance in states that have legalized cannabis in some form.
Nat Wienecke, APCIA’s senior vice president of federal government relations made the following statement:
“APCIA commends the House for providing greater certainty surrounding the insurance marketplace for cannabis-related legal businesses and consumers adhering to state laws. This legislation addresses the legal uncertainty created by the dueling state and federal treatment of cannabis. While marijuana is illegal under the federal law, thirty-six states and the District of Columbia have legalized some form of marijuana.
“We applaud Representatives Perlmutter, Stivers, Velazquez, and Davidson for their steadfast leadership. We encourage the Senate to take up and pass the SAFE Banking Act, as soon as possible.”