,,ii #aafth ,,congress #ast ,session ,s4 #bbja ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #bb1 #bjai ,mr4 ,menendez 7for himself1 ,mr4 ,paul1 ,mr4 ,merkley1 and ,mr4 ,cramer7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to create a safe harbor for insurers engaging in the business of insurance in connection with a cannabis-related business1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,clarifying ,law ,around ,insurance of ,marijuana ,act or the ,,claim ,act4 #b4 ,safe harbor for insurers and the business of insurance 7a7 ,definitions ,in this ,act3 7#a7 ,cannabis ,the term cannabis has the meaning given the term marihuana in section #ajb of the ,controlled ,substances ,act 7#ba ,u4,s4,c4 #hjb74 7#b7 ,cannabis product ,the term cannabis product means any article that contains cannabis1 including an article that is a concentrate1 an edible1 a tincture1 a cannabis-infused product1 a topical1 or a flower4 7#c7 ,cannabis-related business ,the term cannabis-related business means a manufacturer1 producer1 or any person or company that-- 7,a7 engages in any activity described in subparagraph 7,b7 pursuant to a law established by a ,state or a political subdivision of a ,state2 7,b7 7i7 participates in any business or organized activity that involves handling cannabis or cannabis products1 including cultivating1 producing1 manufacturing1 selling1 transporting1 displaying1 dispensing1 distributing1 or purchasing cannabis or cannabis products or distributing or deriving any proceeds1 directly or indirectly1 from cannabis or cannabis products2 or 7ii7 provides-- 7,i7 any financial service1 including retirement plans or exchange traded funds1 relating to cannabis2 or 7,,ii7 any business services1 including the sale or lease of real or any other property1 legal or other licensed services1 or any other ancillary service1 relating to cannabis4 7#d7 ,federal agency ,the term ,federal agency-- 7,a7 has the meaning given the term ,executive agency in section #aje of title #e1 ,united ,states ,code2 and 7,b7 includes a private attorney described in section #cjjb7a77;,b7 of title #bh1 ,united ,states ,code4 7#e7 ,financial service ,the term financial service-- 7,a7 means a financial product or service1 as defined in section #ajjb of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edha72 and 7,b7 includes the business of insurance4 7#f7 ,indian country ,the term ,indian country has the meaning given the term in section #aaea of title #ah1 ,united ,states ,code4 7#g7 ,indian tribe ,the term ,indian tribe has the meaning given the term in section #ajb of the ,federally ,recognized ,indian ,tribe ,list ,act of #aiid 7#be ,u4,s4,c4 #dgi;a74 7#h7 ,insurer ,the term insurer has the meaning given the term in section #cac7r7 of title #ca1 ,united ,states ,code4 7#i7 ,manufacturer ,the term manufacturer means a person or company who manufactures1 compounds1 converts1 processes1 prepares1 or packages cannabis or cannabis products4 7#aj7 ,producer ,the term producer means a person who plants1 cultivates1 harvests1 or in any way facilitates the natural growth of cannabis4 7#aa7 ,state ,the term ,state means each of the several ,states1 the ,district of ,columbia1 ,puerto ,rico1 and any territory or possession of the ,united ,states4 7b7 ,insurers ,a ,federal agency may not-- 7#a7 prohibit1 penalize1 or otherwise discourage an insurer from engaging in the business of insurance in connection with-- 7,a7 a cannabis-related business2 or 7,b7 a ,state1 political subdivision of a ,state1 or ,indian tribe that exercises jurisdiction over cannabis-related businesses2 7#b7 terminate1 cancel1 or otherwise limit the policies of an insurer solely because the insurer has engaged in the business of insurance in connection with a cannabis-related business2 7#c7 recommend1 incentivize1 or encourage an insurer not to engage in the business of insurance in connection with a policyholder1 or downgrade or cancel the insurance and insurance services offered to a policyholder solely because-- 7,a7 the policyholder is-- 7i7 a manufacturer or producer2 or 7ii7 the owner1 operator1 or employee of a cannabis-related business2 7,b7 the policyholder later becomes an employee1 owner1 or operator of a cannabis-related business2 or 7,c7 the insurer was not aware that the policyholder is an employee1 owner1 or operator of a cannabis-related business2 or 7#d7 take any adverse or corrective supervisory action on a policy to-- 7,a7 a cannabis-related business1 solely because the owner or operator owns or operates a cannabis-related business2 7,b7 an employee1 owner1 or operator of a cannabis-related legitimate business or service provider1 solely because the employee1 owner1 or operator is employed by1 owns1 or operates a cannabis-related business1 as applicable2 7,c7 an owner or operator of real estate or equipment that is leased to a cannabis-related business1 solely because the owner or operator of the real estate or equipment leased the equipment or real estate to a cannabis-related business1 as applicable4 7c7 ,protections under ,federal law ,with respect to engaging in the business of insurance within a ,state1 political subdivision of a ,state1 or ,indian country that allows the cultivation1 production1 manufacture1 sale1 transportation1 display1 dispensing1 distribution1 or purchase of cannabis pursuant to a law 7including regulations7 of such ,state1 political subdivision1 or ,indian ,tribe that has jurisdiction over the ,indian country1 as applicable1 an insurer that engages in the business of insurance with a cannabis-related business or service provider or who otherwise engages with a person in a transaction permissible under ,state law related to cannabis1 and the officers1 directors1 and employees of that insurer may not be held liable pursuant to any ,federal law 7including regulations7-- 7#a7 solely for engaging in the business of insurance2 or 7#b7 for further investing any income derived from such business of insurance4 7d7 ,rule of construction ,nothing in this ,act shall-- 7#a7 require an insurer to engage in the business of insurance in connection with a cannabis-related business2 or 7#b7 interfere with the regulation of the business of insurance in accordance with the ,act of ,march #i1 #aide 7#ei ,stat4 #cc1 chapter #bj2 #ae ,u4,s4,c4 #ajaa et seq47 7commonly known as the ,mc,carran-,ferguson ,act71 and the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq474