,,ii #aagth ,,congress #ast ,session ,s4 #hfb ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #ah1 #bjba,mr4 ,menendez 7for himself1 ,mr4 ,paul1 and ,mr4 ,merkley7 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 legitimate 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 which is a concentrate1 an edible1 a tincture1 a cannabis-infused product1 or a topical4 7#c7 ,cannabis-related legitimate business ,the term cannabis-related legitimate 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 ,state1 as determined by the ,state or political subdivision2 and 7,b7 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 products4 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 ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha72 and 7,b7 includes-- 7i7 the business of insurance2 7ii7 whether performed directly or indirectly1 the authorizing1 processing1 clearing1 settling1 billing1 transferring for deposit1 transmitting1 delivering1 instructing to be delivered1 reconciling1 collecting1 or otherwise effectuating or facilitating of payments or funds1 where such payments or funds are made or transferred by any means1 including by the use of credit cards1 debit cards1 other payment cards1 or other access devices1 accounts1 original or substitute checks1 or electronic funds transfers2 7iii7 acting as a money transmitting business that directly or indirectly makes use of a depository institution in connection with effectuating or facilitating a payment for a cannabis-related legitimate business or service provider in compliance with section #eccj of title #ca1 ,united ,states ,code1 and any applicable ,state law2 and 7iv7 acting as an armored car service for processing and depositing with a depository institution or a ,federal ,reserve bank with respect to any monetary instruments1 as defined in section #aief7;c7 of title #ah1 ,united ,states ,code4 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 the ,commonwealth of ,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 legitimate business2 or 7,b7 a ,state1 political subdivision of a ,state1 or ,indian ,tribe that exercises jurisdiction over cannabis-related legitimate 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 legitimate 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 legitimate business2 7,b7 the policyholder later becomes an employee1 owner1 or operator of a cannabis-related legitimate business2 or 7,c7 the insurer was not aware that the policyholder is an employee1 owner1 or operator of a cannabis-related legitimate business2 or 7#d7 take any adverse or corrective supervisory action on a policy to-- 7,a7 a cannabis-related legitimate business1 solely because the owner or operator owns or operates a cannabis-related legitimate 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 legitimate business1 as applicable2 or 7,c7 an owner or operator of real estate or equipment that is leased to a cannabis-related legitimate business1 solely because the owner or operator of the real estate or equipment leased the equipment or real estate to a cannabis-related legitimate 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 or regulation 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 legitimate 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 or regulation-- 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 legitimate 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 #c4 ,,gao study on diversity and inclusion 7a7 ,study ,the ,comptroller ,general of the ,united ,states shall carry out a study on the barriers to marketplace entry1 including in the licensing process1 and the access to financial services for potential and existing minority-owned and women-owned cannabis-related legitimate businesses4 7b7 ,report ,the ,comptroller ,general shall submit to ,congress a report-- 7#a7 containing all findings and determinations made in carrying out the study required under subsection 7a72 and 7#b7 containing any regulatory or legislative recommendations for removing barriers to marketplace entry1 including in the licensing process1 and expanding access to financial services for potential and existing minority-owned and women-owned cannabis-related legitimate businesses4