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Cannabis Insurance (C) Working Group

2022 Membership

2023 Proposed Charges

The Cannabis Insurance (C) Working Group will:

  1. Assess and periodically report on the status of federal legislation that would protect financial institutions from liability associated with providing services to cannabis businesses operating legally under state law.
  2. Encourage admitted insurers to ensure coverage adequacy in states where cannabis, including hemp, is legal.
  3. Provide insurance resources to stakeholders, and keep up with new products and innovative ideas that may shape insurance in this space. 
  4. Explore potential sources of constraint to coverage limits and availability of cannabis insurance products within the admitted and non-admitted market. Explore the use of cannabis on P/C insurance lines of business. Use information gained to develop an appendix to the Understanding the Market for Cannabis Insurance 2.0 white paper.  

2022 Adopted Charges

The Cannabis Insurance (C) Working Group will:

  1. Assess and periodically report on the status of federal legislation that would protect financial institutions from liability associated with providing services to cannabis businesses operating legally under state law.
  2. Encourage admitted insurers to ensure coverage adequacy in states where cannabis, including hemp, is legal.
  3. Provide insurance resources to stakeholders and keep up with new products and innovative ideas that may shape insurance in this space.
  4. Develop an appendix to the Understanding the Market for Cannabis Insurance white paper providing updated information on cannabis-related insurance issues for adoption by the 2022 Summer National Meeting.
  5. Collaborate with the Producer Licensing (D) Task Force to study, in states where cannabis is legalized for medical and/or recreational use, whether cannabis-related convictions are preventing individuals from being licensed as an agent or broker. 

NAIC Support Staff: Anne Obersteadt/Aaron Brandenburg

Cannabis WG Call 221129

Public Webex Meeting
Tuesday, November 29, 2022
12:00 PM ET, 11:00 AM CT, 10:00 AM MT, 9:00 AM PT
Expected Length of Call: 1 hr
Webex Link

Virtual meeting in lieu of the Fall National Meeting to adopt Oct.19th minutes, review the nearly complete draft Understanding the Market for Cannabis Insurance 2.0 white paper, and hear a discussion on recent federal and state political movements (including the federal pardon of simple marijuana convictions) and how they may impact the industry.


Related NAIC Publications

Contacts

Media Inquiries
(816) 783-8909
news@naic.org


Anne Obersteadt
Regulatory Research Specialist
816-783-8225

Aaron Brandenburg
Assistant Director - P&C Regulatory Services
816-783-8271

Please see the current Committee List for a complete list of committee members.