The American Property Casualty Insurance Association (APCIA) was formed on January 1, 2019, following the merger of the American Insurance Association (AIA) and the Property Casualty Insurers Association of America (PCI). Together these organizations trace their history back to the founding of the National Board of Fire Underwriters in 1866.

APCIA members represent all sizes, structures, and regions – protecting families, communities, and businesses in the U.S. and across the globe.

H.R. 1996, the SAFE Banking Act generally prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business. Prohibited penalties include terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate cannabis-related business and prohibiting or otherwise discouraging a depository institution from offering financial services to such a business.

The Association released the 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.

The following statement may be attributed to Nat Wienecke, APCIA’s senior vice president of federal government relations:

“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.“

The Bill passed the House of Representatives with bipartisan support. It now moves to the Senate for its consideration