Bill

Bill > A6022


NJ A6022

Creates certain protections for insurers engaging in business of insurance in connection with cannabis-related businesses.


summary

Introduced
12/05/2019
In Committee
12/05/2019
Crossed Over
Passed
Dead
01/08/2020

Introduced Session

2018-2019 Regular Session

Bill Summary

This bill creates certain protections for insurers engaging in the business of insurance in connection with cannabis-related businesses. Specifically, the bill provides that, notwithstanding any law to the contrary, no State or local government agency may: (1) prohibit, penalize, or otherwise discourage an insurer from engaging in the business of insurance in connection with a cannabis-related business; (2) terminate, cancel, 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 business; (3) recommend, incentivize, or encourage an insurer not to engage in the business of insurance in connection with a policyholder, or downgrade or cancel the insurance and insurance services offered to a policyholder solely because the policyholder is or becomes the owner, operator, or employee of a cannabis-related business; or (4) take any adverse or corrective supervisory action on an insurance policy against a cannabis-related business or a person that does business with or is employed by a cannabis-related business, solely because the business or person owns or operates or does business with or is employed by a cannabis-related business, as applicable. The bill provides that insurers, and the officers, directors, and employees of insurers, that engage in the business of insurance with a cannabis-related business or who otherwise engage with a person in a transaction permissible under State law related to cannabis, may not be held liable pursuant to any State law or regulation solely for engaging in the business of insurance, or for further investing any income derived from that business of insurance. The bill also provides that nothing in the bill requires an insurer to engage in the business of insurance in connection with a cannabis-related business and that it does not interfere with the regulation of the business of insurance pursuant to current law, except as expressly provided in the bill.

AI Summary

This bill creates certain protections for insurers engaging in the business of insurance in connection with cannabis-related businesses. Specifically, it prohibits state or local government agencies from taking various actions against insurers solely because they are engaged in the business of insurance with cannabis-related businesses. The bill also provides that insurers and their employees cannot be held liable solely for engaging in the business of insurance with cannabis-related businesses or for investing income from that business. The bill clarifies that it does not require insurers to engage in business with cannabis-related businesses and does not interfere with the regulation of insurance except as expressly provided.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Introduced, Referred to Assembly Financial Institutions and Insurance Committee (on 12/05/2019)

bill text


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