Takeaways from Talk About Regulators and Cannabis Insurance

CANNANNEW REPORT

Insurance Journal reports….There’s a shortage of carriers offering insurance to cannabis businesses in numerous states, causing these businesses to pay more for policies or go underinsured. Regulators in several states are stepping in and putting some time and resources into encouraging more insurers to get into the business of insuring cannabis. States like California, Colorado, New Jersey, and New York, are looking for ways to incentivize insurers to offer products and services to cannabis businesses. In the latest Insuring Cannabis Podcast, we spoke to an insurance and legal matter expert and a regulator to find out what regulators are doing to encourage carriers to get into the market. Phillip Skaggs, assistant counsel of American Association of Insurance Services.             Following are some takeaways from that conversation. You can listen to the full podcast posted above or visit insurancejournal.tv. The Colorado Division of Insurance is one regulatory body that’s throwing out the welcome mat. The division sponsored Colorado Cannabis Business Insurance Forum, a series of four virtual webinars. The forum kicked off in April with a presentation by Colorado’s cannabis regulatory agency, the Marijuana Enforcement Division, to talk about the state’s regulatory structure. Peg Brown, chief deputy commissioner of Colorado Department of Insurance           They’ve also had presentations offering data from the state’s seed-to-sale tracking system, and panels on insurance products and forms. Recordings of all the sessions from the forum are on the department’s website. “The intent behind the webinars is to bring together the insurance industry and the cannabis businesses,” said Brown, Colorado’s chief deputy insurance commissioner. “Because we understand that there is a need for insurance for cannabis businesses, and at this point the insurance industry has been a little reticent to jump in and provide coverage. What we have found is…

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