The American Council of Life Insurers, a national trade association representing life insurance companies, disclosed lobbying activity involving two major marijuana reform proposals during the third quarter of 2026, according to a federal report filed Monday.
The October 19 disclosure lists the Secure and Fair Enforcement (SAFE) Banking Act and the Clarifying Law Around Insurance of Marijuana (CLAIM) Act among the legislative proposals the association lobbied on between July 1 and September 30. The organization reported $1,002,681 in federal lobbying expenditures for the quarter, although that amount covers its entire lobbying agenda rather than marijuana-related legislation alone.
According to the filing, the association’s lobbying included H.R. 9471 and S. 4942, the House and Senate versions of the SAFE Banking Act. The legislation would provide federal protections to banks and other financial institutions that serve marijuana businesses operating legally under state law.
The report also identifies H.R. 10471 and S. 5049, corresponding to the CLAIM Act. That proposal would establish similar protections for insurance companies, brokers and agents providing services to state-legal marijuana businesses, addressing concerns that federal prohibition could expose insurers to legal consequences for covering the industry.
The American Council of Life Insurers identified both chambers of Congress as lobbying targets. Ian Steger and Paul Kangas were listed as the lobbyists involved in the financial-services issues that included the marijuana proposals.
The disclosure follows growing involvement from the insurance industry in efforts to resolve federal restrictions affecting state-regulated marijuana businesses. Republican Senator Kevin Cramer of North Dakota and Democratic Senator Ruben Gallego of Arizona introduced the CLAIM Act in the Senate on July 21, while Democratic Representative Nydia Velázquez of New York and Republican Representative Warren Davidson of Ohio introduced the House version on September 16.
Following the House introduction, the American Council of Life Insurers joined eight other major insurance industry organizations in publicly endorsing the legislation. Industry supporters have argued that conflicting state and federal marijuana laws create uncertainty for insurers, discouraging companies from offering property, liability and other commercial coverage to marijuana businesses.
While the SAFE Banking Act focuses primarily on financial institutions, the CLAIM Act addresses a separate challenge facing the regulated marijuana market: access to insurance. Both proposals seek to reduce federal legal risks for businesses providing essential financial services to the industry.
The October 19 filing confirms that the American Council of Life Insurers included both proposals in its congressional lobbying activity during the third quarter. Other issues identified in the association’s broader lobbying agenda included retirement security, consumer privacy, artificial intelligence, insurance regulation and additional financial-services legislation.
