California Insurance Commissioner Dave Jones is renewing his call for insurers to offer insurance products for California’s legalized cannabis industry in the wake of recent reports that President Trump has abandoned Attorney General Jeff Sessions’ policy on federal law enforcement of cannabis.
Since the voters of California voted to legalize adult recreational use of cannabis in November 2016, Jones has urged insurers to offer insurance products to cover the insurance needs of the cannabis industry.
More than 24 surplus lines insurers and the first admitted insurer are now offering insurance for various risks faced by the cannabis businesses in California, according to the California Department of Insurance.
“The mission of the California Department of Insurance is ‘Insurance Protection for All Californians.’ We work with the insurance industry to promote a healthy insurance market that offers insurance products to meet the ever-changing needs of Californians and California businesses,” Jones wrote in his letter to insurers. “This includes making insurance available to the state licensed legal cannabis businesses in California.”
Jones said the CDI will process cannabis rate filings expeditiously and will not object to proposed rates that have a rational basis.
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