Insurance Department connects stakeholders to discuss cannabis regulations and insurance issues
News: 2017 Press Release
"As Insurance Commissioner, my goal is to make sure all Californians, including emerging cannabis businesses, have insurance protection," said Commissioner Jones. "The department has an important role to play as new industries emerge and the market adapts to meet the changing needs of all insurance consumers."
Jones is working to identify ways in which the department may help the insurance and cannabis industries by providing insurance-related regulatory guidance and resources.
California has recently grappled with insurance requirements for other emerging industries – notably ridesharing services like Uber and Lyft and autonomous vehicles. With so many agencies working to develop regulations and oversight on the emerging cannabis market, the Department of Insurance has found it useful to inform insurance stakeholders about the insurance-related provisions under consideration by other state agencies, and provide stakeholders with details about how to formally comment on those proposed regulations.
"Cannabis businesses need to insure property, crops, vehicles and employees, just like any other business. They have the same insurance needs," Jones added.
- The California Department of Insurance has a dedicated webpage on the cannabis and insurance issues: https://www.insurance.ca.gov/01-consumers/160-cannabis/
- California's Bureau of Medical Cannabis Regulation (BMCR), Office of Manufactured Cannabis Safety (OMCS), and CalCannabis Cultivation Licensing (CDFA) agencies all issued proposed regulations on April 28th.
- The deadline to comment on the various regulations range from June 13, 2017 through June 20, 2017.
- CDI currently has a seat on the Treasurer's Cannabis Banking Working Group.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.4357. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.