From: Captive International
The National Association of Insurance Commissioners (NAIC) has adopted its Regulatory Guide to Understanding the Market for Cannabis Insurance: 2023 Update white paper.
Among the potential structures being explored to facilitate cannabis-related business coverage are the use of state-based commercial insurance programs, risk retention groups (RRGs), captives, and joint underwriting associations (JUAs).
The white paper explores emerging insurance issues in the cannabis industry and the current state of cannabis regulation in the United States. It was an update to the NAIC’s original cannabis white paper published in 2019.