Association of Bermuda Insurers and Reinsurers (ABIR)

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Association of Bermuda Insurers and Reinsurers (ABIR)

April 19, 2021 The Honorable Ed Perlmutter 1226 Longworth House Office Building U.S. House of Representatives Washington, DC 20515 Dear Representative Perlmutter, I am writing on behalf of the Association of Bermuda Insurers and Reinsurers (ABIR), which represents the public policy interests of Bermuda’s leading insurers and reinsurers and make up over 35% of the global reinsurance market based on property & casualty net premiums earned. ABIR members employ over 43,000 Americans in the U.S. and protect consumers around the world by providing affordable and accessible insurance protection and peace of mind. ABIR writes in support of H.R. 1996, the SAFE Banking Act, and to thank you for your leadership on this issue. As you know, the current lack of harmonization between federal and state laws on cannabis banking deeply affects insurers and reinsurers. We support Congress addressing this important issue for all financial services providers and specifically and applaud the inclusion of insurance and other financial products or services insurers in the SAFE Banking Act. Similar to other financial services providers, insurers are being forced to restrict providing insurance and other financial products or services to people working in state-legal cannabis jobs simply due to the source of their paycheck. The SAFE Banking Act would allow the financial services industry to serve the cannabis industry and will result in greater transparency for the state-legal operators. Thank you for your leadership on this narrowly tailored yet profoundly important issue, and we look forward to working with you and your colleagues as legislation moves forward. Sincerely, John M. Huff President & CEO Representing Bermuda’s Major International Insurers and Reinsurers cc: The Honorable Nancy Pelosi The Honorable Kevin McCarthy Speaker Minority Leader U.S. House of Representatives U.S. House of Representatives The Capitol The Capitol Washington, D.C. 20515 Washington, D.C. 20515 The Honorable Maxine Waters The Honorable Patrick McHenry Chairwoman Ranking Member U.S. House Committee on Financial Services U.S. House Committee on Financial Services 2221 Rayburn House Office Building 2004 Rayburn House Office Building Washington, DC 20515 Washington, DC 20515 2 .

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