1. Short title This Act may be cited as the Clarifying Law Around Insurance of Marijuana Act or the CLAIM Act . 2. Safe harbor for insurers and the business of insurance (a) Definitions In this Act: (1) Cannabis The term cannabis has the meaning given the term marihuana in section 102 of the Controlled Substances Act ( 21 U.S.C. 802 ). (2) Cannabis product The term cannabis product means any article which contains cannabis, including an article which is a concentrate, an edible, a tincture, a cannabis-infused product, or a topical. (3) Cannabis-related legitimate business The term cannabis-related legitimate business means a manufacturer, producer, or any person or company that— (A) engages in any activity described in subparagraph (B) pursuant to a law established by a State or a political subdivision of a State, as determined by such State or political subdivision; and (B) participates in any business or organized activity that involves handling cannabis or cannabis products, including cultivating, producing, manufacturing, selling, transporting, displaying, dispensing, distributing, or purchasing cannabis or cannabis products. (4) Federal agency The term Federal agency — (A) has the meaning given the term Executive agency in section 105 of title 5, United States Code; and (B) includes a private attorney described in section 3002(1)(B) of title 28, United States Code. (5) Financial service The term financial service — (A) means a financial product or service, as defined in section 1002 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5481 ); and (B) includes— (i) the business of insurance