The CLAIM Act creates legal protections for insurance companies that want to do business with cannabis-related operations in states where cannabis is legal. The bill prevents federal agencies from punishing, discouraging, or limiting insurance policies for companies that insure cannabis manufacturers, producers, dispensaries, and other marijuana-related businesses that operate lawfully under state law. It also protects insurance company officers, directors, and employees from federal liability for engaging in this business. The legislation does not require insurers to provide cannabis-related insurance, and it preserves state insurance regulators' authority under existing federal law. Additionally, the bill directs the Government Accountability Office to study barriers that minority-owned and women-owned cannabis businesses face when accessing financial services and licensing, and to recommend solutions for expanding their access.