NRA pays fine for selling gun insurance that is disallowed in NYS

NRA pays fine for selling gun insurance that is disallowed in NYS

Letitia James, New York’s attorney general, outside the Supreme Court in Washington, D.C., on Nov. 12, 2019. MUST CREDIT: Bloomberg photo by Al Drago. ALBANY — The National Rifle Association has agreed to pay a $2.5 million civil penalty for violating state insurance laws when it promoted policies to protect gun owners from the legal consequences stemming from shooting a person in self-defense. “The NRA operated as an unlicensed insurance producer and broke the New York Insurance Law by soliciting insurance products and receiving compensation,” Department of Financial Services Superintendent Linda Lacewell said Wednesday in a prepared statement. The agreement closes a three-year investigation that focused largely on the NRA’s controversial Carry Guard policies, which were introduced in 2017 and were marketed through the Lockton Affinity insurance brokers. DFS found that the NRA violated various New York insurance laws and regulations by, among other things, acting as an insurance producer without a license by participating in efforts to solicit and market the sale of insurance. Sellers of insurance in New York must be licensed by the DFS. In addition to the fine, the NRA is banned from marketing insurance in the state or receiving compensation from newly issued New York insurance policies for five years, irrespective of whether the group obtains a license. nra consent order with dfs.pdf by rkarlin on Scribd Carry Guard was marketed and sold throughout the United States, with about 680 policies issued to New York residents. They stopped selling in New York a few […]

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