Posted May 3, 2018 11:30 am by Comments

By Daniel Terrill

An employee in an ill-fitting suit at Milwaukee’s Wisconsin Center next to a patron eating lunch under the backdrop of NRA spokeswoman Dana Loesch promoting Carry Guard during a trade show in August 2017. (Photo: Daniel Terrill/Guns.com)
New York regulators hit insurance underwriter Lockton Affinity with a $7 million fine for unlawfully providing liability insurance to New Yorkers who bought policies from the National Rifle Association.
In Wednesday’s statement, state superintendent of financial services, Maria Vullo, called the company’s conduct “an egregious violation of public policy.”
Vullo explained Lockton, which served as the administrator for the NRA-branded Carry Guard insurance, agreed to the pay the fine as part of a consent order with the Department of Financial Services for violating New York insurance law.
According to the announcement, a DFS investigation revealed that the NRA did not have a license to run an insurance business in the state, but actively marketed the product anyway. The NRA advertised Carry Guard policies as covering legal expenses for individuals charged with a crime after a self-defense shooting.
The state licensed Lockton Affinity as an excess line insurance broker, which allows the company to offer policy holders insurance options unavailable from licensed insurers in the state. However, Lockton failed

Source: Guns.com

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