NRA Carry Guard Underwriter Fined $7 Million By New York State

By Tom Knighton

A while back, we reported on how the state of New York was investigating the NRA’s Carry Guard insurance. It seems that investigation is now complete, and while the NRA is clear, the underwriter was fined to the tune of $7 million for unlawfully providing liability insurance to residents of New York who purchased the plans through the NRA.

From Guns.com:

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, …Read the Rest

Source:: Bearing Arms