Saturday, January 23, 2021

NRA Agrees to Pay $2.5M, Halt Insurance Sales for 5 Years in NY

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The NRA will pay a $2.5 million fine and halt insurance sales for five years in New York to resolve claims it violated the state’s insurance laws.

Superintendent of Financial Services Linda A. Lacewell announced the consent Wednesday.

The penalty stems from a three-year investigation into the NRA’s insurance offerings, including Carry Guard, a controversial product that covered legal costs for policyholders who claimed that they acted 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,” Lacewell said in a statement. “Even worse, the NRA violated the New York Insurance Law by soliciting dangerous and impermissible insurance products, including those within its Carry Guard program that purported to insure intentional acts and criminal defense costs.”

The state is still seeking to dissolve the NRA. New York Attorney General Letitia James filed a lawsuit in August accusing senior leaders of corruption, including the improper diversion of millions of dollars. James is also demanding millions of dollars in restitution and penalties.


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