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NRA agrees to pay $ 2.5 million to resolve New York insurance investigation

November 18th – On Wednesday, the National Rifle Association agreed to pay $ 2.5 million to stop selling insurance in New York to resolve an investigation into whether it violated state insurance law.

The NRA has reached an agreement with the New York State Department of Financial Services to pay a fine and suspend the sale of insurance to New York members for five years instead of ending a three-year investigation.

“NRA broke the New York Insurance Act by acting as an unlicensed insurance producer, soliciting insurance products and receiving compensation,” said DFS coach Linda Racewell. “To make matters worse, NRA has New York Insurance by soliciting dangerous and unauthorized insurance products, including products within the Carryguard Program aimed at guaranteeing intentional conduct and criminal defense costs. I violated the law. “

According to a DFS survey, NRA earned commissions on more than 28,000 sales of insurance products to New York members, despite not having a proper insurance license.

Carry of an organization that promised to cover the legal and civil liability costs of policyholders involved in firearm-related cases alleged to have acted for self-defense, which was considered illegal in New York. A guard program was included.

Between April 1, 2017 and November 17, 2017, NRA sold and sold carry guards nationwide and sold approximately 680 insurance policies to New Yorkers.

William Brewer, an NRA attorney, issued a statement stating that the DFS investigation “starts with a roar” and “ends with a whim.”

“The consent order does not include NRA approval, and NRA members’ funding will not fund the settlement,” Brewer said.



NRA agrees to pay $ 2.5 million to resolve New York insurance investigation

Source link NRA agrees to pay $ 2.5 million to resolve New York insurance investigation

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