NSSF http://www.gunownerscare.org

BHA Survive


Digital Daily Gun News Website

NY – GUN SAFETY – New York charges NRA over gun insurance sales

New York regulators on Wednesday charged the National Rifle Association with violation of the state’s insurance laws by allegedly acting as an unlicensed insurance broker in marketing and endorsing its insurance programs for gun owners. The charges filed by New York’s Department of Financial Services follows the regulator’s $7 million settlement in May 2018 with Lockton Cos. LLC, which administered programs that provided liability insurance to members of the Fairfax, Virginia-based gun rights advocacy group. According to the notice of hearing and statement of charges, the NRA has worked with Lockton since 2000 to endorse and market gunowners’ liability coverage, including the Carry Guard program launched in 2016. “In return for its participation in these programs, the NRA receives substantial compensation, including in the form of ‘royalties’ that are based upon a percentage of the insurance premiums paid by its members,” the charge statement said. The payments to the NRA varied between 13.67% and 21.92% and the organization received more than $1.8 million from Lockton for New York sales between 2000 and 2019, the statement said. “The NRA’s participation in endorsing and marketing the insurance programs, along with its receipt of compensation from those activities, means that the NRA has been acting as an insurance producer, thus requiring it to be licensed and regulated by the department. Despite this, the NRA is not now, and has never been, licensed by the department in any capacity with respect to insurance,” the statement said.  [full article]

Download
Our Mobile App

and get our latest news and featured videos instantly

Download Now