NY Fines NRA, Prohibits Insurance Sales for Five Years
Representation for the NRA has indicated that this settlement has no effect on other litigation between the NRA and the state of New York.
November 20, 2020 at 01:34 PM
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Last week, New York’s Department of Financial Services announced that the National Rifle Association, the NRA, has agreed to a five-year ban on participating in insurance business in New York State, and will pay a $2.5 million civil fine in order to settle charges that it offered insurance coverage to NRA members without an insurance license and also concealed how it routinely kept premiums for its own benefit.
The announcement came more than three months after state Attorney General, Letitia James, sued to dissolve the group, accusing it of widespread corruption. The agreement resolved charges related to the NRA’s long-standing relationship with insurance broker Lockton Companies Inc., the world’s largest independent insurance brokerage, including the sale of over 28,000 insurance policies to citizens of New York, and the NRA’s receipt of more than $1.8 million of royalties and fees from Lockton.
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