Regulation

(Bloomberg) – A National Rifle Association-branded insurance program unlawfully provided liability coverage to gun owners in the event they were charged with a crime involving their firearms, according to New York state regulators.

Lockton Cos., which administered the insurance, and an affiliate were fined $7 million by New York's Department of Financial Services (DFS) and will no longer participate in the NRA's “Carry Guard” program in the state of New York, the agency said in a statement Wednesday.

Lockton cooperating with regulators

Lockton said it will continue to cooperate with regulators. The company announced after the Parkland, Florida, school shooting in February that it would stop providing brokerage services for all NRA-endorsed insurance programs.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Investigative & Forensics
E&S/Specialty
Loss Control