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Pistols and revolvers sit on display in the Smith & Wesson Corp. booth during the National Rifle Association (NRA) annual meeting in Dallas, Texas, on May 5, 2018. (Photo: Bloomberg) Pistols and revolvers sit on display in the Smith & Wesson Corp. booth during the National Rifle Association (NRA) annual meeting in Dallas, Texas, on May 5, 2018. (Photo: Bloomberg)

New York’s Department of Financial Services announced that the National Rifle Association (NRA) has agreed to a five-year ban from participating in the insurance business in New York and will pay a $2.5 million civil fine in order to settle charges that it offered insurance coverage to NRA members without a license and also concealed how it routinely kept premiums for its own benefit.

The announcement came more than three months after 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, 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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