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New York regulators fine Lloyd’s insurers $5m for NRA dealings

28th December 2018 - Author: Charlie Wood

Ten insurers that did business with the National Rifle Association (NRA) through the Lloyd’s of London marketplace have been fined a total of $5 million by New York regulators.

NRAThe fines are related to NRA self-defense insurance programs and have been deemed in violation of state law.

Initially, an investigation by New York’s Department of Financial Services (DFS) was launched in response to NRA’s Carry Guard insurance program.

The program provides reimbursement for legal expenses and other costs associated with shooting people in self-defense.

The investigation then expanded to encompass all NRA-branded insurance products.

The ten companies reportedly acknowledge that they “unlawfully provided insurance coverage” for “defense coverage in a criminal proceeding that is not permitted by law” and for actions that go “beyond the use of reasonable force.”

It’s been reported that the NRA sold more than 24,000 such policies in New York since 2000, and processed 401 claims.

The companies will now have to cancel existing policies and refund premiums paid by New York residents.

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