(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.
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