New York charges NRA with violating insurance laws, deceiving members

[CousinIT]

https://www.reuters.com/article/us-new-york-nra/new-york-charges-nra-with-violating-insurance-laws-deceiving-members-idUSKBN1ZZ2EE

NEW YORK (Reuters) - A New York regulator on Wednesday filed civil charges against the National Rifle Association, accusing the gun rights group of acting as an unlicensed insurance producer and deceiving its members with misleading marketing practices.

New York’s Department of Financial Services accused the NRA of having worked with insurance broker Lockton Companies to offer insurance products such as the NRA-branded “Carry Guard” to the group’s members without a license.

It said the NRA misrepresented to its members that the products were being sold at the lowest possible cost, when in fact the group kept “substantial” royalties, sometimes exceeding 20% of premiums paid.

The regulator is seeking civil fines and other remedies, and scheduled an April 6 hearing at its office.

Spokespeople for the NRA did not immediately respond to requests for comment.

Lockton was fined $7 million by the New York regulator in May 2018 over its involvement with Carry Guard.

[gratuitous]

1. Don't that beat all?

The NRA, fleecing the rubes it lies to on a regular basis, and all for a little bit of money. Unbelievable.

[Leghorn21]

2. COOL, I was just wondering this morning what's up with the NRA!

Nothing good, apparently!!

Even with cash infusions from Torshin, they’re still a shitty bunch of chiselers, eh? “...NRA misrepresented to its members that the products were being sold at the lowest possible cost, when in fact the group kept “substantial” royalties, sometimes exceeding 20% of premiums paid.”


Thanks, New York’s Department of Financial Services!!

[underpants]

3. If they lose, will they pay in Rubles?

Asking for a friend

[spanone]

4. K&R⭐️⭐️⭐️⭐️️⭐️⭐️

[gibraltar72]

5. New York

has the toughest insurance laws in America. Kudos to them for enforcing them.