Law360 (November 19, 2020, 5:19 PM EST) -- The New York State Department of Financial Services said the National Rifle Association has agreed to pay a $2.5 million penalty and accept a five-year ban from doing insurance business in New York to settle charges that it acted as an unlicensed insurance provider.
The DFS issued a consent order Wednesday, holding that the gun association sold insurance programs to pay for intentional acts and criminal defense costs associated with using firearms, which are strictly banned in New York.
"The NRA operated as an unlicensed insurance producer and broke the New York Insurance Law by soliciting insurance products and receiving compensation,"...
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