Department of Financial Services investigating NRA

The next chapter in the NRA’s ongoing shitshow comes from the Post, “NY regulators probing NRA for illegal gun insurance kickbacks

“The New York Department of Financial Services is investigating the National Rifle Association for its role in offering now-banned insurance products for gun owners in the state — and earning at least $14 million in the process, The Post has learned. The investigation, which hasn’t been previously reported, is an outgrowth of consent agreements last year with insurance companies, ending the sale of NRA-branded Carry Guard insurance, and other similar products, in New York, sources said … The NRA, which isn’t licensed to sell or market insurance in New York, received at least $14 million in payments for helping to sell Carry Guard and other similar products from 2000 to 2008, according to the 2018 consent agreement, which it was not party to. That means the DFS could also go after them for receiving kickbacks for selling insurance, which is not allowed, sources said …”

I can easily see DFS, at a minimum, demanding NRA forfeit the $14 million.

It is inexcusable that the most basic due diligence was not done regarding selling insurance in the state.  I’m not in the business, but even I know there are lots of rules and regulations regarding selling insurance in New York and that a license is required.

The NRA Board (especially Marion Hammer) cannot simply write this off as an attack by gun control advocates.

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One thought on “Department of Financial Services investigating NRA

  1. Truth. Just about every ad I see on TV for some kind of insurance often has small print at the bottom saying either “not available in New York” or “In New York offered thorough xxx company”. It should be obvious that doing insurance business in New York is a dangerous game.

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