On November 18, 2020 NYDFS entered into a consent order with the National Rifle Association today settling charges related to the unauthorized marketing of so-called “self-defense” insurance that (according to the agency) also failed to comply with NY law:
– NYDFS filed administrative charges against the NRA this February and the hearing was set for January 2021.
– Settlement requires the NRA to pay a $2.5 million fine and bars it from marketing insurance or receiving compensation for newly issued NY insurance policies for 5 years.
– NYDFS appears to be nearing conclusion of this 3-year investigation. Previously it settled with insurance broker Lockton Affinity, as well as insurance carriers Chubb and Lloyds in connection this matter.
– Total fines imposed in this matter now approximate $16 million.
– Unlike some federal counterparts, NYDFS remains very active in the enforcement realm. Many of us waiting to see whether things change at the federal level under the Biden administration.
The Consent Order may be found here: https://www.dfs.ny.gov/system/files/documents/2020/11/ea20201118_co_nra.pdf