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A New York financial regulator is investigating the National Rifle Association’s participation in insurance policies that cover legal costs for policyholders in self-defense shootings.
The investigation by the state’s Department of Financial Services is focused on whether the firearms-advocacy group is improperly promoting the policy and receiving commissions without proper licensing, according to a person familiar with the matter.
The department, which regulates banks and insurers, issued a subpoena on Tuesday to the NRA group asking for documents and information about the insurance program NRA Carry Guard, according to a copy of the subpoena reviewed by The Wall Street Journal. The program was launched in April.
A website for the Carry Guard program calls it “cutting-edge insurance protection for those who lawfully carry firearms” to defend against civil and criminal legal actions. Policyholders can get $250,000 to $1.5 million of insurance protection, with coverage for legal fees and access to emergency support services for self-defense cases, including an attorney-referral network.
Some gun-control advocates contend the program could encourage people to shoot others in self-defense when such a response isn’t warranted.
NRA spokesman Andrew Arulanandam said the group hadn’t received a copy of the subpoena and wouldn’t comment until an attorney has looked at the document.
The superintendent of the Department of Financial Services, Maria Vullo, has wide-ranging powers to seek information about insurance products sold in New York. In addition to the subpoena sent Tuesday to the NRA, the department also dispatched a letter to units of Chubb Ltd. , which is the issuer of the Carry Guard policies, according to copy of the state’s letter reviewed by the Journal. Another subpoena was issued to Lockton Cos., an insurance brokerage, according to a copy reviewed by the Journal.
New York Regulator Probes NRA-Branded Self-Defense Insurance
The investigation by the state’s Department of Financial Services is focused on whether the firearms-advocacy group is improperly promoting the policy and receiving commissions without proper licensing, according to a person familiar with the matter.
The department, which regulates banks and insurers, issued a subpoena on Tuesday to the NRA group asking for documents and information about the insurance program NRA Carry Guard, according to a copy of the subpoena reviewed by The Wall Street Journal. The program was launched in April.
A website for the Carry Guard program calls it “cutting-edge insurance protection for those who lawfully carry firearms” to defend against civil and criminal legal actions. Policyholders can get $250,000 to $1.5 million of insurance protection, with coverage for legal fees and access to emergency support services for self-defense cases, including an attorney-referral network.
Some gun-control advocates contend the program could encourage people to shoot others in self-defense when such a response isn’t warranted.
NRA spokesman Andrew Arulanandam said the group hadn’t received a copy of the subpoena and wouldn’t comment until an attorney has looked at the document.
The superintendent of the Department of Financial Services, Maria Vullo, has wide-ranging powers to seek information about insurance products sold in New York. In addition to the subpoena sent Tuesday to the NRA, the department also dispatched a letter to units of Chubb Ltd. , which is the issuer of the Carry Guard policies, according to copy of the state’s letter reviewed by the Journal. Another subpoena was issued to Lockton Cos., an insurance brokerage, according to a copy reviewed by the Journal.
New York Regulator Probes NRA-Branded Self-Defense Insurance
