Lloyd’s directs underwriters to withdraw from NRA programmes
The Lloyd’s Corporation has decided to direct underwriters in the market to terminate any existing programmes involving the National Rifle Association of America (NRA).
The decision comes after the New York State Department of Financial Services (DFS) has fined Chubb and Lockton a combined $8.3 million for underwriting an NRA-branded insurance programme.
The underwriting of “Carry Guard” insurance violates New York insurance law, according to an official statement by the regulator. “DFS investigation found that NRA ‘Carry Guard’ insurance programme unlawfully provided liability insurance to gun owners who may be charged with a crime involving firearms,” according to an official statement.
The programme improperly provided insurance coverage for criminal defence for any act of self-defence covered under the policy for gun owners and their resident family members who may be charged with a crime involving a firearm.
The Lloyd’s has given very careful consideration as to whether syndicates at Lloyd’s should continue to insure programmes offered, marketed, endorsed or otherwise made available through the NRA, the corporation said.
This is now subject to an inquiry by the New York Department of Financial Services, the corporation noted. Therefore Lloyd’s Corporation has decided to direct underwriters in the market to terminate any existing programmes of this type and not to enter into any new ones.
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