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Lloyd’s of London on Wednesday directed syndicates in the market to stop covering insurance programs associated with the National Rifle Association.
The decision follows regulatory action in the United States, where Lockton Cos. L.L.C., which administered the NRA’s “Carry Guard” gunowners liability program, paid $7 million to settle charges by the New York State Department of Financial Services that the program violated state law, and Chubb Ltd., one of the insurers of the program, along with Lloyd’s syndicates, paid $1.3 million to settle similar charges.
Lloyd’s said in a statement that it had given “very careful consideration” as to whether insurers at Lloyd’s should cover programs associated with the NRA.
“This is now subject to an inquiry by the New York Department of Financial Services. Therefore Lloyd’s Corporation has decided to direct underwriters in the market to terminate any existing programs of this type and not to enter into any new ones,” the statement said.
In a related development, the NRA last week sued Lockton, alleging it breached its duty to administer the program, caving in to political pressure to disassociate itself from the NRA.
The NRA, which lobbies on behalf of gunowners, has come under increasing criticism since a mass shooting at a school in Parkland, Florida, in February.
Chubb Ltd. said Friday that it is no longer participating in a National Rifle Association insurance program, a move hailed by a gun control advocacy group.