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Ten Lloyd’s of London insurers have agreed to pay the New York State Department of Financial Services $5 million for violating state law by underwriting the National Rifle Association’s branded fire arms liability insurance programs.
In a consent order issued Thursday, the state said the NRA programs “unlawfully provided insurance coverage that may not be offered in the New York State excess line market, specifically: (a) defense coverage in a criminal proceeding that is not permitted by law; and (b) liability coverage for bodily injury or property damage expected or intended from the insured's standpoint in an insurance policy limited to use of firearms and that was beyond the use of reasonable force to protect persons or property.”
In addition to paying $5 million, the insurers agreed to not issue insurance policies to cover liability from self-defense shootings. They also agreed to “not enter into any agreement or program with the NRA to underwrite or participate in any affinity-type insurance program involving any line of insurance covering persons or entities whose home state is New York.” In addition, they agreed to cancel existing policies.
The underwriters party to the consent agreement are:
In May, Lockton Cos. L.L.C. agreed to pay $7 million to New York regulators to settle charges that the brokerage’s NRA-branded insurance program violated state law and breached excess and surplus lines placement rules.
Chubb Ltd. agreed to pay $1.3 million to New York a few days later to settle charges involving the NRA-branded program.
Earlier this year, Lloyd’s directed syndicates in the market to stop covering insurance programs associated with the NRA.
The New York State Department of Financial Services declined to comment on the order.
Lloyd’s did not respond to a request for comment.
Lockton Cos. L.L.C. agreed Wednesday to pay $7 million to New York regulators to settle charges that the brokerage’s National Rifle Association-branded insurance program violated state law and breached excess and surplus lines placement rules.