BRIEF: New York fines insurer Chubb $1.3M for selling barred NRA-backed coverage

May 07--ALBANY -- Insurance giant Chubb Ltd. and one of its subsidiaries have agreed to pay a $1.3 million fine for underwriting NRA-branded coverage that is illegal in New York, state regulators announced Monday.

The state Department of Financial Services claimed Chubb and its subsidiary, Illinois Union Insurance Company, underwrote the NRA's "Carry Guard" program, which provided gun owners with liability insurance "for acts of intentional wrongdoing."

State officials said the program also covered legal costs -- including bail money -- and psychological counseling support for the insured or close family members.

"Today's action is another step in addressing the unlicensed and improper activity connected with the NRA's unlawful 'Carry Guard' program," said Financial Services Superintendent Maria T. Vullo.

As part of the settlement, the company agreed to stop offering the program or others associated with the NRA in New York.

In a statement, Chubb said it "recognizes its responsibility to ensure that its policies comply with New York law. Chubb at all times intended and believed its coverage to be in full compliance with New York law."

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