It’s in a legal fight with New York State over an illegal NRA insurance policy, , .The NRA settled the suit…But has had subsequent problems with the insurance industry and banks…. and that is draining it of money…..
The National Rifle Association may soon be “unable to exist” or “pursue its advocacy mission” because the gun rights group is in profound financial jeopardy, according to a legal complaint obtained by Rolling Stone.
According to the complaint, an ongoing lawsuit against New York Gov. Andrew Cuomo and New York state financial regulators has bled the NRA dry and the not-for-profit is facing “irrecoverable loss and irreparable harm.”
In recent months, New York took action to ban the sale of “Carry Guard,” an NRA-branded insurance for NRA members that was designed to help cover the legal fees after a member fired a legal gun. The state ruled in May that the liability insurance was illegal and the NRA’s insurance companies stopped selling it, according to Rolling Stone.
In the court document filed in July, the NRA claims that the state of New York lobbied to get several other financial service providers — like insurance companies and banks — to break with the gun rights group, which has made it difficult to operate. The group alleges in the complaint that the NRA will soon have to dissolve its media operation, which it can’t continue without insurance.
The suit asks the court to keep state regulators from “interfering with, terminating, or diminishing any of the NRA’s contracts and/or business relationships with any organizations.”
“The NRA will suffer irrecoverable loss and irreparable harm if it is unable to acquire insurance or other banking services due to Defendants’ actions.”….
More…
Insurance regulators are often brutal and unreasonable. They have been known to fine insurance carriers for things such as using the wrong color paper or font size on a notice, and the New York insurance regulators are known in the industry to be very strict. The fines can be huge and defy reason. My prior carrier was fined tens of millions of dollars for the illegal actions of a rogue underwriter.
Not filing an insurance contract with regulators – especially a contract that is determined to be illegal was just a massive mistake on the NRA’s part. I am surprised that it would do something so foolish.
Cheap fund raising stunt.
I sent Oliver North my “thoughts and prayers.”
He, he, he….
Too bad so sad. Maybe don’t get into bed with Russian hooker/spies in the future.