May 11, 2018

Statement by New York Financial Services Superintendent Maria T. Vullo Regarding the NRA"S Lawsuit Against New York

“As the primary regulator of insurance companies and state-chartered banks doing business in New York, it is incumbent upon the Department of Financial Services to supervise and guide regulated entities to mitigate the risks to their safety and soundness that may derive from a variety of sources, including reputational risk. It is equally as important that DFS enforce New York law and take appropriate enforcement action when necessary to protect consumers and ensure the integrity of our financial markets. As part of the Department’s ongoing investigation, DFS’s consent orders with both Lockton and Chubb addressed the unlicensed and unlawful activity connected with the NRA’s “Carry Guard” program, which unlawfully provided liability insurance to gun owners for acts of intentional wrongdoing. The Department will not stand down from its mandate to enforce New York law.