Insurer fined $1.3M for barred coverage

ALBANY — Insurance giant Chubb Ltd. and one of its subsidiaries have agreed to pay a $1.3 million fine for underwriting NRAbranded 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 Co., 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 Vullo. In a statement, Chubb said it “recognizes its responsibility to ensure that its policies comply with New York law.”