Lockton Affinity--NTDOBI Consent Order Highlights Affinity Marketing Risk.
Affinity Brokerage relationship can present regulatory risk. On September 5, 2019, the State of New Jersey, Department of Banking and Insurance entered a Consent Order in the Matter of Proceedings by the Commissioner of Banking and Insurance, State of New Jersey, to fine Lockton Affinity, LLC, Reference No. 9026721. Under the Consent Order, Lockton Affinity agreed to pay $1 million as a penalty for administering a National Rifle Association (NRA)-sponsored insurance program, known as the Carry Guard insurance program, which was in violation of New Jersey insurance laws.
The Department's investigation found that Lockton Affinity, a licensed nonresident insurance producer with various lines of authority including surplus lines, through a contract with the NRA, allowed the NRA (not licensed as an insurance producer) to directly solicit for the Carry Guard insurance program, which offered self-defense insurance. It was found that this was a violation of New Jersey insurance regulations which prohibit a licensed insurance producer to allow any unlicensed person to transact the business of an insurance producer in New Jersey. The crux of the violation was that NRA maintained and hosted a website that described and solicited for the Carry...
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