New York Settles With NRA Over Illegal Insurance Sales, Deceiving Members
NEW YORK (Reuters) – The National Rifle Association agreed to a five-year ban on doing insurance business in New York state and will pay a $2.5 million civil fine to settle charges it offered insurance to members without a license and concealed how it routinely kept some premiums for itself.
New York’s Department of Financial Services announced the settlement on Wednesday, saying the gun rights group had violated various state insurance laws and regulations through its sale of insurance products, including Carry Guard.
The settlement stemmed from the NRA’s alleged ties started in 2000 with the insurance broker Lockton Cos, including the sale of 28,015 policies to New Yorkers and the NRA’s receipt of more than $1.8 million in associated royalties and fees.
Linda Lacewell, the state’s insurance superintendent, said the NRA violated state law by “soliciting dangerous and impermissible insurance products, including those within its Carry Guard program that purported to insure intentional acts and criminal defense costs.”
The state has said the program could cover “intentional” conduct related to shooting incidents.
Lawyers for the NRA had no immediate comment.
Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama and Jonathan Oatis
European Economics Preview: UK GDP Data Due
Quarterly national accounts and foreign trade reports are due from the UK on Thursday, headlining a busy day for the European economic news.
At 2.00 am ET, the Office for National Statistics releases quarterly and monthly UK GDP estimates and foreign trade data. The economy is forecast to grow 15.8 percent sequentially in the third quarter after falling 19.8 percent in the second quarter.
UK industrial production is forecast to climb 0.8 percent in September. The trade deficit is seen at GBP 9.5 billion compared to a shortfall of GBP 9.01 billion in August.
In the meantime, Destatis releases Germany’s final consumer prices and wholesale for October. According to preliminary estimate, consumer prices fell 0.2 percent on year, the same rate of decrease as seen in September.
Also, Statistics Norway issues quarterly GDP data for the third quarter.
At 3.00 am ET, Bank of England Governor Andrew Bailey is set to speak at the Financial Times Global Conference.
In the meantime, industrial production data from Hungary and consumer prices from Slovakia are due.
Half an hour later, Statistics Sweden publishes consumer prices for October. Economists forecast inflation to remain at 0.4 percent.
At 4.00 am ET, the European Central Bank is set to release economic bulletin.
At 5.00 am ET, Eurostat is set to issue euro area industrial production for September. Economists forecast output to grow at a steady pace of 0.7 percent.
Palestinians sending ambassadors back to UAE and Bahrain, official says
RAMALLAH, West Bank (Reuters) – The Palestinians are sending ambassadors back to the United Arab Emirates and Bahrain after recalling them in protest at the Gulf countries’ U.S.-brokered deals establishing ties with Israel, a Palestinian official said on Wednesday.
Election Updates: Trump, Still In Denial, Pays Millions For Partial Wisconsin Vote Recount
President Donald Trump continues to deny that President-elect Joe Biden won the election, pushing baseless claims of voter fraud and insisting on recounts.
The Wisconsin Elections Commission said Wednesday that the Trump campaign has wired it $3 million with the intention of filing a petition for a recount in the state.
For the latest results, maps and more, check out HuffPost’s Elections Hub.
Trump is also retaliating against officials who publicly acknowledge his election loss. On Tuesday, he fired Chris Krebs, the director of the Cybersecurity and Infrastructure Security Agency, a direct result of CISA issuing a statement that it had found no evidence of votes being deleted, lost, changed or compromised in the election. On Monday, he tweeted about the future gubernatorial race in Ohio in an apparent hit at Gov. Mike DeWine (R), who has referred to Biden as the president-elect.
Read live updates on the election below. (Note: An ad blocker may prevent you from seeing the blog, so if you’re using one, please pause or turn it off.)
Man shot dead in Aurora Tuesday night; suspect arrested
A man was shot dead in Aurora on Tuesday night, and police have arrested a suspect.
The shooting happened at about 7:30 p.m. in a parking lot in the 1900 block of South Havana Street, police said. Officers found a man suffering a gunshot wound, and he was taken to a local hospital where he was later pronounced dead.
Abdikarim Mumin, 23, was arrested and has been charged with second-degree murder and possession of a weapon by a previous offender, police said.
Anyone with information on the incident is asked to call police at 303-739-6077; or contact Denver Metro Crime Stoppers at 720-913-7867 (STOP).
Watch live: U.S. officials speak on Operation Warp Speed after Pfizer releases positive vaccine data
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The departments of Health and Human Services and Defense are holding a briefing Wednesday on the Trump administration's coronavirus vaccine program Operation Warp Speed after Pfizer released positive data on its Covid-19 vaccine.
Earlier in the day, Pfizer announced that a final data analysis found its coronavirus vaccine with BioNTech was 95% effective in preventing Covid-19, was safe and appeared to fend off severe disease. The company said it plans to submit an application for emergency use with the Food and Drug Administration "within days."
Pfizer announced on July 22 that the U.S. agreed to buy 100 million doses of its vaccine for up to $1.95 billion. The agreement, which is part of Operation Warp Speed, allows the U.S. to acquire an additional 500 million vaccine doses.
Read CNBC's live updates to see the latest news on the Covid -19 outbreak.