Advertisement

NRA files for bankruptcy, to move to Texas

NRA files for bankruptcy, to move to Texas
The National Rifle Association has been operating out of New York for about 150 years, but will relocate to Texas. File Photo by Sergio Flores/UPI | License Photo

Jan. 15 (UPI) -- The National Rifle Association filed for bankruptcy Friday and said it plans to implement a restructuring plan, moving the organization from New York to Texas.

In the Chapter 11 filing, the NRA said it plans to now operate as a non-profit organization in Texas after being incorporated in New York for about 150 years.

Advertisement

"The move will enable long-term, sustainable growth and ensure the NRA's continued success as the nation's leading advocate for constitutional freedom -- free from the toxic political environment of New York," the NRA said.

The announcement comes two months after the organization agreed to pay $2.5 million to resolve an investigation into whether it violated New York insurance laws. It also agreed to stop marketing its insurance to members in the state for five years.

New York officials said the NRA operated as an "unlicensed insurance producer" and sold "dangerous and impermissible insurance products" through its Carry Guard program.

The state's investigation found the NRA earned commission on more than 28,000 sales of insurance products to New York members, despite not having a proper insurance license.

These sales included the organization's Carry Guard program, which pledged to cover legal fees and civil liability costs of policyholders involved in firearm-related incidents in which they claimed they acted in self defense, which was deemed unlawful in New York.

Advertisement

The New York attorney general's office sued to dissolve the NRA in August, accusing it of illegally diverting millions from charity to benefit senior leadership.

Daniel Uria contributed to this report.

Latest Headlines

Advertisement
Advertisement
Advertisement