Bill > H8075

This bill requires individuals who own firearms to obtain and continuously maintain a liability insurance policy of at least $1,000,000 to cover damages from negligent use of the firearm, with failure to do so leading to the revocation of firearm ownership privileges; the owner is considered responsible for lost or stolen firearms until reported to the police, and proof of insurance must be kept where firearms are stored or transported and shown to law enforcement during lawful encounters. This requirement, which takes effect upon passage, exempts active duty law enforcement and military personnel, and the Department of Business Regulation is authorized to create necessary rules and regulations.