NY A09288

Requires all firearm owners in New York State to obtain and maintain liability insurance of at least $1 million covering damages from negligent acts involving the firearm before or concurrent with ownership.

Failure to maintain required insurance results in immediate revocation of the owner's firearm registration, license, and any other privilege to own the firearm.

Firearm owners at the time of the law's effective date have 30 days to obtain the required insurance coverage.

Exempts peace officers, police officers, and active duty military members authorized to carry firearms from the insurance requirement.

Takes effect 90 days after becoming law; authorizes the Department of Insurance to promulgate necessary rules and regulations immediately upon enactment.