NY A03376

Requires all firearm, rifle, and shotgun owners in New York to obtain and continuously maintain liability insurance covering damages from negligent use of their weapons before ownership or license issuance

Insurance coverage amounts to be determined by the Superintendent of Financial Services

Failure to maintain insurance is punishable by a fine of $150 to $1,500 and results in immediate revocation of registration, license, and all privileges to own or possess firearms

Owners remain legally responsible for lost or stolen firearms until the loss or theft is reported to local police or sheriff

Exempts peace officers, police officers, and active duty military members authorized to carry firearms

Current firearm owners must obtain required insurance within 90 days of the Department of Financial Services issuing regulations