This bill was introduced by Assemblyman Ortiz as an amendment to the current NY State Insurance Law.
Specifically, the bill’s provisions include:
“Any person in this state who shall own a firearm shall, prior to such ownership, obtain and continuously maintain a policy of liability insurance in an amount not less than one million dollars specifically covering any damages resulting from any negligent or willful acts involving the use of such firearm while it is owned by such person”(http://bit.ly/VlmLwR).
For anyone who already owns a gun at the time the bill becomes law, that person has 30 days to buy the insurance.
If the gun is lost or stolen, it must be reported to the police. If a crime is committed by the gun before its loss or theft is reported to the police, the previous owner is liable.
The bill does not specifically state that the gun will be confiscated or that the gun owner must surrender the gun, but will lose their legal “privilege” to own a gun.