Requires owners of firearms to obtain liability insurance

This bill requires all firearm owners in the state to obtain and maintain liability insurance covering at least $1 million for damages resulting from negligent firearm use. Failure to maintain this insurance would result in immediate revocation of the owner's firearm registration, license, and related privileges. It applies to all owners except active law enforcement officers, police officers, and military personnel on active duty. Existing owners must secure the insurance within 30 days of the law's effective date, which is 90 days after enactment. The law also clarifies that owners remain responsible for lost or stolen firearms until reported to police.