Require Liability Insurance Within 24-Hours of Possession, Purchase, or Ownership Transfer of Any Semi-Automatic Firearm

Make mandatory, liability insurance against claims of injury and wrongful death, within 24-hours of sale, transfer of ownership, or modification of any semi-automatic firearm or modification of any firearm to function in a semi-automatic mode. The minimum liability coverage of policy to be no less than one million dollars for all semi-automatic weapons owned, purchased, transfers of ownership, or firearms modified to operate in a semi-automatic mode. Failure by owner, purchaser, transferee to acquire, maintain, or provide proof of this mandatory insurance within 24-hours shall be punishable by federal imprisonment of no less than 1-year and a minimum fine of $1000.00.