Require gun owners to purchase liability insurance for each gun owned, to be renewed yearly. Insurance would be required for gun purchase.
Insurance markets, funds, rates and compliance laws and regulations would be established by each state. Solvency of each state's insurance fund would be guaranteed by that state.
Costs from gun crime that cannot be paid by the criminal will be paid by gun liability insurance, including prison, court and police costs, and cost to the victim. Costs would be paid from the state fund where a gun used to commit a crime was last insured.
A federal tax on state gun insurance funds would cover liability payments on uninsured guns. Tax rates would be adjusted yearly to cover costs, and would be assessed based on each state's insurance compiance rate.