The purpose is to establish a private marketplace of insurance companies that will screen, issue and regulate insurance policies based on the risk assessment and analysis.

The goal is to require proof of insurance from a private third party insurance company in order to purchase a firearm in the United States.

Third Party Insurance companies will insure the value of the firearms, personal bodily injury in the case of unforeseen circumstances and personal protection from liability if registered firearms are stolen and used for purposes beyond what is legally permissible.

If registered firearms are used in acts of violence not deemed justified by the judicial system, all liability will be passed on to the Insurance Company, Gun Owner and/or in the case of a deceased gun owner who perpetrated the non-legal acts of violence the responsibility is passed on to the estate.

Third Party insurers will set the terms required for approval of insurance, costs associated with the rates and services and the terms payable based on all claims not involving acts of unjustified violence. The Judicial System will set terms payable in compensation to the victim or the victim's estate in cases of unjustified acts of violence.

Guns Sales - Gun sales are no longer permitted unless proof of insurance is provided and verified by a third party insurance company. Gun sellers are required to report sale of gun items, and their purchaser's personal information, to insurance companies to verify the purchase. Any falsehoods or withholding of information of said purchases to insurance companies by the store vendor may be punishable, but not limited by, fines or jail time, and will automatically be charged with insurance fraud.

Private Sale or transfer of possession on all firearms or ammunition will need to be witnessed and verified by a registered notary public in good standing with the local government. All verified and notarized sales are admissible to third party insurance companies as proof of legal sale according to the federal requirements.

Consequences and legal actions for failure to comply with the insurance requirements

Any persons or business establishment that fails to comply with the legal requirement to have valid Fire Arm Insurance will be held accountable in one or more possible ways:
Revoking the ability to sell firearms
Complete Liability on acts of violence performed with the non-insured firearm
5-20 years in prison, per related death. 1-10 years in prison, per related personal injury.

Grandfathered Rule

All firearms purchased prior to the enactment of this law will be grandfathered in until which time that they are transferred or sold to another party when at that time the new owner will need to provide proof of insurance.