FIREARM OWNERS ID-INSURANCE

Amends the Firearm Owners Identification Card Act. Provides that the Department of State Police has authority to deny an application for or to revoke and seize a Firearm Owner's Identification Card previously issued under the Act if the Department finds that the applicant or the person to whom the card was issued is or was at the time of issuance not covered by a policy of liability insurance in the amount of at least $100,000 specifically covering any damages resulting from negligent or willful acts involving the use of a firearm while owned or carried by the person. Provides that a person shall be deemed the owner of a firearm after the firearm is lost or stolen until the loss or theft is reported to the police department or sheriff of the jurisdiction in which the owner resides.