Section 207. (a) Whoever possess, carries, or owns a firearm, rifle or shotgun without a liability policy or bond or deposit required by the provisions of this chapter which has not been provided and maintained in accordance therewith shall be punished by a fine of not less than five hundred nor more than five thousand dollars or by imprisonment for not more than one year in a house of correction, or both such fine and imprisonment. This section shall not apply to a person who possesses a firearm, rifle, or shotgun on a temporary basis while on the premises of a licensed gun club.
(b) The commissioner of insurance shall promulgate regulations set forth for the minimum terms of liability insurance policies which shall satisfy the requirements of this section.