; and (2) by adding at the end the following: (iv) the applicant has applied for, and will not conduct the business before the applicant has received, a general business and liability insurance policy from an insurance company licensed to do business in the State in which the licensed premises is located, which provides coverage for damages for the negligent or unlawful transfer of a firearm in an amount of at least $1,000,000, unless the applicant certifies in the application that the applicant expects to transfer to persons not licensed under this chapter not more than 20 firearms per year; and . (e) Validation of licensee and employee certifications Section 922(t)(1) of such title is amended— (1) by striking and at the end of subparagraph (C)(iii)(II); (2) by striking the period at the end of subparagraph (D) and inserting ; and