FAIR Act of 2003

Summary

Fairness in Asbestos Injury Resolution Act of 2003 or the FAIR Act of 2003 - Creates a privately funded, publicly administered fund to provide resources for an asbestos injury claims resolution program. Establishes a United States Court of Asbestos Claims, comprised of five judges appointed by the President with the advice and consent of the Senate. Directs the Chief Judge of this court to appoint magistrates, as necessary, for the processing of claims. Establishes asbestos injury claims resolution procedures, including: (1) who may file claims; (2) a general rule concerning no-fault compensation; (3) essential elements of a claim with particular attention to medical criteria and exposure requirements; (4) eligibility determinations and claims awards; (5) medical evidence auditing procedures; and (6) a claimant assistance program. Establishes: (1) the Asbestos Insurance Commission to determine insurer liability for asbestos injuries; (2) the Office of Asbestos Injury Claims Resolution to administer the Fund; and (3) the Asbestos Injury Claims Resolution Fund to pay claims for awards. Requires the Administrator of the Office of Asbestos Injury Claims Resolution to assess Fund contributions from defendant participants based on tiers and subtiers, with an aggregate contribution level of 45 billion dollars over the life of the Fund. Provides for adjustments based on financial hardship as well as a method for determining prior asbestos expenditures. Delineates enforcement mechanisms for failure to make contributions, including liens and civil actions. Treats these liens in the same manner as liens for Federal taxes in the case of a bankruptcy or insolvency proceeding. Permits the Administrator to assess additional contributing participants (non-mandatory participants) for contributions to the Fund. Grants the U.S. Court of Appeals for the District of Columbia exclusive jurisdiction over any action to review a final decision by the Asbestos Court. Grants the U.S. District Court for the District of Columbia exclusive jurisdiction over any action to review a final determination by the Administrator or the Asbestos Insurers Commission. Permits a private right of action against reinsurers.

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Documents

6 official files

• Reported to Senate (text)

  Reported to Senate · EN · 30 July 2003

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• Reported to Senate (PDF)

  Reported to Senate · EN · 30 July 2003

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• Reported to Senate with amendment(s)

  summary · EN · 30 July 2003

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• Introduced in Senate (text)

  Introduced in Senate · EN · 22 May 2003

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 22 May 2003

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• Introduced in Senate

  summary · EN · 22 May 2003

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