Asbestos Compensation Fairness Act of 2003

Asbestos Compensation Fairness Act of 2003 - Requires as an essential element of a nonmalignant asbestos claim that there be physical impairment to which asbestos exposure was a substantial contributing factor. Sets forth prima facie evidence of that impairment, including as a minimum, that the exposed person have: (1) both a detailed occupational and exposure history and a medical and smoking history; (2) at least a Class 2 permanent respiratory impairment rating; (3) asbestosis or diffuse pleural thickening; and (4) total lung capacity below the lower limit of normal along with either a determination of exposure at or above specified levels concerning ratios of FEV1 to FVS or a chest x-ray showing opacities graded at or above specified levels on the ILO scale.

Prohibits any civil action alleging an asbestos claim based upon lung cancer without prima facie evidence which shall include specified minimum requirements. Prohibits claims involving other cancers without prima facie evidence which shall include specified minimum requirements. Declares that no prima facie evidence is necessary in a civil action alleging an asbestos claim based upon mesothelioma.

Requires the use of AMA guidelines or other authoritative standards.

Sets forth requirements concerning claim consolidation (with consent only if not members of the same household), venue, preliminary proceedings, and removal.

Delineates the statute of limitations for claims for asbestos conditions.

Sets forth certain requirements for the scope of liability and damages involving civil actions under this Act, including that: (1) a defendant shall be liable only for that portion of a judgment that the defendant has responsibility for; and (2) no punitive damages may be awarded.

Sets forth liability rules applicable to product sellers, renters, and lessors.