Omnibus Product Liability Insurance Act

Omnibus Product Liability Insurance Act - Title I: Federal Insurance Commission - Creates the Federal Insurance Commission which shall have the duty to supervise and regulate all activities of any insurer affecting commerce, to insure that such insurer is solvent, charges reasonable premiums, and otherwise acts in the public interest.

Declares unfair insurance practices in commerce to be unlawful. Empowers and directs the Commission to prevent persons from engaging in unfair insurance practices.

Sets forth the procedures to be employed by the Commission in any proceeding against any person believed to be using unfair insurance practices in commerce. Empowers the Commission to issue cease and desist orders to persons, partnerships, or corporations found to be involved in such practices. Sets forth the procedure for obtaining a review of such order in the United States courts of appeals.

Transfers to and vests in the Federal Insurance Commission, all the functions, powers, and duties of the Federal Insurance Administrator of the Department of Housing and Urban Development, and of the other officers and offices within the Federal Insurance Administration.

Authorizes the appropriation of such sums as the Commission may deem necessary to carry out its duties under this Title.

Title II: Standards For State Product Liability Tort Litigation Act - Declares that each State has authority to adopt legislation relating to product liability tort law in accordance with specified basic standards set forth in this Title.

Establishes, as an independent instrumentality within the Department of Commerce, the Standards for Product Liability Tort Law Review Panel to review State product liability legislation, to determine whether such legislation is in accordance with the basic standards.

Declares that such State legislation will be deemed to be in accordance with such basic standards, and hence an "Approved State Plan," if the Review Panel determines that such legislation provides for: (1) a product liability cause of action; (2) a statute of limitations; (3) a state of the art defense; (4) court appointment of expert witnesses; (5) comparative responsibility; and (6) the treatment of workplace injuries in accordance with this Title.

States that the product liability cause of action provided by this Title shall be in lieu of all existing causes of action for damage as a result of bodily injury caused by a product.

Sets forth the procedure whereby the Review Panel shall examine product liability legislation certified to it by the chief executive officer of a State. Declares that the Review Panel shall determine that a certified State plan is in accordance with the basic standards only if such plan is in compliance with all the provisions set forth in this Title. Subjects a declaration by the Review Panel that a State plan is not in accordance with the basic standards, to judicial review in the United States courts of appeals.

States that if the Review Panel declares that a State does not have an approved State plan, an alternative plan for product liability, under which the product liability cause of action shall be in lieu of all existing causes of action for damages resulting from both bodily injury and injury to property caused by a product, shall take effect in that State.

Stipulates that this Title is not a grant of Federal jurisdiction over actions for product liability benefits.

Title III: Internal Revenue Code Amendments - Product Liability Tax Assistance Act - Amends the Internal Revenue Code to allow an income tax deduction for amounts contributed to a product liability trust, up to the fair market value of product liability insurance for the taxpayer. Sets forth the requirements such a product liability trust must meet to be tax-exempt. Includes distributions from such a trust other than for payment of product liability claims in the recipient's gross income. Imposes excise taxes on such trusts for self-dealing, unqualified expenditures, and contributions in excess of the fair market value of product liability insurance.