National Product Liability Insurance Act

National Product Liability Insurance Act - Title I: General Provisions - Declares the policy and purpose of this Act.

Title II: National Product Liability Insurance Administration - Establishes as an independent instrumentality in the executive branch a National Product Liability Insurance Administration to administer a joint underwriting authority to provide product liability reinsurance to manufacturers, to issue Federal charters to captive insurance companies, and to review the National Product Liability Arbitration Program as well as State arbitration programs.

Places the Administration under the general direction and supervision of a Board of Directors composed of specified Federal officers and nongovernment individuals appointed by the President, under the general supervision of an Administrator appointed by the President.

Title III: National Product Liability Insurance Pool - Authorizes the Administrator to offer any insurer or pool reinsurance against losses resulting from product liability claims, and to enter into such contract for reinsurance coverage in consideration of premiums deemed adequate by the Administrator.

Limits reimbursement of an insurer or pool, reinsured under this Title, to claims in excess of the amount of the insurer's or pool's retention of such losses as stipulated in the reinsurance contract.

Requires the Administrator to appoint a Product Liability Advisory Committee to advise the Administrator and the Board in the preparation of regulations and with respect to policy matters.

Requires the Administrator to disseminate product liability insurance information to the public, and to act as Government coordinator of product defect or failure prevention technique information and technical assistance to businesses.

Authorizes the appropriation of such funds as may be necessary to compensate for actual losses under this title which exceed, in any fiscal year, the aggregate reinsurance premiums collected by the Administrator. Requires the Administrator, through a power of renegotiation of contract agreements, to reimburse the Government for all actual losses sustained for which appropriations are made.

Authorizes the Administrator to grant a Federal charter to a captive insurance company organized to make insurance on risks, hazards, and liabilities of member organizations of the association or parent, subsidiary companies of its parent, and associated and affiliated companies.

Title IV: National Product Liability Arbitration Program - Requires the Administrator, in consultation with the Director of the Administrative Office of the United States Courts and the circuit executives, to establish a National Product Liability Arbitration Program in the Federal district courts, including the establishment in each district of a product liability arbitration panel to arbitrate all actions to recover damages for injuries allegedly caused by a product defect or failure. Stipulates that the failure of a party to demand a jury trial by a specified stage in the proceedings shall constitute a waiver of jury trial and an election to submit the matter to binding arbitration.

Title V: State Product Liability Arbitration Programs - Sets forth the procedure whereby a State may establish a product liability arbitration program, and the Federal review procedures applicable thereto. Authorizes the Administrator to make grants to any State to reimburse such State for any direct costs resulting from implementation of such program. Authorizes appropriations to carry out the purposes of this title. Requires any such State program to conform to national standards.

Title VI: National Standards for Product Liability Arbitration Programs - Sets forth limitations on product liability litigation including limitations on certain defenses, statutes of limitations on claims, and payments on judgments.

Establishes in the Treasury a Federal Product Liability Compensation Fund to make full payments in satisfaction of judgments if the manufacturer or seller cannot satisfy such judgment within six months, and if such payment is in the public interest. Requires the Administrator to collect from such manufacturer or seller, over a period of time, the full amount of such judgment.

Title VII: Miscellaneous Provisions - Authorizes appropriations necessary to carry out the purposes of this Act.