Asbestos Health Hazards Compensation Act

Asbestos Health Hazards Compensation Act - Title I: General Provisions - States the findings and purpose of this Act.

Title II: Claims for Benefits Accruing on or before December 31, 1979 - Entitles any person whose occupation involves exposure to asbestos (or a member of such person's household) and whose disability (or death) is due to an asbestos-related disease to benefits for claims accruing and/or arising on or before December 31, 1979.

Directs the Secretary of Labor to prescribe standards for determining whether an affected person is disabled due to asbestos-related disease or whether the death of an affected person was due to such disease.

Specifies the amounts of benefits to be paid to such person. Entitles any affected person who is not entitled to medical expenses for the treatment of an asbestos-related disease under a State workers' compensation law to such payments under this Act.

Title III: Claims for Benefits Accruing After December 31, 1979 - Provides that the responsibility for benefit payments accruing and/or arising on or after January 1, 1980 shall be borne equally by the United States and the "responsible parties," defined to mean any entity engaged in: (1) the manufacture and first sale of any product or substance containing asbestos; (2) the import for sale or distribution of products containing asbestos; and (3) the manufacture and first sale or import for sale or distribution of cigarettes or cigarette tobacco.

Establishes within the Department of Labor the Asbestos Health Hazards Compensation Fund for the satisfaction of all valid claims for benefits under this title. Establishes a Board of Directors for the Fund and sets forth the duties of the Board.

Provides for the development and maintenance of the Fund by means of equal contributions from the responsible parties and the United States. Classifies responsible parties into three groups, according to the products and substances with which their business is concerned and the likelihood that asbestos dust will be produced. Sets forth the formulas for the contribution of responsible parties in each class to the Fund.

Directs the Secretary, with the advice and concurrence of the Director of the Internal Revenue Service, to insure that such contributions are collected from the responsible parties.