FAIR Act of 2006

[AI summary unavailable — showing source text] Fairness in Asbestos Injury Resolution Act of 2006 or the FAIR Act of 2006 - Establishes in the Department of Labor the Office of Asbestos Disease Compensation (Office), to be headed by an Administrator who is responsible for processing claims for asbestos-related illnesses and paying compensation to eligible claimants. Declares that the purpose of such Office is to provide timely, fair compensation to claimants whose health has been adversely affected by exposure to asbestos, on a no-fault basis and in a nonadversarial manner. Stays any asbestos claim pending in a state or federal court on the date of enactment of this Act, unless the presentation of evidence has begun before a jury or judge, or a verdict, final order, or final judgment has been entered by a trial court. Sets forth: (1) procedures for the filing of claims, including those for multiple injuries and additional awards; and (2) allowable award amounts for asbestos disease, based upon the level of such disease and whether a claimant smokes or has smoked tobacco products. Establishes: (1) the Asbestos Insurers Commission (Commission) to determine the amount each insurer participant is required to pay into the Asbestos I…