Professionals' Liability Insurance Reform Act of 1986

[AI summary unavailable — showing source text] Professionals' Liability Insurance Reform Act of 1986 - Requires each State to have in effect certain tort liability standards prescribed by this Act within four years after the date of enactment. Prescribes certification procedures for the Secretary of Commerce to follow after determining that a State's tort liability standards substantially comply with the standards prescribed by this Act. Prescribes tort liability standards and court procedures which include: (1) a court-appointed special master who shall hold a hearing to evaluate the merit of a claim pending in a civil action, and who shall attempt to facilitate settlement of such claim according to certain guidelines; (2) a court determination whether there is any basis for imposing sanctions against an attorney if discovery in a civil action is not concluded during the one-year period beginning on such action's commencement date; (3) a court-administered arbitration program; (4) a plan to conduct discovery under the supervision of the special master; (5) a periodic payments schedule in any civil action in which a State court awards an individual damages for future pain and suffering or for loss of earnings in excess of $100,…