A bill to improve the safety of products manufactured and sold in interstate commerce, to reduce the number of deaths and injuries caused by such products.

National Product Liability Act - Declares that the purpose of this Act is to establish a substantive law of product liability for damages resulting from harm caused by products affecting interstate commerce and to establish a product liability action therefor.

States that such product liability action preempts all existing causes and laws for the same purpose.

Subjects whomever is engaged in interstate commerce and manufactures or sells: (1) a product which is in a defective condition; or (2) any product and fails to warn or protect against a dangerous condition in the use or reasonably foreseeable misuse or unintended use of the product or fails to provide proper instructions for the intended use of that product, to liability for the harm caused despite the fact that the manufacturer or seller has exercised all possible care in the preparation and/or sale of the product.

Allows any person harmed by a product who is a reasonably anticipated user or consumer of the product to bring an action in "product liability" against the manufacturer or seller of the product. Allows any person against whom a product liability action is brought to bring an action for indemnification or other appropriate relief against any third party whose misconduct has caused or contributed to the harm for which damages are sought.

Limits the time for commencing a product liability action to two years from the date when the harm is first sustained, discovered, or in the exercise of reasonable care should have been discovered.

Stipulates that a product shall be deemed in defective condition only if it is unreasonably dangerous for its intended use at the time the product left the control of the party against whom the action is being brought.

Prohibits the awarding of punitive or exemplary damages unless the trier of fact finds that the accused acted out of malice or willfully or wantonly acted in flagrant disregard of public health and safety.

Allows the primary forum for trying cases brought under this Act to remain in the State courts.