He said he would commence floor action on an asbestos bill by the end of March.

Gary Karr, a representative of the Washington-based American Insurance Association, praised Sen. Frist's statement, saying it shows a high level of interest among the Senate leadership on both sides of the aisle on resolving the asbestos issue.

He particularly praised Sen. Frist for setting a deadline on bringing the legislation to the floor of the Senate. Setting a deadline, Mr. Karr said, seems to be the best way to get things done with this legislation.

Marliss Browder, federal affairs representative with the Indianapolis-based National Association of Mutual Insurance Companies, commended the Senate leadership, both Republican and Democratic, for their efforts on asbestos reform. Ms. Browder added that she looks forward to working with them on a bill that will be acceptable to all parties.

In his statement, Sen. Frist said that any final legislation must honor certain core principles. First, he said, the bill must establish a trust fund that adequately compensates all victims while providing financial certainty and finality to the business community.

Second, he said, the bill must establish consistent and equitable claims values, which is the amount that will be paid for different asbestos-related diseases.

Third, Sen. Frist said, the fund must be a non-adversarial program that ensures prompt payment while minimizing transaction fees.

Fourth, he said, the medical criteria for diagnosing asbestos-related illnesses currently contained in S. 1125 must be preserved.

Finally, Sen. Frist said, the legislation must assure that if the fund runs out of money before all claims are paid, the remaining claims can be pursued in court, subject to certain tort reforms.

He urged all his colleagues to be reasonable and not insist on a "perfect solution."

"We must not let this historic opportunity to enact fair and meaningful reform pass in order to pursue a perfect solution that is unachievable," Sen. Frist said.