Synopsis As Introduced Amends the Code of Civil Procedure. Limits the recovery of non-economic damages on account of death, bodily injury, or physical damage to property based on negligence, or on account of product liability based on any theory or doctrine, to $500,000 per plaintiff. Provides for liability limit increases and decreases based upon the percentage change in the consumer price index published by the Bureau of Labor Statistics of the United States Department of Labor. Requires that the Department of Insurance conduct a 10-year study of the effects of the liability limitation. Provides that the Department shall produce an update every 2 years and, at the end of the 10-year period, shall present a final report to the General Assembly. Effective immediately.