Aviation Industry Stabilization and Reform Act of 2002

Grants the Secretary authority to extend through calendar 2003 the termination date of any insurance policy issued to an air carrier.

Extends the period for applying for certain loan guarantees under the Air Transportation Safety and System Stabilization Act.

Requires the Under Secretary for Transportation Security, after all cockpit doors are strengthened, to reconsider and report to Congress on whether it is necessary to require Federal air marshals to be seated in the first class cabin of an aircraft with strengthened cockpit doors.

Requires the Under Secretary to: (1) undertake action necessary to improve the screening of mail so that it can be carried on passenger flights; and (2) reimburse air carriers for certain screening and related activities as well as the cost of fortifying cockpit doors.

Prohibits the Transportation Security Administration and the Federal Aviation Administration from issuing or enforcing a final rule requiring the strengthening or locking of cockpit doors on all-cargo aircraft until the Under Secretary has considered and determined that it is necessary for aviation security.

Prescribes requirements for reorganization of the Air Traffic Services Subcommittee of the Aviation Management Advisory Council into the Air Traffic Services Board Specifies additional duties for the Under Secretary.

Revises requirements relating to: (1) nondisclosure of security activities; (2) safety regulations; (3) passenger and property screening; and (4) employment standards, training, investigations, and restrictions.

Directs the Under Secretary to establish a process to permit an individual who was convicted of a crime of a specified type to obtain a waiver, in certain circumstances, to permit the individual's employment.