Improved Medical Malpractice Information Reporting and Competition Act of 2005

Improved Medical Malpractice Information Reporting and Competition Act of 2005 - Establishes the Office of Health Care Competition Policy within the Department of Health and Human Services (HHS) with responsibility for the National Practitioner Data Bank.

Amends the Health Care Quality Improvement Act of 1986 to require each entity that underwrites a policy of insurance for medical malpractice actions or claims to report information respecting such insurance or claims for payment under such policy. Specifies information to be reported, including: (1) direct premiums written and earned; (2) net investment income; (3) incurred claims; (4) actual incurred expenses; (5) net operation gain or loss; and (6) certain information on claims for the year, including claims paid and verdict amounts.

Sets forth a civil penalty for failure to comply with this Act.

Requires the Secretary of HHS to make the information reported that does not provide individually identifiable information available on the Data Bank website.