To establish an Office of Health Care Competition within the Department of Health and Human Services to administer the National Practitioner Data Base and to collect and make available to the public more information on medical malpractice insurance under that Data Base.

Improved Medical Malpractice Information Reporting and Competition Act of 2003 - Establishes an Office of Health Care Competition Policy in the Department of Health and Human Services, to be headed by a Director appointed by the Secretary. Declares that the Office shall be responsible for certain activities of the Secretary delineated in the Health Care Quality Improvement Act of 1986, including for the National Practitioner Database under such Act.

Amends the Health Care Quality Improvement Act of 1986 to require each entity (including an insurance company) which underwrites a policy of insurance for medical malpractice actions or claims to report information respecting such insurance or claims. Specifies material that such reports should contain, including: (1) direct premiums written and earned; (2) net investment income, including net realized capital gains and losses; (3) incurred claims; (4) actual incurred expenses; and (5) certain information on claims paid, including verdict amounts.

Prescribes a civil penalty of not more than $10,000 for each instance of a payment required to be reported under this Act which is not reported. Provides for the coordination of the information collected under this Act with information reported on medical malpractice payments, with the Secretary to make both sets of data available for free on the Internet without individually identifiable information.