Medical Malpractice and Insurance Reform Act of 2003

Prohibits any individual from bringing a medical malpractice liability action unless it is accompanied by the affidavit of a qualified specialist attesting to the reasonableness of the filing. Requires the attorney of a person filing such an action, or the individual if there is no attorney, to sign a certificate of merit attesting to the justified nature of the action.

Directs courts to impose sanctions for violations of the provisions pertaining to the certificate of merit, including to issue fines for multiple offenders.

Requires mediation, to be made available by the State, before a trial for any medical malpractice liability action.

Prohibits punitive damages from being awarded in a medical malpractice action except upon proof of gross negligence, reckless indifference to life, or one of various types of intentional acts.

Requires medical malpractice liability insurance companies to implement a plan to dedicate at least 50 percent of the annual savings from carrying out this section to reducing malpractice premiums. Imposes a civil penalty on medical malpractice liability insurance companies that violate this section.

Amends the Public Health Service Act to permit the Secretary, acting through the Administrator of the Health Resources and Services Administration, to award grants or contracts to geographic areas that have shortages of one or more types of health providers due to the cost of maintaining malpractice insurance.

Establishes the Independent Advisory Commission on Medical Malpractice Insurance, which shall investigate the recent dramatic increases in medical malpractice insurance premiums and formulate proposals to reduce such premiums.