To amend the Internal Revenue Code of 1986 to modify the exemption from the self-employment tax for certain termination payments received by former insurance sales agents.

Former Insurance Agents Tax Equity Act of 2003 - Amends the Internal Revenue Code and the Social Security Act with respect to the exemption from the self-employment tax for certain termination payments received by former insurance agents. Repeals the requirement that the amount of such a payment not depend to any extent on length of service or overall earnings from services performed for the former insurance company.