MLR Repeal Act of 2011 - Amends the Public Health Service Act to repeal provisions requiring a health plan (including a grandfathered health plan) to: (1) submit to the Secretary of Health and Human Services (HHS) a report concerning the ratio of the incurred loss (or incurred claims) plus the loss adjustment expense (or change in contract reserves) to earned premiums; and (2) provide an annual rebate to each enrollee if the ratio of the amount of premium revenue expended by the issuer on reimbursement for clinical services provided to enrollees and activities that improve health care quality to the total amount of premium revenue for the plan year is less than a 85% for large group markets or 80% for small group or individual markets. Repeals a requirement that each U.S. hospital establish and make public a list of its standard charges for items and services.