1. Short title This Act may be cited as the Fairness for Servicemembers and their Families Act of 2023 . 2. Periodic review of automatic maximum coverage under Servicemembers' Group Life Insurance and Veterans' Group Life insurance (a) In general Subchapter III of chapter 19 of title 38, United States Code, is amended by adding at the end the following new section: 1980B. Periodic review of automatic maximum coverage (a) In general On January 1, 2024, and every three years thereafter, the Secretary shall— (1) complete a review of how the amount specified in section 1967(a)(3)(A)(i) compares to the amount described in subsection (b); and (2) submit to the Committee on Veterans' Affairs of the Senate and the Committee on Veterans’ Affairs of the House of Representatives the results of the review. (b) Amount described The amount described in this subsection is the amount equal to— (1) $400,000; multiplied by (2) the percentage of the increase (if any) in the average of the Consumer Price Index for the fiscal year ending during the preceding calendar year compared to the average of the Consumer Price Index for fiscal year 2005. (c) Consumer Price Index defined In this section, the term Consumer Price Index means the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor. . (b) Clerical amendment The table of sections at the beginning of chapter 19 of such title is amended by inserting after the item relating to section 1980A the following new item: 1980B. Periodic review of automatic maximum coverage. .