(a) ESTABLISHMENT OF RATES.-(2) The Secretary shall prescribe a fixed premium rate for each $1,000 of monthly insurance benefit. The premium amount shall be equal to the share of the cost attributable to insuring the member and shall be the same for all members of the Ready Reserve who are insured under the insurance program for the same benefit amount. The Secretary shall prescribe the rate on the basis of the best available estimate of risk and financial exposure, levels of subscription by members, and other relevant factors.(b) LEVEL PREMIUMS.-The premium rate prescribed for the first year of insurance coverage of an insured member shall be continued without change for subsequent years of insurance coverage, except that the Secretary, after consultation with the Board of Actuaries, may adjust the premium rate in order to fund inflation-adjusted benefit increases on an actuarially sound basis.Added Pub. L. 104-106, div. A, title V, §512(a)(1), Feb. 10, 1996, 110 Stat. 301. - Board of Actuaries
- The term "Board of Actuaries" means the Department of Defense Board of Actuaries under section 183 of this title.
- Fund
- The term "Fund" means the Reserve Mobilization Income Insurance Fund established by section 12528(a) of this title.
- Secretary
- The term "Secretary" means the Secretary of Defense.
- insurance program
- The term "insurance program" means the Ready Reserve Mobilization Income Insurance Program established under section 12522 of this title.
- insured member
- The term "insured member" means a member of the Ready Reserve who is enrolled for coverage under the insurance program in accordance with section 12524 of this title.