Except as provided in § 23-69-407, an insurer or the insurance group that the insurer is a member of shall perform an own risk and solvency assessment:
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(1) According to the Own Risk and Solvency Assessment Guidance Manual or a comparable process; and
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(2) Annually, or at any time a significant change to the risk profile of the insurer or the insurance group of which the insurer is a member occurs.