(a) Subject to § 32-106 of this title, a carrier, or the insurance group of which the carrier is a member, shall regularly conduct an ORSA consistent with the process outlined in the ORSA Guidance Manual.

(b) The ORSA shall be conducted:

(1) regularly, but not less than once each year; and

(2) at any time when there is a significant change to the risk profile of the carrier or the insurance group of which the carrier is a member.