(1) An insurance undertaking or reinsurance undertaking must comply with the following conditions:
(a) it shall calculate the Solvency Capital Requirement at least once a year and report the result of that calculation to the Bank;
(b) it shall hold eligible own funds which cover the last reported Solvency Capital Requirement;
(c) it shall monitor the amount of eligible own funds and the Solvency Capital Requirement on an ongoing basis;
(d) if its risk profile deviates significantly from the assumptions underlying the last reported Solvency Capital Requirement, it shall recalculate the Solvency Capital Requirement without delay and report it to the Bank.
(2) Where there is evidence to suggest that the risk profile of the undertaking has altered significantly since the date on which the Solvency Capital Requirement was last reported, the Bank may require the undertaking to recalculate the Solvency Capital Requirement.