5. Resolution authorities shall review, and where necessary update, resolution plans at least every two years, and in any case:
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(a)
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after any material change to the legal or organisational structure of the insurance or reinsurance undertaking, to its business, or to its financial position, that could have a material effect on the effectiveness of the plan or would otherwise necessitate a revision of the resolution plan;
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(b)
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when a material change to the financial position of the insurance or reinsurance undertaking that could have a material effect on the effectiveness of the plan, or otherwise necessitate a revision of the resolution plan, becomes foreseeable.
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Insurance and reinsurance undertakings and supervisory authorities shall promptly communicate to the resolution authorities any event that necessitates a revision or update of the resolution plan.