Section 8.550 - Plan review and revisions(a) Mandatory reviews and revisions. The CAP and VAP(s) must be reviewed and revised as follows:(1) Every 2 years after the plan approval date, the company shall review the CAP and update all information required by § 8.530 .(2) Every 5 years after the plan approval date, the Coast Guard SIP Advisor and the Company SIP Agent will review the VAP.(3) If a reportable casualty occurs, the cognizant OCMI will review the portions of the VAP related to equipment, training, personnel, and systems involved in the casualty and determine whether revisions to the VAP are appropriate.(4) When statutes or regulations change, the appropriate sections of the CAP and VAP(s) will be revised.(b)Discretionary reviews and revisions. The CAP and VAP(s) may be reviewed and revised by the company at any time. The revisions must be submitted to the cognizant OCMI for approval.