It's the same as filing an income tax return every year with the Canada Revenue Agency. Every year, I must declare whether I'm still married, even though I've been married for 43 years, and whether I live in Quebec or Ontario. Once a year isn't a big deal.
This also prevents oversights. When people must go through a form before declaring that nothing has changed, it forces them to think about whether they have a new car or a new car loan, for example. That way, they don't forget things.
I think that the current code's requirement that the exercise be repeated every year works well.