4.—(1) The Office of the First Minister and deputy First Minister must from time to time —
(a)carry out a review of the regulatory system established by the 1976 Order insofar as it implements Council Directive 2004/113/EC of 13 December 2004 implementing the principle of equal treatment between men and women in the access to and supply of goods and services (1) in respect of insurance services,
(b)set out the conclusions of the review in a report, and
(c)publish the report.
(2) In carrying out the review, the Office of the First Minister and deputy First Minister must, so far as is reasonable, have regard to how the Directive is implemented in other Member States and in Great Britain in respect of insurance services.
(3) The report must in particular—
(a)set out the objectives intended to be achieved by the regulatory system established by the 1976 Order insofar as it implements the Directive in respect of insurance services,
(b)assess the extent to which those objectives are achieved, and
(c)assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved with a system that imposes less regulation.
(4) The first report under this legislation must be published before the end of the period of five years beginning with the day on which these Regulations come into operation.
(5) Reports under this Regulation are afterwards to be published at intervals not exceeding five years.
O.J. No. L 373, 21.12,2004, p37