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27.—(1) The Treasury must from time to time—
(a)carry out a review of this Order;
(b)set out the conclusion of the review in a report; and
(c)publish the report.
(2) In carrying out the review the Treasury must, so far as is reasonable, have regard to how the insurance distribution directive is implemented in other EEA States.
(3) The report must in particular—
(a)set out the objectives intended to be achieved by the regulatory provision made by this Order,
(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 article must be published before 1st October 2023.
(5) Reports under this article are afterwards to be published at intervals not exceeding five years.
(6) In this article, “insurance distribution directive” means Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast) as amended by Directive (EU) 2018/411 of the European Parliament and of the Council of 14 March 2018.
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