The Corporation of London will decide within the next month whether to commission independent research on the implementation of the Insurance Mediation Directive (IMD).
The research, if undertaken, will look at whether the UK has 'gold-plated' the Directive and will be used to inform policy making.
A spokeswoman for the corporation confirmed that the deadline for research proposals on the IMD closed on 17 August.
She added that, depending on the outcome of the tender process, the research would look at the comparative implementation of Directives in other member states, and whether the UK authority has gone further than others.
The ABI has been in contact with the corporation about the research and said that it would be "interested" in the findings.
Chris Hannant, head of market regulation and specialist lines at the ABI, said the proposed research could have "some impact" on the Davidson Review which was announced by the Cabinet Office in March.
The Davidson review is looking at how the UK puts EU legislation into practice and identifying where there is over implementation or 'gold plating'.
Lord Davidson QC, former solicitor general for Scotland, is heading the review and will make recommendations to cut regulatory red tape.
The review will publish a final report with recommendations by the end of the year.