I came cross this about ten years ago, when our engine with about 1100 hours but 14 years old let go with a bang, and the aircraft landed 50 yards offshore and was written off.
The AAIB "recommended" in the report that the process for engines with low hours but high ages (12+) should be subject to further consideration. I never heard what that was.
Since our present engine is well over 12 years old (and at 2400 hours) but has been signed off through several annuals and Cs of A, I assume there is some sort of inspection regime but not an absolute requirement for replacement (on a Private Cat C of A).