On March 29, 2017, Prime Minister Theresa May triggered Article 50 of the Treaty of Lisbon, which gives any member of the EU the right to leave. The UK has the next two years to negotiate an exit deal, which means that, barring any extensions, the UK will officially leave the EU by April of 2019.
In light of the upcoming negotiations, The London Market Group, which represents the insurance and reinsurance markets in London, published a roadmap to be used by the UK Government in shaping its dialogue with the EU.
Concerns underlying the publication include maintaining the London Market’s position as a global insurance hub, preserving access to the EU market, and ensuring that the UK remains an attractive domicile for insurers.
In furtherance thereof, the roadmap outlines 3 objectives:
- Regulatory equivalence under Solvency II (for more information on Solvency II);
- A right for UK insurers and reinsurers to have unimpeded access to the EU market; and
- Early agreement of an implementation period with market access rights.
It is important for policyholders to keep abreast of the negotiations, as decisions about where to renew their policies must be made and the continuity of coverage and settlement of claims may be affected.
To view a full copy of the roadmap, click here: DExEU-Brexit-Roadmap