On 24th June 2016, it was confirmed that the United Kingdom had voted to end its membership of the European Union following a referendum on the subject.
The process of leaving the EU begins only after the UK Government invokes Article 50 - formally notifying the European Union of its intention to withdraw from the European Union.
It will then take up to two years for the UK’s membership to officially end. During that period it continues to be a full member of and enjoy access to the single market under current passporting rights.
All existing contracts and policies, including multi-year policies, are valid and any new contracts and policies signed during this period will also be legally binding.
Lloyd’s is concentrating on its plans post-EU membership, which are focused on maintaining access to the single market with the passporting rights we currently operate under. We believe this is in the best interests of Lloyd’s and the wider UK financial services industry.