There is no guarantee that insurance and derivative contracts will n't be disrupted after Brexit , despite Britain and the European Union ( EU ) agreeing on a " standstill " transition period , according to the EU . Yves Herman/File Photo Valdis Dombrovskis was asked by EU lawmakers whether he could offer EU citizens guarantees that policies they had bought from insurers in Britain would still pay out if there is a hard or no-deal Brexit next March, when Britain is due to leave the European Union. This is because such an agreement is subject to ongoing negotiations , said Peter Dombrovskis , EU financial services chief . The Bank of England said £ 82bn ( $ 110bn ) of insurance liabilities and 48 million policyholders could be affected across the UK and the EU , while derivatives worth £ 26tn could be affected too . Banks and insurers have called on the EU to agree to a " grandfathering " system , whereby insurance contracts run their course .
There is no guarantee that insurance and derivative contracts will n't be disrupted after Brexit , despite Britain and the European Union ( EU ) agreeing on a " standstill " transition period , according to the EU . This is because such an agreement is subject to ongoing negotiations , said Peter Dombrovskis , EU financial services chief . The Bank of England said £ 82bn ( $ 110bn ) of insurance liabilities and 48 million policyholders could be affected across the UK and the EU , while derivatives worth £ 26tn could be affected too . Banks and insurers have called on the EU to agree to a " grandfathering " system , whereby insurance contracts run their course .