On 19 April, the Lloyd's Market Association (LMA) published a new model clause, LMA5284, designed to give enhanced contractual certainty on the occurrence of "an event associated with membership of the European Union." The new model clause is a broader version of a previous model clause published in 2012 to deal with the possible exit of Greece from the EU. LMA5284 provides that contracts will not be terminated by events such as Brexit, the break-up of the Eurozone, or exit of another member state unless there is an urgent need to do so for licensing or other regulatory reasons.

The LMA Bulletin is here.