Option 1 – keep calm and carry on Until Article 50 of the Treaty on the European Union is triggered by the UK requesting to leave the European Union, the status quo remains. The article entitles a Member State to withdraw from the Union “in accordance with its own constitutional requirements”. Already a row is emerging about when the UK will formally apply to leaving the EU. Mr Cameron reneged on his promise to trigger the article immediately following a “Leave” vote, opting to leave office instead; October is now the earliest possible date, but with strong signals of an early election it may be later still. At the time of writing, as the enormity of the situation is starting to dawn on all parties, the consensus is that it is better to wait and do this right, rather than enter a forced negotiation. For now there is no legal change to the status quo. Solvency II, along with all the legal and regulatory UK-EU frameworks remains in force and may be so for quite some time, enough to enter into the short to mid-term business planning horizons even. If your firm is subject to quarterly reporting, whether it is based in the UK or the EU, 25 August 2016 is your next deadline (6 October 2016 for groups).