International insurance law to bolster IFSC - Gaolathe

"This legislation will enable and facilitate the carrying out of a wide range of cross-border insurance such as re-insurance, insurance brokerage and captive insurance operations."
(IFSC defines re-insurance as a situation in which an insurance company insures assets already insured with it by another company. Captive Insurance is where a company incorporates a subsidiary, which is an insurance company, and that insurance company underwrites the risk of the parent company only).

Gaolathe said at the GICC where the launch was held that financial centres like Dublin IFSC, the Isle of Man and Bermuda have evolved into successful financial centres aided by international insurance activities.These are now providing international insurance to European and North American markets.