Abstract
FDI plays a key role in the globalisation process in terms of financing, transferring of skills, knowledge and technology between countries. The economic reforms initiated in India in the early 90s paved the way for the growth and opening up of the financial sector. Insurance and banking are the main components of finance sector. The reforms in insurance sector started in the year 2000 with the implementation of recommendations made by the Malhotra committee. Indian insurance industry was opened up for private players in the year 2000 with the enactment of IRDA Act. However to meet the capital requirement of private insurance companies the Government approved to enhance the FDI cap from 26% to 49%. In the last fourteen years of period the insurance industry has moved forward on multiple fronts. At the same time the industry is faced with many challenges. On this backdrop an attempt is made to study the significance of FDI and the challenges and prospects of insurance sector during the post reforms period. It is find that liberalisation in insurance sector has brought many positive changes in the industry and at the same time it demands to strengthen CSR and Governance principles for sustainable growth in the industry
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