AIG readies India pension business

India's Insurance Regulatory and Development Authority (IRDA) is expected to approve the first private sector applications to enter the pensions business within the next few weeks, opening up a new industry heretofore monopolized by the government's Life Insurance Corporation, says Desmond Chan, vice president and regional pensions director at AIG in Hong Kong. AIG hopes its insurance joint venture, Tata AIG, will be the first to receive a pensions license.