The Insurance Commission (IC) has granted Maxicare Healthcare Corp a license to operate as a life insurance company in the Philippines.
The new insurer has a capitalization of PHP2bn ($36.1m), higher than the PHP1bn required by the insurance law for new domestic life insurers," Insurance Commissioner Dennis Funa said in a statement.
MaxiLife is established as a new entity by JE Holdings, Pin-An Holdings Corp, and Maxicare Health Corp. In May, investment firm JE Holdings purchased 42.31% of the common shares of health maintenance organization (HMO) provider Maxicare Healthcare Corp.
MaxiLife will be offering insurance coverage to the current Maxicare members, who are afforded treatment, prevention and wellness benefits through their HMO agreements with Maxicare.
MaxiLife's license follows one approved in May by the IC for life insurer AIA Philippines Life and General Insurance Company (AIA Philippines), following a merger with Philam Equitable Life Assurance Company (Pelac).
Constituent companies to a merger are required to surrender their respective licenses and apply for a new license with the IC after the SEC’s approval of the merger, according to regulatory guidelines.
PELAC, a 100% subsidiary of the Philippine American Life and General Insurance (PhilamLife), and a member of the AIA Group, was an inactive company as of 2020 although it was licensed with the IC and compliant with statutory net worth requirements.