The Insurance Commission said Thursday it approved the application of the Gokongwei family’s JE Holdings Inc., Pin-An Holdings Corp. and Maxicare Health Corp. to form a P2-billion life insurance company.
Insurance Commissioner Dennis Funa said in a statement the agency cleared MaxiLife’s application on July 26.
“Said license was granted to MaxiLife after 11 working days from the IC’s receipt of the letter of intent dated 11 July 2022 from its three major incorporators: JE Holdings Inc., Pin-An Holdings Corp. and Maxicare Health Corp.,” said Funa.
“With capitalization amounting to P2 billion, MaxiLife is more than compliant with the P1-billion requirement under Section 194 of the Amended Insurance Code for new domestic life insurers,” he said.
Funa lauded the joint venture between the Gokongwei Group and the Equicom Group, a diversified conglomerate engaged in the areas of healthcare, information technology, banking and financial services.
“This new investment in the insurance industry marks a growing confidence in the manner by which the insurance industry has been regulated over the past six years,” Funa said.
MaxiLife is the first “new domestic life insurance company” formed under Section 194 of the Insurance Code of the Philippines, as amended by Republic Act No. 10607.
The Insurance Commission endorsed MaxiLife’s application to the Securities and Exchange Commission on June 16. The SEC issued MaxiLife’s certificate of incorporation on July 7. Divina Law Firm assisted MaxiLife in its organization as a new life insurance company.
The directors of MaxiLife are Antonio Go, Esther Wileen Go, Eduardo Katigbak Jr., Lance Gokongwei, Efren Antonio Sarte, Brian Go, Jose Pastor Puno, Enrico Cruz, Teresita Alegre, Teodoro Panganiban and Hermogenes Roxas.
JE Holdings, a privately-held investment company of the Gokongwei family headed by Lance Gokongwei as chairman and president, was incorporated in 2002. It has investments in Robinson Retail Holdings Inc., Shakey’s Pizza Asia Ventures and Maxicare Health Corp.
Pin-An Holdings Corp. was registered with the SEC in 2007 and is the parent company of Maxicare. Maxicare, headed by president and chief executive Christian Argos, is one of the pioneers in the health maintenance organization industry.
MaxiLife aims to offer insurance coverage to Maxicare members, who are afforded treatment, prevention and wellness benefits through their HMO agreements with Maxicare.
MaxiLife will associate with both the network and brand of Maxicare, initially offering extended employee benefits for the latter’s corporate clients.