IC okays license of tri-partner MaxiLife

THE Insurance Commission (IC) approved the license application of a new domestic life insurance company established by Gokongweis, Pin-An Holdings, and Maxicare.

Insurance Commissioner Dennis Funa granted the license of Maxicare Life Insurance Corporation (MaxiLife) on July 26, 11 working days after the regulator received the letter of intent from three major incorporators:: JE Holdings, Inc., Pin-An Holdings Corporation, and Maxicare Health Corporation.

With an authorized capital stock of P2 billion, MaxiLife is the first domestic insurer established as a “new domestic life insurance company,” under the Amended Insurance Code, the regulator said.  Moreover, It was not organized through the acquisition of an existing insurer but through the incorporation of a new entity.

“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,” Funa said in a statement.

MaxiLife aims to offer insurance coverage to the current Maxicare members, who are afforded treatment, prevention, and wellness benefits through their health maintenance organization (HMO) agreements with Maxicare. MaxiLife will associate with both the network and brand of Maxicare, specifically initially offering extended employee benefits for the latter’s corporate clients; and intends to build upon the same confidence among Maxicare members to deliver the same quality service in savings assurance.

The IC issued its endorsement to the Securities and Exchange Commission (SEC) on June 16; and consequently, the SEC issued MaxiLife’s Certificate of Incorporation on July 7. MaxiLife was assisted by the Divina Law Firm in its organization as a new life insurance company.

Funa lauded this joint venture between the Gokongwei Group and the theEquicom 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 (6) years,” he said.

The first directors of MaxiLife are: Antonio L. Go, Esther Wileen S. Go, Eduardo J. Katigbak, Jr., Lance Y. Gokongwei, Efren Antonio S. Sarte, Brian M. Go, Jose Pastor Z. Puno, Enrico S. Cruz, Teresita M. Alegre, Teodoro M. Panganiban, and Hermogenes S. Roxas.JE Holdings, Inc., a privately-held investment company of the Gokongwei family headed by Lance Y. Gokongwei as its 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 Corporation was registered with the SEC in 2007 and is the parent company of Maxicare. Maxicare, headed by its President and CEO, Christian S. Argos, is one of the pioneers in the HMO industry established in 1987.