A Shopee affiliate has entered the life insurance business
SHOPEE — The Insurance Commission announced that an affiliate of the e-commerce platform has secured its license to sell life insurance products in the Philippines.
Insurance Commissioner Dennis B. Funa said in a statement last August 10 that SeaInsure Life Insurance Co., Inc. (SeaLife) was granted a license to transact business as a life insurer in the Philippines.
Previosly known as Reliance Surety and Insurance Co., Inc. (RSI), SeaLife was acquired by SeaInsure PG Private Ltd. (SeaPG) last February. SeaPG is a Singaporean insurance company under Sea Limited, which is the holding company for Shopee.
Manila Bulletin reported that SeaPG converted RSI from a non-life insurance firm to a life insurance company since its acquisition.
It was last March when the Insurance Commission approved the transfer of RSI’s non-life insurance portfolio to SeaInsure General Insurance Co., Inc. (SeaGen).
To recall, SeaGen was rebranded by SeaPG from its previous corporate name AA Guaranty Assurance Co., Inc. (AAGA) when it acquired the latter last February.
Commissioner Funa said that the entry of Sea Limited to the local life and non-life insurance industries through SeaPG is “a testament to foreign entities’ confidence in the Philippine insurance regulation”.
Based on the report, the Insurance Commission previously found the acquisition of RSI by SeaPG to be compliant with the regulatory frameworks under Circular Letter No. 2014-37 dated September 5, 2014.
SeaPG’s parent company Sea Limited, meanwhile, guaranteed provision of sufficient capital to SeaLife relative to its compliance with statutory net worth and solvency requirements.