Philippine regulator issues new licence for AIA Philippines
The licence was issued at the back of its merger with PELAC.
The Philippines’ Insurance Commission issued a new licence for AIA Philippines Life and General Insurance Company Inc. (AIA Philippines) following its merger with Philam Equitable Life Assurance Corporation (PELAC).
The IA granted a fresh licence to AIA Philippines, following the approval of its merger with PELAC by the Securities and Exchange Commission (SEC) in March.
Under regulatory guidelines, companies who are part of a merger must surrender their licences and apply for a new licence with the IC after the SEC’s approval of the merger.
Prior to the SEC approval of the merger, PELAC was already owned 100% by AIA Philippines but remained a separate company. With the merger, AIA Philippines will now absorb PELAC and take on all of PELAC’s responsibilities and customers.
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