Shopee affiliate gets OK from IC to sell life plans

THE Insurance Commission approved the license of SeaInsure Life Insurance Company Inc. (SeaLife) owned by a Singaporean insurance firm affiliated with e-commerce giant Shopee.

Insurance Commissioner Dennis B. Funa issued SeaLife’s license on August 4, allowing it to transact business as a life insurance company in the Philippines.

SeaLife, previously Reliance Surety and Insurance Co. Inc., was acquired in February this year by SeaInsure PG Private Ltd. (SeaPG), a Singaporean insurance company under tech conglomerate Sea Ltd. that currently functions as the holding company for Shopee. RSI surrendered its license on July 26 this year as part of the approval process for the…