Roman Mabanta, as chairman of the Special Insurance Committee, called on all Grand Knights of the 152 councils to contribute at least P500 each and be qualified to become founder-members of the KCFAPI.
On August 1, 1958, the Securities and Exchange Commission approved the incorporation of KCFAPI.
On September 9, 1958, the Office of the Insurance Commissioner granted a license to KCFAPI, as a mutual benefit association, with an initial capitalization of P32,000 collected from 64 founder-members, 18 councils and 46 Brother Knights.