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ANN JUAL REPO5
ANNUAL REPO .-p
OF
INSURANCE BUSINESS
transacted in the
CANAL
ZONE
DURING THE CALENDAR YEAR
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CANAL ZONE GOVERNMENT
ANNUAL
REPORT
OF
INSURANCE
BUSINESS
transacted in the
CANAL
ZONE
DURING THE CALENDAR YEAR
1964
Including
Laws Concerning Licensing
Of Insurance Companies
Digitized by the Internet Archive
in 2009 with funding from
University of Florida, George A. Smathers Libraries
http://www.archive.org/details/annualreportofin1964cana
CANAL ZONE GOVERNMENT
OFFICE OF THE GOVERNOR
BALBOA, HEIGHTS, C.Z. April 9, 1965.
GOVERNOR OF THE CANAL ZONE,
Balboa Heights, C.Z.
Sir: There is submitted herewith a report of insurance business transacted
in the Canal Zone during the calendar year 1964.
Respectfully,
PAUL M. RUNNESTRAND,
Executive Secretary.
The following companies were authorized to transact business in the Canal
Zone during the year 1964:
American International Life Assurance Company of New York-
New York, N.Y.
American Life Insurance Company ------------ -Birmingham, Ala.
American Motorists Insurance Co._ ------------- Chicago, Ill.
Bankers Life Insurance Company of America- -----------Dallas, Tex.
Citizen Standard Life Insurance Company --- Corpus Christi, Tex.
Colonial American Life Insurance Company --------Corpus Christi, Tex.
Colonial Insurance Company of Panama __ Panama, R. of P
Commercial Insurance Company _------------- Newark, N.J.
Compafnia General de Seguros, S.A.------------_ ---- Panama, R. of P
Compafiia Interamericana de Seguros, S.A. --------Panama, R. of P
Compafia Internacional de Seguros, S.A._------------- Panama, R. of P
Compafiia Istmefia de Seguros, S.A. ---------_ --------Panama, R. of P.
Continental Casualty Company __ Chicago, Ill.
Continental Insurance Company -- New York, N.Y.
Equity Annuity Life Insurance Company_ _- Washington, D.C.
Fidelity and Casualty Company of New York_ --------New York, N.Y.
Fidelity and Deposit Company _---------------------_ Baltimore, Md.
Fidelity and Guaranty Life Insurance Company ------- Baltimore, Md.
Firemen's Insurance Company of Newark --- Newark, N.J.
General Insurance Company of America --------------- __ Seattle, Wash.
Gibraltar Life Insurance Company of America ------------Dallas, Tex.
Hartford Accident and Indemnity Company ---- Hartford, Conn.
Illinois Mid-Continent Life Insurance Company ------------Chicago, Ill.
Insurance Company of North America- _Philadelphia, Pa.
International Service Insurance Company. ... Fort Worth, Tex.
Liberty Mutual Insurance Company ------------------ Boston. Mass-
Lincoln National Life Insurance Company ---------- Fort Wayne, Ind.
Maryland Casualty Company ------- ------------_Baltimore, Md.
Mutual of Omaha Insurance Company -----------------_ _maha, Nebr.
National Surety Corporation -----. New York, N.Y.
National Union Fire Insurance Company _- Pittsburgh, Pa.
Panama Insurance Company Inc. ._ __ Panama, R. of P.
Pan-American Life Insurance Company New Orleans, La.
Royal Indemnity Company New York, N.Y.
Seaboard Surety Company -----------------------New York, N.Y.
Service Life Insurance Company --- Fort Worth, Tex.
Transamerica Insurance Company -San Francisco, Calif.
Travelers Indemnity Company _--------------------Hartford, Conn.
United Benefit Life Insurance Company __-- Omaha, Nebr.
United Services Life Insurance Co._ Washington, D.C.
United States Fidelity and Guaranty Company Baltimore, Md.
United States Life Insurance Company in the City of New York-
New York, N.Y.
Wabash Life Insurance Co.1 _Indianapolis, Ind.
1 Wabash Life Insurance Company licensed in the Canal Zone March 10, 1964.
AMERICAN MOTORISTS INSURANCE COMPANY
(No transactions in Canal Zone during 1964)
COLONIAL INSURANCE COMPANY OF PANAMA
Automobile and motor vehicle
Total
Premium tax paid in Canal Zone - -
Net
Premiums
$106,490.46
$106,490.46
$1,597.36
Losses
Paid
$26,981.05
$26,981.05
COMMERCIAL INSURANCE COMPANY
Automobile and motor vehicle
Burglary and theft-
Workmen's compensation_
Liability other than auto-.
Accident -
Miscellaneous
Total -
Premium tax paid in Canal Zone
Net
Premiums
$12,360.65
1,065.33
86,541.81
12,554.81
85.65
2,149.74
$114,757.99
$1,721.37
Losses
Paid
$0.00
603.50
55,030.00
183.90
0.00
2,062.25
$57,879.65
COMPA19IA GENERAL DE SEGUROS, S.A.
Fire -
Auto comprehensive
Auto collision -
Auto liability (B.I.)
Hospital and medical _
Auto property damage _
Fidelity _
Automobile and motor vehicle
Total _
Premium tax paid in Canal Zone
Net
Premiums
$15.00
95.92
366.17
394.32
107.45
360.32
10,893.64
207.06
$12,439.88
$186.59
Losses
Paid
$0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
$0.00
Liability ot]
Fire _
Automobile
Ocean mari
Tota
Premium ta
COMPARIA INTERAMERICANA DE SEGUROS, S.A.
Net
Premiums
her than auto_ $682.56
3,280.09
2,445.46
ne 90.02
1- $6,498.13
x paid in Canal Zone $97.47
Losses
Paid
$0.00
0.00
1,106.83
0.00
$1,106.83
COMPASIA INTERNATIONAL DE SEGUROS, S. A.
Net
Premiums
Total -
Premium tax paid in Canal Zone
$1,439.48
$1,439.48
$21.58
COMPANIA ISTMERA DE SEGUROS, S. A.
(No transactions in Canal Zone during 1964)
CONTINENTAL CASUALTY COMPANY
Net
Premiums
Inland marine
Accident
Accident and health -
Hospital and medical expenses-
Group accident and health-
Liability other than auto (B.I.)_
Total _
Premium tax paid in Canal Zone
$2.67
140.22
9,234.95
183.01
3,119.24
2.37
$12,682.46
$190.24
CONTINENTAL INSURANCE COMPANY
Net
Premiums
Extended coverage_
Total _
Premium tax paid in Canal Zone
$861.59
230.15
$1,091.74
$16.38
FIDELITY AND CASUALTY COMPANY OF NEW YORK
Accident
Total
Premium tax paid in Canal Zone
Net
Premiums
$59.50
$59.50
$0.89
Losses
Paid
$0.00
$0.00
DEPOSIT
FIDELITY AND -COMPANY OF MARYLAND
(No transactions in Canal Zone during 1964)
FIREMAN'S INSURANCE COMPANY OF NEWARK
Net Losses
Premiums Paid
Fire _
Automobile and motor vehicle_
Liability other than auto
Total _
Premium tax paid in Canal Zone
$22,400.16
185,912.16
52.58
$208,364.90
$3,125.47
$5,140.77
90,737.14
0.00
$95,877.91
Losses
Paid
$0.00
$0.00
Losses
Paid
$0.00
0.00
5,288.94
0.00
1,953.86
0.00
$7,242.80
Losses
Paid
$0.00
0.00
$0.00
GENERAL INSURANCE COMPANY OF AMERICA
(No transactions in Canal Zone during 1964)
HARTFORD ACCIDENT AND INDEMNITY COMPANY
Property damage other than auto
Surety
Workmen's compensation -
Liability other than auto (B.I.)
Auto liability (P.D.)_
Auto liability ( B.I.)
Total_
Premium tax paid in Canal Zone_
-(Cr.)
-(Cr.)
Net
Premiums
$2.39
44.00
82.68
524.25
49.52
114.31
$231.35
$0.00
INSURANCE COMPANY OF NORTH AMERICA
Net
Premiums
Ocean marine_
Surety
Total
Premium tax paid in Canal Zone
$486.00
5,938.95
$6,424.95
$96.37
INTERNATIONAL SERVICE INSURANCE COMPANY
Net
Premiums
Auto liability (B.I.)
Auto property damage -
Auto physical damage _
Liability other than auto (B.I.)
Total
Premium tax paid in Canal Zone ---_ -_
$12,237.38
6,243.84
45,275.04
25.92
$63,782.18
$956.73
$4,044.80
2,026.82
10,093.24
26.00
$16,190.86
THE LIBERTY MUTUAL INSURANCE COMPANY
Net
Premiums
Health and accident
Group accident and health_
Workmen's compensation _
Liability other than auto (B.I.)
Property damage other than auto
Glass _
Total
Premium tax paid in Canal Zone ----------
Losses
Paid
$0.00
0.00
0.00
0.00
0.00
0.00
$0.00
Losses
Paid
$0.00
0.00
$0.00
Losses
Paid
Losses
Paid
$15.00
156.00
0.00
0.00
0.00
0.00
$171.00
$49.00
905.00
452.00
153.00
105.00
2.00
$1,662.00
$24.93
(Cr.)
MARYLAND CASUALTY COMPANY
Hospital -- -
Accident ----
Health
Group accident and health -
Auto liability
Liability other than auto -
Fidelity - -
Surety
Glass __-___-_---
Burglary and theft _
Auto property damage
Inland marine _____
Property damage other than auto -
Workmen's compensation
Automobile physical damage_ _
Fire _- -_
Extended coverage __
Miscellaneous _
Total _ -
Premium tax paid in Canal Zone_ _
(Cr.)
Net
Premiums
$2,272.48
677.52
63.81
2,115.35
22,775.06
5,074.50
4,542.79
60,601.61
28.00
9,036.42
10,320.14
2,945.88
1,974.52
53,166.39
29,427.31
3,758.92
176.03
12.00
$208,841.11
$3,132.62
Losses
Paid
$907.00
0.00
0.00
758.60
724.74
93.00
91.28
0.00
1,778.90
3,940.65
11,042.67
1,730.45
650.75
39,110.82
14,976.09
0.00
136.22
0.00
$75,941.17
MUTUAL OF OMAHA INSURANCE COMPANY
Net
Premiums
Group accident and health-
Accident _
Health and accident _-___
Hospital and medical -- -
Total
Premium tax paid in Canal j
$810.12 $2,054.20
805.03 182.86
99,658.25 44,744.17
1,199,842.49 1,163,894.99
-- $1,301,115.89 $1,210,876.22
Zone_ ------------- $19,516.74
NATIONAL SURETY CORPORATION
(No transactions in Canal Zone during 1964)
NATIONAL UNION FIRE INSURANCE COMPANY
Fire _
Automobile and motor vehicle
Liability other than auto_
Total -
Premium tax paid in Canal Zone_ ___-______
Net
Premiums
$2,961.50
8,065.57
2,400.62
$13,427.69
$201.42
Losses
Paid
$10,562.61
0.00
0.00
$10,562.61
Losses
Paid
PANAMA INSURANCE COMPANY
Fire
Workmen's compensation -
Liability other than auto _____- -----
Surety
Automobile -
Miscellaneous
Total -
Premium tax paid in Canal Zone _____
Net
Premiums
$2,089.13
76,937.09
12,073.62
14,575.89
3,036.84
2,483.00
$111,195.57
$1,667.93
Losses
Paid
$0.00
19,004.23
135.91
0.00
3,264.26
683.20
$23,087.60
ROYAL INDEMNITY COMPANY
Net
Premiums
Losses
Paid
Surety _
Total _
Premium tax paid in Canal Zone
$0.00 $1,952,797.92
$0.00 $1,952,797.92
$0.00
SEABOARD SURETY COMPANY
(No transactions in Canal Zone during 1964)
TRANSAMERICA INSURANCE COMPANY
Net
Premiums
Auto property damage _
Fidelity
Surety
Total
Premium tax paid in Canal Zone
$0.00
573.75
10,798.00
$11,371.75
$170.58
TRAVELERS INDEMNITY COMPANY
Auto physical damage
Total -
Premium tax paid in Canal Zone- -
Net
Premiums
$0.00
$0.00
$0.00
Losses
Paid
(Cr.) $25.60
(Cr.) $25.60
Losses
Paid
$400.00
0.00
0.00
$400.00
UNITED STATES FIDELITY AND GUARANTY COMPANY
Extended coverage
Auto collision_
Fire
Inland marine_
Accident _
Workmen's compensation
Liability other than auto (B.I.)_
Auto liability (B.I.)_ _
Auto property damage _
Auto physical damage -
Property damage other than auto_
Fidelity
Surety
Burglary and theft
Glass _
Miscellaneous
Total _
Premium tax paid in Canal Zone
Net
Premiums
$454.08
22,815.05
4,476.49
466.80
49.50
26,564.97
3,154.79
26,848.69
14,409.22
16,088.05
1,629.46
2,450.53
12,372.92
6,835.55
31.06
0.00
$138,647.16
$2,079.71
Losses
Paid
$0.00
12,300.38
113.40
0.00
0.00
6,292.45
382.45
3,252.79
12,789.40
19,315.67
54.30
229.59
83,829.33
545.13
0.00
142.00
$139,246.89
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY
OF NEW YORK
(No transactions in Canal Zone during 1964)
AMERICAN LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1963
Policies issued during 1964
Total
Ceased to be in force during 1964_
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964_
Total
Settled during 1964
Unpaid December 31, 1964
Number Amount
23 $155,802.00
0 0.00
23 $155,802.00
3 6,830.00
20 $148,972.00
0
0
0
0
0
$0.00
0.00
$0.00
0.00
$0.00
GROUP-None
Net premiums collected in Canal Zone during 1964:
Life Insurance
Accident and Health
Total
Premium tax paid in Canal Zone-
$2,973.53
0.00
$2,973.53
$44.60
BANKERS LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Number Amount
Policies in force December 31, 1963 _
Policies issued during 1964 _-
Total _
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total_
Settled during 1964
Unpaid December 31, 1964
1,210
637
1,847
234
1,613
0
8
8
7
1
$5,272,807.00
2,388.140.00
$7,660,947.00
994,824.00
$6,666,123.00
$0.00
7,250.00
$7,250.00
4,750.00
$2,500.00
GROUP-None
Net premiums collected in Canal Zone during 1964:
Life Insurance
Accident and Health
Total _
Premium tax paid in Canal Zone _
$176,836.22
0.00
$176,836.22
$2,652.54
CITIZENS STANDARD LIFE INSURANCE COMPANY
ORDINARY
Number Amount
Policies in force December 31, 1963
Policies issued during 1964 _
Total_
Ceased to be in force during 1964_
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964_
Total _
Settled during 1964
Unpaid December 31, 1964
1,404
1,308
2,712
968
1,744
1
12
13
12
1
$4,934,380.00
5,425,963.00
$10,360,343.00
3,301,428.00
$7,058,915.00
$2,500.00
14,845.00
$17,345.00
9,845.00
$7,500.00
GROUP-None
Net premiums collected in Canal Zone during 1964:
Life Insurance
Accident and Health_
Total _
Premium tax paid in Canal Zone
$206,276.35
25,968.14
$232,244.49
$3,483.67
COLONIAL AMERICAN LIFE INSURANCE
ORDINARY
Policies in force December 31, 1963_
Policies issued during 1964
Total_
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total_
Settled during 1964 _
Unpaid December 31, 1964
GROUP
Policies in force December 31, 1963_
Policies issued during 1964
Total_
Ceased to be in force during 1964 _
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963_
Incurred during 1964_
Total_
Settled during 1964
Unpaid December 31, 1964_
Net premiums collected in Canal Zone during 1964:
Life Insurance __
2E COMPANY
Number
679
313
992
92
900
0
4
4
4
0
Number
1
0
1
0
T
0
0
0
0
O-
Accident and Health _-_____________ _____
Total
Premium tax paid in Canal Zone ___________-__
EQUITY ANNUITY LIFE INSURANCE
ORDINARY
Policies in force December 31, 1963
Policies issued during 1964
Total
Ceased to be in force during 1964_
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total
Settled during 1964
Unpaid December 31, 1964
GROUP-None
Net premiums collected in Canal Zone during 1964:
Life Insurance
Accident and Health_
Total -
Premium tax paid in Canal Zone
COMPANY
Number
Amount
16 $16,000.00
0 0.00
16 $16,000.00
3 3,000.00
13 $13,000.00
0
0
0
0
0
$0.00
0.00
$0.00
0.00
$0.00
$5,221.66
0.00
$5,221.66
$78.32
Amount
$2,273,759.00
1,216,177.00
$3,489,936.00
322,396.00
$3,167,540.00
$0.00
3,625.00
$3,625.00
3,625.00
$0.00
Amount
$17,000.00
4,000.00
$21,000.00
2,000.00
$19,000.00
$0.00
0.00
$0.00
0.00
$0.00
$92,807.44
3,276.75
$96,084.19
$1,441.26
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1963
Policies issued during 1964
Total _
Ceased to be in force during 1964 _
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963_
Incurred during 1964
Total
Settled during 1964
Unpaid December 31, 1964
Number
57
49
106
3
103
0
0
0
0
0
Amount
$349,581.00
272,869.00
$622,450.00
38,508.00
$583,942.00
$0.00
0.00
$0.00
0.00
$0.00
GRoUP-None
Net premiums collected in Canal Zone during 1964:
Life Insurance
Accident and Health
Total -
Premium tax paid in Canal Zone
$16,786.90
0.00
$16,786.90
$251.80
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Number Amount
Policies in force December 31, 1963
Policies issued during 1964
Total_
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964 _
Total
Settled during 1964_ _
Unpaid December 31, 1964
1,771
470
2,241
508
1,733
0
6
6
6
0
$8,577,758.00
2,100,000.00
$10,677,758.00
1,385,588.00
$9,292,170.00
$0.00
13,625.00
$13,625.00
13,625.00
$0.00
GRouP-None
Net premiums collected in Canal Zone during 1964:
Life Insurance _
Accident and Health
Total _
Premium tax paid in Canal Zone_
$258,503.77
20.00
$258,523.77
$3,877.86
ILLINOIS MID-CONTINENT LIFE INSURANCE COMPANY
ORDINARY
Number Amount
Policies in force December 31, 1963
Policies issued during 1964_
Total_
Ceased to be in force during 1964 _
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total
Settled during 1964
Unpaid December 31, 1964_
1
1
2
0
2
0
0
0
0
0
$10,000.00
10,000.00
$20,000.00
0.00
$20,000.00
$0.00
0.00
$0.00
0.00
$0.00
GROUP-None
Net premiums collected in Canal Zone during 1964:
Life Insurance
Accident and Health
Total_ _
Premium tax paid in Canal Zone_
$184.70
36.00
$220.70
$3.31
LINCOLN NATIONAL LIFE INSURANCE COMPANY
ORDINARY
*Policies in force December 31, 1963
Policies issued during 1964
Total_
Ceased to be in force during 1964
Policies in force December 31, 1964_
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total
Settled during 1964 _
Unpaid December 31, 1964
Number
688
41
729
85
644
0
10
10
9
1
Amount
$4,442,817.00
297,209.00
$4,740,026.00
715,401.00
$4,024,625.00
$0.00
54,935.00
$54,935.00
44,935.00
$10,000.00
GROUP
'Policies in force December 31, 1963_
Policies issued during 1964_
Total
Ceased to be in force during 1964 _
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total
Settled during 1964 _
Unpaid December 31, 1964_
Net premiums collected in Canal Zone during 1964:
Life Insurance
Accident and Health_
Total
Premium tax paid in Canal Zone
Number
0
0
0
0
0
0
0
0
0
0
Amount
$46,946.00
0.00
$46,946.00
(841.00)
$47,787.00
$0.00
0.00
$0.00
0.00
$0.00
$119,341.85
2,608.61
$121,950.46
$1,829.26
*Adjusted figure after deduction in policies and amount to reflect exclusion from policy exhibit
of reinsurance accepted which included in previous year's report of insurance in force
December 31, 1963.
PAN-AMERICAN LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1963
Policies issued during 1964_
Total
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963_
Incurred during 1964_
Total_
Settled during 1964_
Unpaid December 31, 1964_
Number
221
3
224
78
146
0
1
1
0
1
Amount
$1,490,012.00
35,000.00
$1,525,012.00
337,139.00
$1,187,873.00
$0.00
2,000.00
$2,000.00
0.00
$2,000.00
GRouP-None
Net premiums collected in
Life Insurance
Canal Zone during 1964:
Accident and Health
Total
Premium tax paid in Canal Zone _____ ___ ___
$31,018.75
0.00
$31,018.75
$465.28
THE SERVICE LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1963
Policies issued during 1964
Total_
Ceased to be in force during 1964_
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total_
Settled during 1964 _
Unpaid December 31, 1964
Number
11
15
26
2
24
0
0
0
0
0
Amount
$25,818.00
119,014.00
$144,832.00
17,200.00
$127,632.00
$0.00
0.00
$0.00
0.00
$0.00
GRouP-None
Net premiums collected in Canal Zone during 1964:
Life Insurance
Accident and Health
Total -
Premium tax paid in Canal Zone -
$2,426.11
0.00
$2,426.11
$36.39
UNITED BENEFIT LIFE INSURANCE
ORDINARY
Policies in force December 31, 1963_
Policies issued during 1964
Total_ _
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963 _
Incurred during 1964 _
Total_
Settled during 1964_____
Unpaid December 31, 1964
GROUP
Policies in force December 31, 1963 -_ -
Policies issued during 1964 _
Total_
Ceased to be in force during 1964
Policies in force December 31, 1964 _ _
Losses and claims:
Unpaid December 31, 1963 _
Incurred during 1964 _
Total_
Settled during 1964
Unpaid December 31, 1964
Net premiums collected in Canal Zone during 1964:
Life Insurance _
Accident and Health ______-_____--__---
Total ----
Premium tax paid in Canal Zone _- ___--_------
Policies in fo
Policies issue
Total
COMPANY
Number
776
40
816
123
693
0
0
0
0
0
Number
2 $'
0
2 $,
0
2 $<
3
53
56
55
1
UNITED SERVICES LIFE INSURANCE COMPANY
ORDINARY Number
)rce December 31, 1963 _ 136
cd during 1964 22
158
Ceased to be in force during 1964
Policies in force December 31, 1964_
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964 _____
Total
Settled during 1964_
Unpaid December 31, 1964_
GROUP-None
2
156
0
0
0
Net premiums collected in Canal Zone during 1964:
Life Insurance ________
Accident and Health _- ____
Total _-----------------------------
Premium tax paid in Canal Zone ____
Amount
$3,115,167.00
314,496.00
$3,429,663.00
543,084.00
$2,886,579.00
$0.00
0.00
$0.00
0.00
$0.00
Amount
70,637,500.00
22,569,500.00
)3,207,000.00
344,000.00
)2,863,000.00
$13,000.00
332,500.00
$345,500.00
344,000.00
$1,500.00
$493,673.52
45,643.98
$539,317.50
$8,089.76
Amount
$1,196,063.00
246,437.00
$1,442,500.00
26,000.00
51,416,500.00
$0.00
0.00
$0.00
0.00
$0.00
$17,917.73
0.00
$17,917.73
$268.77
I
_
UNITED STATES LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1963
Policies issued during 1964
Total
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964_
Total _
Settled during 1964 _
Unpaid December 31, 1964_
GROUP
Policies in force December 31, 1963
Policies issued during 1964
Total _
Ceased to be in force during 1964 _
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963_
Incurred during 1964_
Total_
Settled during 1964_
Unpaid December 31, 1964 __
Net premiums collected in Canal Zone during 1964:
Life Insurance -_
Accident and Health-
Total
Premium tax paid in Canal Zone
Number
51
0
51
14
37
0
1
1
1
0
Number
4
0
4
0
2
0
0
0
0
0
Amount
$694,892.00
8.00
$694,900.00
156,448.00
$538,452.00
$0.00
5,000.00
$5,000.00
5,000.00
$0.00
Amount
$2,448,701.00
0.00
$2,448,701.00
2,222,701.00
$226,000.00
$0.00
0.00
$0.00
0.00
$0.00
$14,847.58
14,497.53
$29,345.11
$440.18
WABASH LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1964)
RECAPITULATION
MISCELLANEOUS COMPANIES
Accident
Automobile and motor vehicle_
Auto comprehensive
Auto collision - -
Auto liability (B.I.)_
Auto property damage
Auto physical damage
Burglary and theft-
Extended coverage-
Fidelity
Fire
Class
Group accident and health _
Health and accident
Hospital and medical _________ __
Inland marine -
Liability other than auto_
Miscellaneous -
Ocean Marine
Property damage other than auto
Surety
Workmen's compensation
Total
Premium taxes paid in Canal Zone
Net
Premiums
$1,817.42
318,518.20
95.92
23,181.22
62,369.76
31,383.04
90,790.40
16,937.30
860.26
18,460.71
41,282.36
57.06
6,949.71
108,878.39
1,202,405.43
3,415.35
35,650.52
4,644.74
576.02
3,711.37
104,331.37
243,744.94
$2,320,061.49
$34,804.38
Losse,
Paid
$182.86
122,089.28
0.00
12,300.38
8,022.33
26,258.89
44,359.40
5,089.28
136.22
320.87
15,816.78
1,778.90
4,922.66
50,048.11
1,164,801.99
1,730.45
821.26
2,887.45
0.00
705.05
2,036,627.25
119,437.50
$3,618,336.91
LIFE INSURANCE COMPANIES
ORDINARY
Number
*Policies in force December 31, 1963
Policies issued during 1964
Total
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total
Settled during 1964
Unpaid December 31, 1964
*See Lincoln National Life Ins. Co.
7,044
2,899
9,943
2,115
7,828
1
42
43
39
4
Amount
$32,554,856.00
12,425,313.00
$44,980,169.00
7,847,846.00
$37,132,323.00
$2,500.00
101,280.00
$103,780.00
81,780.00
$22,000.00
GRouP
*Policies in force December 31, 1963
Policies issued during 1964_
Total -
Ceased to be in force during 1964 _
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964 _
Total
Settled during 1964_
Unpaid December 31, 1964_
Net premiums collected in Canal Zone during 1964:
Life Insurance -_
Accident and Health
Total _
Premium tax paid in Canal Zone
*See Lincoln National Life Ins. Co.
Number
7
0
7
2
5
3
53
56
55
1
Amount
$73,150,147.00
22,573,500.00
$95,723,647.00
2,567,860.00
$93,155,787.00
$13,000.00
332,500.00
$345,500.00
344,000.00
$1,500.00
$1,438,816.11
92,051.01
$1,530,867.12
22,963.00
The relatively small amount of fire insurance business written is due to the
fact that practically all structures in the Canal Zone are owned by the
Government of the United States and are not covered by fire insurance.
Following is a statement of property in the Canal Zone involved in fires
and the damages resulting therefrom during the year ended December 31,
1964:
Panama Canal Company
Canal Zone Government
Other U.S. Government
U.S. Armed Forces
Ships in Canal waters_
Private property other than above_
Total -
*Complete figures unavailable.
Value of
property
involved
$10,593,446.15
1,347,790.45
0.00
8,730,141.22
4,679,966.66*
2,386,647.85
$27,737,992.33
Amount of
damage
by fire
$376,714.18
250.00
0.00
18,344.01
3,905.50*
218,935.27
$618,148.96
The following is an extract from Title 2 of the Canal Zone Code, as revised
effective January 2, 1963, pertaining to the licensing of foreign corporations
under which insurance companies are authorized to do business in the
Canal Zone.
CANAL ZONE CODE-Title 2, Chapter 61
SEC. 871. Corporation; joint stock company.-As used in this chapter,
"corporation" includes joint stock companies.
SEC. 872. Application for license to do business; service of process;
filing fee.-(a) A corporation organized under the laws of a State of the
United States or of a foreign country may not do business in the Canal Zone
or maintain an office therein until it has filed with the executive secretary of
the Canal Zone Government:
(1) An application for a license setting forth:
A. The name of the corporation;
B. The names of its officers and directors; and
C. The general nature of the business in which it desires to
engage in the Canal Zone;
(2) A copy, duly certified by the officer authorized by law to certify
it, of the:
A. Articles of incorporation;
B. Charter; or
C. Statutory, executive, or governmental acts creating the
corporation, when it has been so created;
(3) An affidavit sworn by an authorized officer of the corporation
stating the amount of its authorized capital stock at or within 60 days
prior to the filing.
(4) A designation of a person residing within the Canal Zone upon
whom process issued under any law of the Canal Zone may be served,
and his place of business or residence, and a certified copy of the minutes
of the board of directors of the corporation authorizing the designation.
(b) Process served on the person designated by the corporation or, if he
can not be found at the place designated, or if a person is not designated,
on the executive secretary of the Canal Zone Government, is a valid service
on the corporation. When the executive secretary is served with process he
shall without delay communicate the same to the corporation concerned at
its last known address. A default judgment may not be entered against the
corporation in an action in which process is served on the executive secretary
until at least 60 days after the date of the service.
(c) A corporation licensed pursuant to this chapter shall also file with
the executive secretary any change in the provisions of its original articles
of incorporation.
(d) With the application for license there shall also be paid $10, which
shall cover the filing fee and annual license fee for the remainder of the
calendar year during which the license is issued.
SEC. 873. Additional requirements for insurance companies.-In addition
to the other requirements of this chapter, an insurance company organized
under the laws of a State of the United States or of a foreign country shall
file the following documents: (1) A certificate of an authorized official,
showing that the company is authorized to transact business in the State or
country under whose laws the company is organized;
(2) A duly certified copy of the last annual statement of the insurance
company to an authorized official in the State or country where the company
is organized;
(3) A deposit with the executive secretary of the Canal Zone Government
of $10,000 in cash or current marketable securities, which shall be held in
trust by the executive secretary for the account of the company, to satisfy
any judgment that may be rendered against the company, under insurance
policies that it may issue.
SEC. 874. Annual statement and license tax for insurance companies.-
An insurance company licensed pursuant to this chapter shall file with the
executive secretary of the Canal Zone Government before March 1 of each
year a verified statement showing the business transacted within the Canal
Zone by the company during the previous calendar year and a duly certified
copy of its annual report to an authorized official of the State or country in
which the company is organized. Upon a showing of good cause therefore,
the executive secretary may extend the time for filing the statement for a
period not exceeding two months after March 1.
An insurance company licensed pursuant to this chapter shall pay before
March 1 of each year, in lieu of all other taxes except the annual fee provided
for by section 876 of this title, a license tax equal to 1V2 percent of its net
premium receipts in the Canal Zone for the proceeding calendar year.
SEC. 875. Issuance of license.-Upon compliance by a corporation with
the conditions prescribed by sections 872-874 of this title, and if the Governor
is satisfied that the business desired to be transacted is proper, legitimate and
permissible under the laws of the Canal Zone, and not in conflict with the
policy of administering the Canal Zone as an adjunct of the Panama Canal,
he may issue a license to do business in the Canal Zone.
SEC. 876. Continuance after first license period.-The right of a corpora-
tion to continue to do business for the calendar year, and the successive
calendar years, after the calendar year during which the original license
was issued, shall be contingent upon: (1) Compliance with the provisions
of this chapter applicable to corporations licensed under it;
(2) Payment of a license fee of $10, payable in advance, on January 1
of each year; and
(3) Designation of a new process agent before March 1, if the process
agent previously designated has ceased during a preceding calendar year
to reside within the Canal Zone.
SEC. 877 Revocation of license.-The Governor may revoke a license
issued pursuant to this chapter if, upon examination, he is satisfied that the
operations of the corporation are conducted in an illegal manner, or in a
manner contrary to public policy or to the policy of administering the Canal
Zone as an adjunct of the Panama Canal.
SEC. 878. Loss of benefit of statute of limitations.-Corporations doing
business in the Canal Zone which fail to comply with this chapter are not
entitled to the benefit of the laws of the Canal Zone limiting the time for
the commencement of civil actions.
SEC. 879. Penalties for violation; validity of contracts.-(a) A corpora-
tion which does business in the Canal Zone without having complied with
this chapter shall be fined not more than $500.
(b) Whoever acts as an officer of, or agent for, a corporation which
has not complied with this chapter, shall be fined not more than $100 or
imprisoned in jail not more than 30 days, or both.
(c) Every contract made by or on behalf of such a corporation affecting
the liability thereof or relating to property within the Canal Zone is void
on its behalf and on behalf of its assigns, but is enforceable against it or them.
SEC. 880. Corporations dealing in securities.-A corporation licensed
pursuant to Chapter 79 of this title is not required to comply with sections
871-879 of this title.
SEC. 881. Surrender of license to do business.-(a) A corporation
licensed to do business in the Canal Zone may surrender its license by filing
with the executive secretary of the Canal Zone Government a certificate
signed and acknowledged by its president or a vice president and its secretary
or an assistant secretary or treasurer, setting forth:
(1) The name of the corporation as shown on the records of the
executive secretary, and the State or place of incorporation;
(2) That it revokes its designation of agent for the service of process;
(3) That it surrenders its authority to do business in the Canal Zone
and returns its license for cancellation, or that the license has been
lost or destroyed, if such is the fact;
(4) That it consents that process against it in any action upon a
liability or obligation incurred within the Canal Zone prior to the filing
of the certificate of surrender may be served upon the executive secretary
of the Canal Zone Government;
(5) A post office address to which the executive secretary may mail
a copy of any process served upon him, which address may be changed
from time to time by filing a certificate entitled "certificate of change of
address of surrendered foreign corporation" signed and acknowledged
by the president, a vice president, secretary, assistant secretary, or
treasurer.
(b) The license shall be attached to the certificate of surrender unless the
license has been lost or destroyed, in which case there shall be attached an
affidavit of the president, vice president, secretary, assistant secretary, or
treasurer to that effect.
(c) Mere retirement from doing business in the Canal Zone without filing
a certificate of surrender of license does not revoke the appointment of any
agent for the service of process within the Canal Zone.
SEC. 882. Service of process after revocation or surrender of license.-
(a) After the license of a corporation has been revoked or surrendered,
process against the corporation may be served upon the executive secretary
of the Canal Zone Government in any action upon a liability or obligation
incurred within the Canal Zone prior to the revocation or the filing of the
certificate of surrender.
(b) Section 872 (b) of this title applies to service of process upon the
executive secretary pursuant to this section.
(c) The revocation or surrender of a license does not affect any action
pending at the time.
9154-500
COMPANIA INTERNATIONAL DE SEGURON. S \
N,t
Prem.iaim
Fire_ $1, 4.. -1,
Total ..$1,4 ,i
Premium tax paid in Canal Zone _____ i2l
COMPANIA ISTMENA DE SEGUROS, S. \.
(No transactions in Canal Zone during 1964,
CONTINENTAL CASUALTY COMPANY
Inland marine
Accident
Accident and health
Hospital and medical expenses_
Group accident and health_
Liability other than auto (B.I.)
Total ________-__
Premium tax paid in Canal Zone
Fire_
Extended coverage
Total__
Premiumn tax paid
N. I
Pren'i'i iii
14 11 2
. .- - -3,i 1 :1 2
$12,i..'.2 li.
$1' 'i 2-1
CONTINENTAL INSURANCE COMPANY
N.. r
Prenmii i:
_2 7, i':,
_ _ _ $1,i I 7-4
in Canal Zone __ .1 -, .
---- -------___-__ $1,11 i .4
in C anal Zone - - --- "__ __ _. 11." -- -
L '%i,. i,
/-i ll',
".1. 1111
11''ii
5 *S.-Yi4
I' 1 I 11
1 *:5-,..6
17 242 .11
L..- >, >
Paid
111111
S11111
FIDELITY AND CASUALTY COMPANY OF NL\\ ~OIiK
Accident
Total
Premium tax paid in Canal Zone.
N, I
Pren. n ii
i I-? I
i 11, i
P il II
DEPOSIT
FIDELITY AND COMPANY OF MARYLA.ND
(No transactions in Canal Zone during 1964
FIREMAN'S INSURANCE COMPANY OF NE\\.ARK
N.i
Premmns
Fire- $22,4110' li
Automobile and motor vehicle- -- 185,!l 2 i i
Liability other than auto __ -,2 -.i
Total_ _ _ __ $208,53 I
Premium tax paid in Canal Zone . $3,12- -1
1t5 14- 1
17 117 1
I l li
L ', i
r,i;l,
inalls1
COLONIAL AMERICAN
C
Policies in force December 31, 1963
Policies issued during 1964
Total
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total
Settled during 1964 ______
Unpaid December 31, 1964
Policies in force December 31, 1963
Policies issued during 1964
Total
Ceased to be in force during 1964_
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963_
Incurred during 1964
LIFE INSURANCE COMPANY
)RDINARY Number Amour t
S_ 679 $2,273,75 i, n
S 313 1,216,177 1.1
992 $3,489,93,1 ."
92 322,39, ',
900 $3,167,54 1 iI
CROUP
0
4
4
4
0
Number
1
0
1
0
1
0
0
0
0
0
Total
Settled during 1964
Unpaid December 31, 1964
Net premiums collected in Canal Zone during 1964:
Life Insurance- ____ _____
Accident and Health_________________
Total_______________ _____________
Premium tax paid in Canal Zone _________ _
$1.1 111
3,625 11-1
$3,62'"i i
3,625 "i
$II Ill I
Amourt
$17,00'1 1.11
4,00,1111
$21,00'1 11"
2,00', 'it
$19,000.00
$0.00
0.00
$0.00
0.00
$0.00
S $92,807.44
3,276.75
S $96,084.19
S $1,441.26
EQUITY ANNUITY L
C
Policies in force December 31, 1963
Policies issued during 1964
Total .
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
IFE INSURANCE COMPANY
)RDTNARY Number
16
0
16
3
13
Total
Settled during 1964
Unpaid December 31, 1964
GRouP-None
Net premiums collected in Canal Zone during 1964:
Life Insurance
Accident and Health_
Total .._ _ -
Premium tax paid in Canal Zone
Amount
$16,000.00
0.00
$16,000.00
3,000.00
$13,000.00
0 $0.00
0 0.00
0 $0.00
0 0.00
0 $0.00
$5,221.66
0.00
$5,221.66
$78.32
C.ANA.L ZONE GOVERNMENT
orFFICL OF THE GOVERNOR
BALBOA, HEIGHTS, C.Z. April 9, 1965.
GOVERNOR OF THE CANAL ZONE,
Balboa Heights, C.Z.
Sir: There is submitted herewith a report of insurance business transacted
in the Canal Zone during the calendar year 1964.
R ccpectfully,
PAUL M. RUNNESTRAND,
Executive Secretary.
TI, lI.1l.-wing companies were authorized to transact business in the Canal
/.... ,I,. ii.g the year 1964:
.A111-.r. i. International Life Assurance Company of New York-
New York, N.Y.
.\A 1.... iii Life Insurance Company------------_ _-- Birmingham, Ala.
.\ii-,.,.: 'I, Motorists Insurance Co.-_________---------- Chicago, III.
IB'Ia:ke. Life Insurance Company of America ---____ Dallas, Tex.
[ I ,'. '.i idard Life Insurance Company ---------Corpus Christi, Tex.
(..I..., I American Life Insurance Company-_______ Corpus Christi, Tex.
(.I..l.. I insurance Company of Panama_ _ ___-Panama, R. of P.
C.*irni'.,. .,il Insurance Company __________-Newark, N.J.
,',,,p. '.. General de Seguros, S.A._ __________ Panama, R. of P.
(" p.. i.''i.' Interamericana de Seguros, S.A._ ------------Panama, R. of P.
(, ..l..'i..I [nternacional de Seguros, S.A.__ __________ -Panama, R. of P.
(.{..I'Il.l'' Istmefia de Seguros, S.A.__ ________----- Panama, R, of P.
I ".'.1.i..-.1I i[ Casualty Company __________Chicago, Ill.
'-.',l,,, .1 ,I Insurance Company _________ New York, N.Y.
E '1,111. inuity Life Insurance Company- __--- __ Washington, D.C.
I il... I t1 ,,d Casualty Company of New York_ ------ New York, N.Y.
lI.l it ,. jd Deposit Company ------------------- Baltimore, Md.
I' ,:llr .-i,,d Guaranty Life Insurance Company ______ Baltimore, Md.
1F-. .i,- Insurance Company of Newark-_______ -Newark, N.J.
G-.i .. ii I insurance Company of America --------------- Seattle, Wash.
L.ib.t.il.ii Life Insurance Company of America ______ Dallas, Tex.
H i 'l.ll'.1 Accident and Indemnity Company------------ Hartford, Conn.
Illrii.. \ I-Continent Life Insurance Company_____ __ Chicago, Ill.
I.....r ,.I. Company of North America ------------_Philadelphia, Pa.
lr-lri iti. .al Service Insurance Company _____ _Fort Worth, Tex.
LL.: it Nlntual Insurance Company_ _-__ -----_- Boston. Mass.
Lincoln National Life Insurance Company -____ _Fcit \\ .i cr. hid
Maryland Casualty Company _ _ _ i -ltinl.l.-. .Mld
Mutual of Omaha Insurance Company ---------------_ -.O 1i.ha Nil.
National Surety Corporation_____ N.-_ Y.uk N.Y.
National Union Fire Insurance Company-__________ Pu'iil.------- I'.,
Panama Insurance Company Inc. __-__Pa,,.,ma P. ,It I'
Pan-American Life Insurance Company _____ Nc'. Oi l. n ... Li
Royal Indemnity Company_ _-- N Y. .,i k N Y.
Seaboard Surety Company--- _______------------ N. k. N \.
Service Life Insurance Company ___ Fort \\ .:,irl. T',:
Transamerica Insurance Company-_ San Fr.-...i..i.. C'. .
Travelers Indemnity Company _________ I, t...it.'.l. C. -ii.
United Benefit Life Insurance Company-________-_ .OIl. N .:Li
United Services Life Insurance Co.----- W-ai.i.ii,-,I-r' D (
United States Fidelity and Guaranty Company_____ .Ii tli..r.. 1M.I
United States Life Insurance Company in the City of New Yo I -
N.. N_.ik. N.k
Wabash Life Insurance Co. ___________ ___ Indi.ni.,icr.l- i.:l.
1 Wabash Life Insurance Company licensed in the Canal Zone March lI. I',-a
Policies in fo
Policies issue
UNITED BENEFIT LIFE INSURANCE COMPANY
ORDINARY Number
rce December 31, 1963 __________ 776
d during 1964_ _____________ ____ 40
Total _____ ____ __
Ceased to be in force during 1964_.
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963_
Incurred during 1964______
Total _
Settled during 1964___
Unpaid December 31, 1964_
Policies in force December 31, 1963
Policies issued during 1964 _
Total______________ ---_ __
Ceased to be in force during 1964_________
Policies in force December 31, 1964 __________
Losses and claims:
Unpaid December 31, 1963_ ___________
Incurred during 1964 ___ __ __
Total __ _______-__- _- ---
Settled during 1964 _____ ___
Unpaid December 31, 1964_ __________
Net premiums collected in Canal Zone during 1964:
Life Insurance ------- ------------
Accident and Health _____ --__
816
123
693
0
0
0
0
GROUP ,Number
0
-.--- -------- 0
_- -- --- -__ _-- 0
___-___ __-- 0
-- __- 0
GROUP Number
_------- ------ 0
2
0
2
3
53
56
55
1
Total ________- ___ -------__-_
Premium tax paid in Canal Zone --- --
UNITED SERVICES LIFE INSURANCE COMPA
ORDINARY Number
Policies in force December 31, 1963 _____
Policies issued during 1964 _________________
Total ____ __ _____
Ceased to be in force during 1964 __ -__
Policies in force December 31, 1964 ______
Losses and claims:
Unpaid December 31, 1963_ ____
Incurred during 1964 _______ ____
Total______________ _
Settled during 1964 ____________________
Unpaid December 31, 1964_______________
GRoup-None
Net premiums collected in Canal Zone during 1964:
Life Insurance __________ _____ __---
Accident and Health ____________ _______
Total_______________-________
Premium tax paid in Canal Zone -___-____
136
22
158
2
156
0
0
0
0
0
-
Y
Amount
$3,115,167.00
314,496.00
$3,429,663.00
543,084.00
$2,886,579.00
$0.00
0.00
$0.00
0.00
$0.00
Amount
$70,637,500.00
22,569,500.00
$93,207,000.00
344,000.00
$92,863,000.00
$13,000.00
332,500.00
$345,500.00
344,000.00
$1,500.00
$493,673.52
45,643.98
$539,317.50
$8,089.76
NY
Amount
$1,196,063.00
246,437.00
$1,442,500.00
26,000.00
81,416,500.00
$0.00
0.00
$0.00
0.00
$0.00
$17,917.73
0.00
$17,917.73
$268.77
I,. i .. -rontract made by or on behalf of such a corporation affecting
tile ib.il.irt, rit.reof or relating to property within the Canal Zone is void
Ci.. ii; 1Clil it ,n..l on behalf of its assigns, but is enforceable against it or them.
5,, ..5Ii Corporations dealing in securities.-A corporation licensed
pijin ,ui t t., (Clhapter 79 of this title is not required to comply with sections
7 1-s-.7 [ 1.t H i,. title.
l .- .51 I Surrender of license to do business.-(a) A corporation
Ih,- .i ,t.I to J.I-. business in the Canal Zone may surrender its license by filing
!ll, II.: e-e:'.- tive secretary of the Canal Zone Government a certificate
1n.,l..1 .,i.d .-.i Jowledged by its president or a vice president and its secretary
or an assistant secretary or treasurer, setting forth:
(1) The name of the corporation as shown on the records of the
executive secretary, and the State or place of incorporation;
(2) That it revokes its designation of agent for the service of process;
(3) That it surrenders its authority to do business in the Canal Zone
and returns its license for cancellation, or that the license has been
lost or destroyed, if such is the fact;
(4) That it consents that process against it in any action upon a
liability or obligation incurred within the Canal Zone prior to the filing
of the certificate of surrender may be served upon the executive secretary
of the Canal Zone Government;
(5) A post office address to which the executive secretary may mail
a copy of any process served upon him, which address may be changed
from time to time by filing a certificate entitled "certificate of change of
address of surrendered foreign corporation" signed and acknowledged
by the president, a vice president, secretary, assistant secretary, or
treasurer.
(b) The license shall be attached to the certificate of surrender unless the
license has been lost or destroyed, in which case there shall be attached an
affidavit of the president, vice president, secretary, assistant secretary, or
treasurer to that effect.
(c) Mere retirement from doing business in the Canal Zone without filing
a certificate of surrender of license does not revoke the appointment of any
agent for the service of process within the Canal Zone.
SEC. 882. Service of process after revocation or surrender of license.-
(a) After the license of a corporation has been revoked or surrendered,
proce' against the corporation may be served upon the executive secretary
,t1 tli- C mal Zone Government in any action upon a liability or obligation
Irli'c I.I within the Canal Zone prior to the revocation or the filing of the
.*rillt..ll of surrender.
I1.' Section 872(b) of this title applies to service of process upon the
i \,-.ii ln secretary pursuant to this section.
i I The revocation or surrender of a license does not affect any action
p, Ilii .1 .at the time.
9154-500
RECAPITULATION
MISCELLANEOUS COMPANIES
Net
Premiums
...-,, --------- $1,817.42
Ai. .ii :.l.le and motor vehicle - - - 318,518.20
\,, .... '.,,, rehensive _ -_---- 95.92
.\,, ., .,, lion ------- ------- -- 23,181.22
\,,ir, ,1.,lity (B.I.) --...- --- - 62,369.76
.\I,,,,, .! .erty damage _---- ------ -- 31,383.04
Auto physical damage - -- -90,790.40
Burglary and theft - -- 16,937.30
Extended coverage --_ __ -------- 860.26
Fidelity -------------- 18,460.71
Fire - - ---- -- --- 41,282.36
Class- ------------------- 57.06
Group accident and health - - 6,949.71
Health and accident - - -- --- - 108,878.39
Hospital and medical ---------------- 1,202,405.43
Inland marine ---- 3,415.35
Liability other than auto ------- 35,650.52
Miscellaneous _- ------------- 4,644.74
Ocean Marine ______.- -- 576.02
Property damage other than auto - 3,711.37
Surety -- -------- -- 104,331.37
Workmen's compensation_ _-------- 243,744.94
Total ---------------- $2,320,061.49
Premium taxes paid in Canal Zone _ __ $34,804.38
LIFE INSURANCE COMPANIES
ORDINARY
"Policies in force December 31, 1963
Policies issued during 1964
Total
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total
Settled during 1964
Unpaid December 31, 1964
Number
7,044
2,899
9,943
2,115
7,828
Amount
$32,554,856.00
12,425,313.00
$44,980,169.00
7,847,846.00
$37,132,323.00
1 $2,500.00
42 101,280.00
43 $103,780.00
39 81,780.00
4 $22,000.00
*See Lincoln National Life Ins. Co.
Losse,
Paid
$182.86
122,089.28
0.00
12,300.38
8,022.33
26,258.89
44,359.40
5,089.28
136.22
320.87
15,816.78
1,778.90
4,922.66
50,048.11
1,164,801.99
1,730.45
821.26
2,887.45
0.00
705.05
2,036,627.25
119,437.50
$3,618,336.91
GENERAL INSURANCE COMPANY OF AMERICA
(No transactions in Canal Zone during 1964)
II 1ITFORD ACCIDENT AND INDEMNITY COMPANY
Net Losses
Premiums Paid
-',...:r'i. ili i .e other than auto
.,.r .nr ..r.,pensation -
_i i.ili' ..rl,.r than auto (B.I.) ___
., 1i.. I, Jl.ir, IP.D.)_- ----_ _- -
Aut,, L-h,,ybl, -B.I.)- --_ _--_ _- _
Total ___
Premium tax paid in Canal Zone
$2.39
44.00
82.68
_(Cr.) 524.25
__ 49.52
S114.31
_(Cr.) $231.35
__ $0.00
INSURANCE COMPANY OF NORTH AMERICA
Net Losses
Premiums Paid
Ocean marine ___
Surety _..____-----
Total .
Premium tax paid in Canal Zone
INTERNATIONAL SERVICE INSURANCE COMPANY
Net Losses
Premiums Paid
Auto liability (B.I.)
Auto property damage _ _
Auto physical damage ----
Liability other than auto (B.I.)_
T. ral ------- ---
I .... t .... ax paid in Canal Zone
... - $12,237.38
-___---- 6,243.84
__---_ 45,275.04
25.92
__- -- $63,782.18
_---------- $956.73
THE LIBERTY MUTUAL INSURANCE COMPANY
Net Losses
Premiums Paid
[ il,11, ,,.I accident -
C...ip .-ident and health _
.. ..I ,-.. n .; compensation_ .
1., .lI.r other than auto (B.1.)
rr..q.,r- damagee other than auto
T, al_
I i. .i...... rax paid in Canal Zone-
$49.00
905.00
452.00
153.00
105.00
_ (Cr.) 2.00
$1,662.00
$24.93
$0.00
0.00
0.00
0.00
0.00
0.00
$0.00
$486.00
5,938.95
$6,424.95
$96.37
$0.00
0.00
$0.00
$4,044.80
2,026.82
10,093.24
26.00
$16,190.86
$15.00
156.00
0.00
0.00
0.00
0.00
$171.00
rr_____:
CANAL ZONE GOVERNMENT
ANNUAL REPORT
OF
INSURANCE BUSINESS
transacted in the
CANAL ZONE
DURING THE CALENDAR YEAR
1964
Including Laws Concerning Licensing
Of Insurance Companies
LINCOLN NATIONAL LIFE INSURANCE COMPANY
ORDINARY
-I'..Icies in force December 31, 1963
I..I..ies issued during 1964
Total_
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total
Settled during 1964 .
Unpaid December 31, 1964
GROUP
'Policies in force December 31, 1963
Policies issued during 1964__
Total __ -
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total _
Settled during 1964_
Unpaid December 31, 1964
Net premiums collected in Canal Zone during 1964:
Life Insurance __ _
Accident and Health_ _____ -
Total .- ..- -
Premium tax paid in Canal Zone _ _.
*Adjusted figure after deduction in policies and amount to reflect exclusion from policy exhibit
of reinsurance accepted which was included in previous year's report of insurance in force
December 31, 1963.
Number
688
41
729
85
644
0
10
10
9
1
Number
0
0
0
0
0
0
0
0
0
0
Amount
$4,442,817.00
297,209.00
$4,740,026.00
715,401.00
$4,024,625.00
$0.00
54,935.00
$54,935.00
44,935.00
$10,000.00
Amount
$46,946.00
0.00
$46,946.00
(841.00)
847,787.00
$0.00
0.00
$0.00
0.00
$0.00
$119,341.85
2,608.61
$121,950.46
$1,829.26
or maintain an office therein until it has filed with the executive secretary of
the Canal Zone Government:
(1) An application for a license setting forth:
A. The name of the corporation;
B. The names of its officers and directors; and
C. The general nature of the business in which it desires to
engage in the Canal Zone;
(2) A copy, duly certified by the officer authorized by law to certify
it, of the:
A. Articles of incorporation;
B. Charter; or
C. Statutory, executive, or governmental acts creating the
corporation, when it has been so created;
(3) An affidavit sworn by an authorized officer of the corporation
stating the amount of its authorized capital stock at or within 60 days
prior to the filing.
(4) A designation of a person residing within the Canal Zone upon
whom process issued under any law of the Canal Zone may be served,
and his place of business or residence, and a certified copy of the minutes
of the board of directors of the corporation authorizing the designation.
(b) Process served on the person designated by the corporation or, if he
can not be found at the place designated, or if a person is not designated,
on the executive secretary of the Canal Zone Government, is a valid service
on the corporation. When the executive secretary is served with process he
shall without delay communicate the same to the corporation concerned at
its last known address. A default judgment may not be entered against the
corporation in an action in which process is served on the executive secretary
until at least 60 days after the date of the service.
(c) A corporation licensed pursuant to this chapter shall also file with
the executive secretary any change in the provisions of its original articles
of incorporation.
(d) With the application for license there shall also be paid $10, which
shall cover the filing fee and annual license fee for the remainder of the
calendar year during which the license is issued.
SEC. 873. Additional requirements for insurance companics.-In addition
to the other requirements of this chapter, an insurance company organized
under the laws of a State of the United States or of a foreign country shall
file the following documents: (1) A certificate of an authorized official,
showing that the company is authorized to transact business in the State or
country under whose laws the company is organized;
(2) A duly certified copy of the last annual statement of the insurance
company to an authorized official in the State or country where the company
is organized;
(3) A deposit with the executive secretary of the Canal Zone Government
of $10,000 in cash or current marketable securities, which shall be held in
trust by the executive secretary for the account of the company, to satisfy
Digitized by the Internet Archive
in 2009 with funding from
University of Florida, George A. Smathers Libraries
http://www.archive.org/details/annualreportofin1964cana
BANKII-S LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
.I .,I,,> ,,, I.:,,...- 1.., ni,,,r ,1, 1963 __ _____
[*,.h .. . .. ,r.,,,. I .h _, 1 ,, 1 1 _.
.h..... ... ,:.r,. l~~,:.. I,-r 1, 1964
[.,,..,.. ,r I I ,iini.
Unpaid December 31, 1963
Incurred during 1964 _
Total _ __ ___
Settled during 1964
Unpaid December 31, 1964
GRoup-None
Net premiums collected in Canal Zone during 1964:
Life Insurance .___-_-__----_____--
Accident and Health -- -
Total __ ___ _____
Premium tax paid in Canal Zone -___________
CITIZENS STANDARD LIFE INSURANCE COMPANY
OnDINARY
Number Amount
Policies in force December 31, 1963
Policies issued during 1964
Total_________
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964 _
Total
Settled during 1964 __
Unpaid December 31, 1964
1,404
1,308
2,712
968
1,744
$4,934,380.00
5,425,963.00
$10,360,343.00
3,301,428.00
$7,058,915.00
1 $2,500.00
12 14,845.00
13 $17,345.00
12 9,845.00
1 $7,500.00
Gnoup-None
N. t premiums s collected in Canal Zone during 1964:
Life Insurance
accidentt and Health
Total _---.. -. -- -
IPr ii ium tax paid in Canal Zone _
$206,276.35
25,968.14
$232,244.49
$3,483.67
Number
1,210
637
1,847
234
1,613
0
8
8
7
1
Amount
$5,272,807.00
2,388.140.00
$7,660,947.00
994,824.00
$6,666,123.00
$0.00
7,250.00
$7,250.00
4,750.00
$2,500.00
$176,836.22
0.00
$176,836.22
$2,652.54
UNITED STATES LIFE INSURANCE COMPANY
ORDINARY
Numi
_ _
Policies in force December 31, 1963 ______
Policies issued during 1964
Total
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964 _
Total
Settled during 1964
Unpaid December 31, 1964
GnouP
Policies in force December 31, 1963 .
Policies issued during 1964 _
Total_
Ceased to be in force during 1964__
Policies in force December 31, 1964_ ____
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964_ _
Total_
Settled during 1964 ________
Unnaid December 31 1964
ber .Ai..ii!
51 5 .':' l '
0 f Il
51 I.^iH '.ii II l 1n11
14 15,.,4- 1-.11
37 5'. 4 i, II I
1 5,1 n n1 1
1 41111111 n
1 ,5 111111 fin
0 *II,.,I
Number An&iinit
4 -2 4-41-,7 l i'.
2 2 : 'll iiii
2 .' 1 1111
0 -i"- 11,-
S 0 II III
0 iil iI I
o i 'i i
Net premiums collected in Canal Zone during 1964:
Life Insurance
Accident and Health_
Total -.- - -- ... .
Premium tax paid in Canal Zone __________..____
H '17 7A~
WABASH LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1964)
L. .
toollli
ILLINOIS MID-CONTINENT LIFE INSURANCE COMPlNY
ORDINARY
Numbe.
. _._. ___ 1
1
2
0
2
Policies in force December 31, 1963
Policies issued during 1964
Total
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total
Settled during 1964
Unpaid December 31, 1964
II 1.11 111 liii
SI 111 11~11 I Ii
111111
II 1 I 11111 li
0
0 .i.Quu
o t.
0 .t.II
GRoup-None
Net premiums collected in Canal Zone during 1964:
Life Insurance -
Accident and Health_________
Total ---
Premium tax paid in Canal Zone -__ ---_
S1S-.71i
S A
UNIVERSITY OF FLORIDA
1I I I 0I7 I II I II I 1
3 1262 04728 2909 I
71
Gnour
'Policies in force December 31, 1963
Policies issued during 1964_ _
Total -
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963_ .
Incurred during 1964___
Total _
Settled during 1964 __
Unpaid December 31, 1964 _____
Net premiums collected in Canal Zone during 1964:
Life Insurance _- -------- ---
Accident and Health --- -- ----
Total_ ---------- --- --
Premium tax paid in Canal Zone .- ------
*See Lincoln National Life Ins. Co.
Number Amiroit
7 $73,I .17' C'
0 22, ..: .i
7 $95,72 I.ri- "
2 2,%.h7 'vii ,,
5 $93.17.,7' 7 .'
3 i 1, I1111 i
53 :;2. 'i
56 $ .
55 ::-'. I. II, II I
1 '1 51111111
- $1. 1' 1 1
- '_ : .'l l
- $1."'i. 7 12
- 22 'I
The relatively small amount of fire insurance business written is due to the
fact that practically all structures in the Canal Zone are owned. bI, Ithe
Government of the United States and are not covered by fire in.u'.inrce
Following is a statement of property in the Canal Zone involved .ii fii.
and the damages resulting therefrom during the year ended Deconib..-r 31,
1964:
Panama Canal Company _
Canal Zone Government
Other U.S. Government
U.S. Armed Forces _
Ships in Canal waters _
Private property other than above-
Total----- ---
*Complete figures unavailable.
Value of .\imoiIt "t
property d.nlm.1;o
involved I'. lir.
$10,593,446.15 $376,714.18
1,347,790.45 250.00
0.00 0.00
S 8,730,141.22 18,344.01
4,679,966.66* 3,905.50*
2,386,647.85 218,935.27
- - $27,737,992.33 $618,148.96
The following is an extract from Title 2 of the Canal Zone Code, as revised
effective January 2, 1963, pertaining to the licensing of foreign corporations
under which insurance companies are authorized to do business in the
Canal Zone.
CANAL ZONE CODE-Title 2, Chapter 61
SEC. 871. Corporation; joint stock company.-As used in this chapter,
"corporation" includes joint stock companies.
SEC. 872. Application for license to do business; service of process;
filing fee.-(a) A corporation organized under the laws of a State of the
United States or of a foreign country may not do business in the Canal Zone
any judgment that may be rendered against the company, under in, i..,r.e
policies that it may issue.
SEC. 874. Annual statement and license tax for insurance coalM'i. -
An insurance company licensed pursuant to this chapter shall file il. il..
executive secretary of the Canal Zone Government before March 1 ..,t ....1
year a verified statement showing the business transacted within tih- C.,ii.-1
Zone by the company during the previous calendar year and a duly .: -il;. *.1
copy of its annual report to an authorized official of the State or cli.....,. ,,
which the company is organized. Upon a showing of good cause rl...i.ti.,.
the executive secretary may extend the time for filing the statenr.-il I,, 'i
period not exceeding two months after March 1.
An insurance company licensed pursuant to this chapter shall p., .-I.-I.-
March 1 of each year, in lieu of all other taxes except the annual fee p"" 0.' .
for by section 876 of this title, a license tax equal to 1V2 percent ,.t it, ir.tr
premium receipts in the Canal Zone for the proceeding calendar ;.:.;i.
SEC. 875. Issuance of license.-Upon compliance by a corporaliui ,tlli
the conditions prescribed by sections 872-874 of this title, and if the Governor
is satisfied that the business desired to be transacted is proper, legitimate and
permissible under the laws of the Canal Zone, and not in conflict with the
policy of administering the Canal Zone as an adjunct of the Panama Canal,
he may issue a license to do business in the Canal Zone.
SEC. 876. Continuance after first license period.-The right of a corpora-
tion to continue to do business for the calendar year, and the successive
calendar years, after the calendar year during which the original license
was issued, shall be contingent upon: (1) Compliance with the provisions
of this chapter applicable to corporations licensed under it;
(2) Payment of a license fee of $10, payable in advance, on January 1
of each year; and
(3) Designation of a new process agent before March 1, if the process
agent previously designated has ceased during a preceding calendar year
to reside within the Canal Zone.
SEC. 877. Revocation of license.-The Governor may revoke a license
issued pursuant to this chapter if, upon examination, he is satisfied that the
operations of the corporation are conducted in an illegal manner, or in a
manner contrary to public policy or to the policy of administering the Canal
Zone as an adjunct of the Panama Canal.
SEC. 878. Loss of benefit of statute of lilmitations.-Corporations doing
business in the Canal Zone which fail to comply with this chapter are not
entitled to the benefit of the laws of the Canal Zone limiting the time for
the commencement of civil actions.
SEC. 879. Penalties for violation; validity of contracts.-(a) A corpora-
tion which does business in the Canal Zone without having complied with
this chapter shall be fined not more than $500.
(b) Whoever acts as an officer of, or agent for, a corporation which
has not complied with this chapter, shall be fined not more than $100 or
imprisoned in jail not more than 30 days, or both.
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1963
Policies issued during 1964
Total
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total
Settled during 1964__
Unpaid December 31, 1964
GRouP-None
Net premiums collected in Canal Zone during 1964:
Life Insurance_ _
Accident and Health .
Total _
Premium tax paid in Canal Zone-
$16,786.90
0.00
$16,786.90
$251.80
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Policies in force December 31, 1963
Policies issued during 1964
Total
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total
Settled during 1964 _
Unpaid December 31, 1964
GROUP-None
Net premiums collected in Canal Zone during 1964:
Life Insurance ____-- -
Accident and Health _-
Total --__ _
Premium tax paid in Canal Zone- _---.- -
Number
1,771
470
2,241
508
1,733
Amount
$8,577,758.00
2,100,000.00
$10,677,758.00
1,385,588.00
$9,292,170.00
0 $0.00
6 13,625.00
6 $13,625.00
6 13,625.00
0 $0.00
$258,503.77
20.00
$258,523.77
$3,877.86
Number
57
49
106
3
103
0
0
0
0
Amount
$349,581.00
272,869.00
$622,450.00
38,508.00
$583,942.00
$0.00
0.00
$0.00
0.00
$0.00
UNITED STATES FIDELITY AND GUARANTY COMPANY
Extended coverage
Auto collision
Fire_ ---
Inland marine -
Accident -
Worknen's compensation _
Liability other than auto (BI.)_
Auto liability (B.I.) -
Auto property damage_
Auto physical damage
Property damage other than auto.
Fidelity
Surety __ --
Burglary and theft
Glass-__
Miscellaneous
Total_. ________
Premium tax paid in Canal Zone
Net
Premiums
$454.08
22,815.05
4,476.49
466.80
49.50
26,564.97
3,154.79
26,848.69
14,409.22
16,088.05
- 1,629.46
---- ----- 2,450.53
- -- 12,372.92
6,835.55
31.06
0.00
__ $138,647.16
-...--. $2,079.71
AMERICAN INTERNATIONAL LIFE ASSURANCE COMP \NY
OF NEW YORK
(No transactions in Canal Zone during 1964)
AMERICAN LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1963
Policies issued during 1964
Total
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964 _
Total
Settled during 1964
Unpaid December 31, 1964
Number
23
0
23
3
20
0
0
0
0
0
GROUP-None
Net premiums collected in Canal Zone during 1964:
Life Insurance -- -- --- ----
Accident and Health ___
Total _
Premium tax paid in Canal Zone ___ --- .-_
L...,' ,
fLiicl
'* II"
:2 1.1111 .
II l'111
II"ll
,, 2. 2 15
.2 4 -.
""'
i l) .I
51 -1 .
l 24, -,'
11 I II I
! 1 -.1 12 I I
II II
fIlilf
IIn 11
Ui-'I. u
MARYLAND CASUALTY COMPANY
Hospital -
Accident --_
Health --- -__- __ (Cr.)
Group accident and health ________________
Auto liability___--------------------
Liability other than auto__
Fidelity -
Surety -___-
Class __ ______--------
Burglary and theft __ __- __
Auto property damage __________
Inland marine___------------ -----
Property damage other than auto- ____ _-
Workmen's compensation_ ________-__-_
Automobile physical damage _______-
Fire_________-_ ____ ___ ---
Extended coverage _ _________
Miscellaneous
Total ________________
Premium tax paid in Canal Zone_ _
Net
Premiums
$2,272.4,.
677.5-
63.81
2,115.35
22,775.0..
5,074.5',
4,542.7':J
60,601.61
28.01.
9,036.42
10,320.1,1
2,945.8'.
1,974.5::
53,166.3'
29,427.31
3,758.9-
176.0..
12.0 '
S$208,841.11
$3,132.62
MUTUAL OF ONMAHA INSURANCE COMPANY
Group accident and health__
Accident _- ..
Health and accident___
Hospital and medical __ _
Total___________
Premium tax paid in Canal Zone -
Net
Premiums
$810.12
- 805.0:.
99,658.25
1,199,842.41
[.o ,. ,
PaIi i
i 524 1"'
441 744 1.7
I 1 5'.59-4 *:rj
- - $1,301,115.89 21I l 7n 22
$19,516.74
NATIONAL SURETY CORPORATION
(No transactions in Canal Zone during 1964)
NATIONAL UNION FIRE INSURANCE COMPANY
Net
Premiums
Fire ______________ $2,961.5(
Automobile and motor vehicle_ ____ 8,065.57
Liability other than auto _________________ 2,400.62
Total -------------------------_ $13,427.6!
Premium tax paid in Canal Zone ____________ $201.42
1l 1 7 111
0.111)1
Iliii1
6-. 11.11
I'.'"'
1.1.1
I II
5 4.4, I7
p., r~
II 11
''I'1
1 'i '11
.\IIIC~.\IN MOTORISTS INSURANCE COMPANY
IN,, rr ,r. r...r.,, .nn Canal Zone during 1964)
COLONIAL INSLi'.INCE COMPANY OF PANAMA
Net
Premiums
.\, ir.. I.:,lI.J, i. ,.1 m .t..r i .:l. --. _ $106,490.46
T....I ------- -- --_---------- $106,490.46
Fr.:m;i.m i i. r i I r. irinal 7.:.r. -___ $1,597.36
CO(M)M1I\RCI L INSURANCE COMPANY
Net
.1u\, .ir.I,,l_ : ,ro.I n,,,r,,r -l-,h, l,
. l.,: r,. ,r.,J rl,,:- r . .
Workmen's compensation __ __
Liability other than auto_____
Accident _- ---
Miscellaneous _
T, ,tal _
I', ii.rin tax paid in Canal Zone - -
Premiums
------- $12,360.65
--. -- - 1,065.33
86,541.81
12,554.81
85.65
--- _ 2,149.74
$114,757.99
-__ $1,721.37
Premiums
- --- $15.00
---- 95.92
366.17
394.32
107.45
360.32
10,893.64
_ 207.06
_ $12,439.88
$186.59
Losses
Paid
$26,981.05
$26,981.05
Losses
Paid
$0.00
603.50
55,030.00
183.90
0.00
2,062.25
$57,879.65
Losses
Paid
80.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
$0.00
Losses
Paid
$0.00
0.00
1,106.83
0.00
$1,106.83
F a.:
F ,- .-- - - -- - _- -- -
.\ii.:. -, rprehensive _____-_____
Ai. t.. .Ilsion___
.\, i.. lI.il.,lity (B.I.) _ _________
II,.-pi il md medical --------
A 1i., prq...crty damage -
Fi.k lit. -_ _ _ _ _ __
\.IT.:.m,:.l.ile and motor vehicle _
T.:.tal ----- -
I reri niar tax paid in Canal Zone
L,.,1lw., .ot
Fir,
A .i. ,IIm Ilile
,. .eri r.,l ri
T. ta
1'r.: inun. ta
COMPARIA INTERAMERICANA DE SEGUROS, S.A.
Net
Premiums
her than auto_ _____ $682.56
-- -- 3,280.09
2,445.46
ne -_._-----____ 90.02
.1 $6,498.13
x paid in Canal Zone_ --- -__- $97.47
COMPANIA GENERAL DE SEGUROS, S.A.
Net
PANAMA INSURANCE COMPANY
Net Losses
Premiums Paid
Fire- __
Workmen's compensation. _
Liability other than auto___
Surety .. __ _
Automobile _
Miscellaneous
Total ___ _____
Premium tax paid in Canal Zone_
_-______ $2,089.13
_-____ __ 76,937.09
12,073.62
S_ _ ...__ 14,575.89
---_ 3,036.84
---_ ____ 2,483.00
--________ $111,195.57
---- $1,667.93
ROYAL INDEMNITY COMPANY
Net Losses
Premiums Paid
Surety_ _
Total------ ..------
Premium tax paid in Canal Zone.
-. -- $0.00 $1,952,797.92
$0.00 $1,952,797.92
------ $0.00
SEABOARD SURETY COMPANY
(No transactions in Canal Zone during 1964)
TRANSAMER1CA INSURANCE COMPANY
Net Losses
Premiums Paid
Auto property
Fidelity
Surety
Total
damage _.._..
Premium tax paid in Canal Zone
---__ __$0.00
_-- 573.75
S..- 10,798.00
--_ -_ $11,371.75
-_ $170.58
TRAVELERS INDEMNITY COMPANY
Net Losses
Premiums Paid
Auto physical damage $0.00 (Cr.) $25.60
Total ___. $0.00 (Cr.) $25.60
Premium tax paid in Canal Zone___ -_ $0.00
$0.00
19,004.23
135.91
0.00
3,264.26
683.20
$23,087.60
$400.00
0.00
0.00
$400.00
CANAL ZONE GOVERNMENT
ANNUAL REPO Tf
INSURANCE BUSINESS
transacted in the
CANAL ZONE
DURING THE CALENDAR YEAR
1964
Idb.I Laws Concerning Licensing
IO Inmuance Companies
PAN-AMERICAN LIFE INSURANCE COMPANY
ORDINARY
Number
221
3
224
78
146
Policies in force December 31, 1963
Policies issued during 1964
Total
Ceased to be in force during 1964
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total
Settled during 1964
Unpaid December 31, 1964
Amt..nint
$1,49(0.4i 2 'i 1
35 1 1111 1
$1,525 ''12 i1i
33 I I
$1,18" '- ii'
0 1.i i in
1 2 111111.1 II I
1 2 , ,
1 $2 i... 1.1 i..
0 I'I iI
1 $ 1 ,.,,"
GRouP-None
Net premiums collected in Canal Zone during 1964:
Life Insurance .
Accident and Health _
Total-- ----------_-
Premium tax paid in Canal Zone ---_____---____-
$31 il 75
$31.1 is 5
$3 465.28
8465.28
THE SERVICE LIFE INSURANCE COMPANY
ORDINARY
Number
11
15
26
2
24
Policies in force December 31, 1963
Policies issued during 1964 _
Total
Ceased to be in force during 1964_
Policies in force December 31, 1964
Losses and claims:
Unpaid December 31, 1963
Incurred during 1964
Total
Settled during 1964
Unpaid December 31, 1964
Amount
$25,818.00
119,014.00
$144,832.00
17,200.00
$127,632.00
_ $0.00
0 0.00
0 $0.00
0 0.00
0 $0.00
GRouP-None
Net premiums collected in Canal Zone during 1964:
Life Insurance
Accident and Health ...
Total _
Premium tax paid in Canal Zone -- __ _-__ -
$2,426.11
0.00
$2,426.11
$36.39
|
|
PAGE 1
CZ I.*? ' 19^4CANAL ZONE GOVERNMENT ANNUAL REPORT OF INSURANCE BUSINESS transacted in the CANAL ZONE DURING THE CALENDAR YEAR 1964 Including Laws Concerning Licensing Of Insurance Companies
PAGE 3
CANAL ZONE GOVERNMENT ANNUAL REPORT OF INSURANCE BUSINESS transacted in the CANAL ZONE DURING THE CALENDAR YEAR 1964 Including Laws Concerning Licensing Of Insurance Companies
PAGE 4
Digitized by the Internet Archive in 2009 with funding from University of Florida, George A. Smathers Libraries http://www.archive.org/details/annualreportofin1964cana
PAGE 5
CANAL ZONE GOVERNMENT OFFICE OF THE GOVERNOR Balboa, Heights, C.Z. April 9, 1965. Governor of The Canal Zone, Balboa Heights, C.Z. Sir: There is submitted herewith a report of insurance business transacted in the Canal Zone during the calendar year 1964. Respectfully, Paul M. Runnestrand, Executive Secretary. The following companies were authorized to transact business in the Canal Zone during the year 1964: American International Life Assurance Company of New YorkNew York, N.Y. American Life Insurance Company Birmingham, Ala. American Motorists Insurance Co Chicago, 111. Bankers Life Insurance Company of America Dallas, Tex. Citizen Standard Life Insurance Company Corpus Christi, Tex. Colonial American Life Insurance Company Corpus Christi, Tex. Colonial Insurance Company of Panama Panama, R. of P. Commercial Insurance Company Newark, N.J. Compaiiia General de Seguros, S.A Panama, R. of P. Compaiiia Interamericana de Seguros, S.A Panama, R. of P. Compaiiia Internacional de Seguros, S.A Panama, R. of P. Compaiiia Istmena de Seguros, S.A Panama, R. of P. Continental Casualty Company Chicago, 111. Continental Insurance Company New York, N.Y. Equity Annuity Life Insurance Company Washington, D.C. Fidelity and Casualty Company of New York New York, N.Y. Fidelity and Deposit Company Baltimore, Md. Fidelity and Guaranty Life Insurance Company Baltimore, Md. Firemen's Insurance Company of Newark Newark, N.J. General Insurance Company of America Seattle, Wash. Gibraltar Life Insurance Company of America Dallas, Tex. Hartford Accident and Indemnity Company Hartford, Conn. Illinois Mid-Continent Life Insurance Company Chicago, 111. Insurance Company of North America Philadelphia, Pa. International Service Insurance Company Fort Worth, Tex. Liberty Mutual Insurance Company Boston, Mass.
PAGE 6
Lincoln National Life Insurance Company Fort Wayne, Ind. Maryland Casualty Company Baltimore, Md. Mutual of Omaha Insurance Company Omaha, Nebr. National Surety Corporation New York, N.Y. National Union Fire Insurance Company Pittsburgh, Pa. Panama Insurance Company Inc Panama, R. of P. Pan-American Life Insurance Company New Orleans, La. Royal Indemnity Company New York, N.Y. Seaboard Surety Company New York, N.Y. Service Life Insurance Company Fort Worth, Tex. Transamerica Insurance Company San Francisco, Calif. Travelers Indemnity Company Hartford, Conn. United Benefit Life Insurance Company Omaha, Nebr. United Services Life Insurance Co Washington, D.C. United States Fidelity and Guaranty Company Baltimore, Md. United States Life Insurance Company in the City of New YorkNew York, N.Y. Wabash Life Insurance Co. 1 Indianapolis, Ind. 1 Wabash Life Insurance Company licensed in the Canal Zone March 10, 1964.
PAGE 7
AMERICAN MOTORISTS INSURANCE COMPANY (No transactions in Canal Zone during 1964) COLONIAL INSURANCE COMPANY OF PANAMA Net Premiums Automobile and motor vehicle $106,490.46 Total $106,490.46 Premium tax paid in Canal Zone $1,597.36 Losses Paid $26,981.05 $26,981.05 COMMERCIAL INSURANCE COMPANY Net Losses Premiums Paid Automobile and motor vehicle $12,360.65 $0.00 Burglary and theft 1,065.33 603.50 Workmen's compensation 86,541.81 55,030.00 Liability other than auto 12,554.81 183.90 Accident 85.65 0.00 Miscellaneous 2,149.74 2,062.25 Total $114,757.99 $57,879.65 Premium tax paid in Canal Zone $1,721.37 COMPANIA GENERAL DE SEGUROS, S.A. Net Losses Premiums Paid Fire $15.00 $0.00 Auto comprehensive 95.92 0.00 Auto collision 366.17 0.00 Auto liability (B.I.) 394.32 0.00 Hospital and medical 107.45 0.00 Auto property damage 360.32 0.00 Fidelity 10,893.64 0.00 Automobile and motor vehicle 207.06 0.00 Total $12,439.88 $0.00 Premium tax paid in Canal Zone $186.59 COMPANIA INTERAMERICANA DE SEGUROS, S.A. Net Losses Premiums Paid Liability other than auto $682,56 $0.00 Fire 3,280.09 0.00 Automobile 2,445.46 1,106.83 Ocean marine 90.02 0.00 Total $6,498.13 $1,106.83 Premium tax paid in Canal Zone $97.47
PAGE 8
COMPANIA INTERNACIONAL DE SEGUROS, S. A. Net Premiums Fire $1,439.48 Total. _ $1,439.48 Premium tax paid in Canal Zone $21.58 Losses Paid $0.00 $0.00 COMPANIA ISTMENA DE SEGUROS, S. A. (No transactions in Canal Zone during 1964) CONTINENTAL CASUALTY COMPANY Net Premiums Inland marine $2.67 Accident 140.22 Accident and health 9,234.95 Hospital and medical expenses 183.01 Group accident and health 3,119.24 Liability other than auto (B.I.) 2.37 Total $12,682.46 Premium tax paid in Canal Zone $190.24 CONTINENTAL INSURANCE COMPANY Net Premiums Fire __' $861.59 Extended coverage . 230.15 Total $1,091.74 Premium tax paid in Canal Zone $16.38 Losses Paid $0.00 0.00 5,288.94 0.00 1,953.86 0.00 $7,242.80 Losses Paid $0.00 0.00 $0.00 FIDELITY AND CASUALTY COMPANY OF NEW YORK Net Losses Premiums Paid Accident $59.50 $0.00 TotaL $59.50 $0.00 Premium tax paid in Canal Zone_ _ $0.89 DEPOSIT FIDELITY AND CASUALTY .'COMPANY OF MARYLAND (No transactions in Canal Zone during 1964) FIREMAN'S INSURANCE COMPANY OF NEWARK Net Losses Premiums Paid Fire _ $22,400.16 $5,140.77 Automobile and motor vehicle_ _•_ 185,912.16 90,737.14 Liability other than auto__ 52.58 0.00 Total _ _ $208,364.90 $95,877.91 Premium tax paid in Canal Zone $3,125.47 4
PAGE 9
GENERAL INSURANCE COMPANY OF AMERICA (No transactions in Canal Zone during 1964) HARTFORD ACCIDENT AND INDEMNITY COxMPANY Property damage other than auto Surety . Workmen's compensation Liability other than auto (B.I.) (Cr.) Auto liability (P.D.) Auto liability ( B.I. ) Total _-(Cr.) Premium tax paid in Canal Zone Net
PAGE 10
MARYLAND CASUALTY COMPANY Hospital Accident Health ______(Cr.) Group accident and health Auto liability Liability other than auto Fidelity Surety Glass Burglary and theft Auto property damage Inland marine Property damage other than auto Workmen's compensation Automobile physical damage Fire Extended coverage Miscellaneous Total $208,841.11 Premium tax paid in Canal Zone $3,132.62 Net
PAGE 11
PANAMA INSURANCE COMPANY Net Losses Premiums Paid Fire $2,089.13 $0.00 Workmen's compensation 76,937.09 19,004.23 Liability other than auto 12,073.62 135.91 Surety 14,575.89 0.00 Automobile. 3,036.84 3,264.26 Miscellaneous 2,483.00 683.20 Total $111,195.57 $23,087.60 Premium tax paid in Canal Zone $1,667.93 ROYAL INDEMNITY COMPANY Net Losses Premiums Paid Surety $0.00 $1,952,797.92 Total $0.00 $1,952,797.92 Premium tax paid in Canal Zone _ $0.00 SEABOARD SURETY COMPANY (No transactions in Canal Zone during 1964) TRANSAMERICA INSURANCE COMPANY Net
PAGE 12
UNITED STATES FIDELITY AND GUARANTY COMPANY Net Losses Premiums Paid Extended coverage _ $454.08 $0.00 Auto collision 22,815.05 12,300.38 Fire__ 4,476.49 113.40 Inland marine __ 466.80 0.00 Accident_ 49.50 0.00 Workmen's compensation 26,564.97 6,292.45 Liability other than auto (B.I.) . 3,154.79 382.45 Auto liability (B.I.) 26,848.69 3,252.79 Auto property damage 14,409.22 12,789.40 Auto physical damage 16,088.05 19,315.67 Property damage other than auto 1,629.46 54.30 Fidelity^ 2,450.53 229.59 Surety 12,372.92 83,829.33 Burglary and theft 6,835.55 545.13 Glass 31.06 0.00 Miscellaneous. 0.00 142.00 Total_. $138,647.16 $139,246.89 Premium tax paid in Canal Zone _. $2,079.71 AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY OF NEW YORK (No transactions in Canal Zone during 1964) AMERICAN LIFE INSURANCE COMPANY Ordinary Policies in force December 31, 1963. Policies issued during 1964 _ _ Total Ceased to be in force during 1964 _ Policies in force December 31, 1964 Losses and claims: Unpaid December 31, 1963 Incurred during 1964 _ _ Total . Settled during 1964 Unpaid December 31, 1964 Number 23
PAGE 13
BANKERS LIFE INSURANCE COMPANY OF AMERICA Ordinary Number Amount Policies in force December 31, 1963 1,210 $5,272,807.00 Policies issued during 1964 637 2,388.140.00 Total. . 1,847 $7,660,947.00 Ceased to be in force during 1964 _ _ 234 994,824.00 Policies in force December 31, 1964 1,613 $6,666,123.00 Losses and claims: Unpaid December 31, 1963 _ _ $0.00 Incurred during 1964 _. 8 7,250.00 Total.. 8 $7,250.00 Settled during 1964 7 4,750.00 Unpaid December 31, 1964 _ _ 1 $2,500.00 Group— None Net premiums collected in Canal Zone during 1964: Life Insurance $176,836.22 Accident and Health 0.00 Total $176,836.22 Premium tax paid in Canal Zone $2,652.54 CITIZENS STANDARD LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1963 1,404 $4,934,380.00 Policies issued during 1964 _ _ 1,308 5,425,963.00 Total 2,712 $10,360,343.00 Ceased to be in force during 1964 968 3,301,428.00 Policies in force December 31, 1964 __ 1,744 $7,058,915.00 Losses and claims: Unpaid December 31, 1963 1 $2,500.00 Incurred during 1964 12 14,845.00 Total 13 $17,345.00 Settled during 1964 12 9,845.00 Unpaid December 31, 1964 1 $7,500.00 Group— None Net premiums collected in Canal Zone during 1964: Life Insurance $206,276.35 Accident and Health 25,968.14 Total $232,244.49 Premium tax paid in Canal Zone $3,483.67
PAGE 14
COLONIAL AMERICAN LIFE INSURANCE COMPANY Amount $2,273,759.00 1,216,177.00 $3,489,936.00 322,396.00 900 $3,167,540.00 $0.00 3,625.00 $3,625.00 3,625.00 Ordinary Number Policies in force December 31, 1963 679 Policies issued during 1964 _ 313 Total. _ „_ 992 Ceased to be in force during 1964 _ . 92 Policies in force December 31, 1964 Losses and claims: Unpaid December 31, 1963. Incurred during 1964 4 Total. _ 4 Settled during 1964 4 Unpaid December 31, 1964 $0.00 Group Number Amount Policies in force December 31, 1963 1 $17,000.00 Policies issued during 1964 4,000.00 Total.. ~~ T Ceased to be in force during 1964 Policies in force December 31, 1964. . 1 Losses and claims: Unpaid December 31, 1963.. Incurred during 1964 Total. _ Settled during 1964. _ Unpaid December 31, 1964. _ Net premiums collected in Canal Zone during 1964: Life Insurance Accident and Health Total $96,084.19 Premium tax paid in Canal Zone $1,441.26 EQUITY ANNUITY LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1963. 16 $16,000.00 Policies issued during 1964 0.00 Total _ _ 16 $16,000.00 Ceased to be in force during 1964. 3 3,000.00 Policies in force December 31, 1964 _ 13 $13,000.00 Losses and claims: Unpaid December 31, 1963.^ $0.00 Incurred during 1964. 0.00 Total ~~ $0.00 Settled during 1964 0.00 Unpaid December 31, 1964 ~~ $0.00 Group— None Net premiums collected in Canal Zone during 1964: Life Insurance $5,221.66 Accident and Health _„ 0.00 Total-. $5,221.66 Premium tax paid in Canal Zone $78.32 $21,000.00 2,000.00 $19,000.00 $0.00 0.00 $0.00 0.00 $0.00 $92,807.44 3,276.75 10
PAGE 15
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1963 _ 57 $349,581.00 Policies issued during 1964 49 272,869.00 TotaL 106 $622,450.00 Ceased to be in force during 1964 __ 3 38,508.00 Policies in force December 31, 1964 103 $583,942.00 Losses and claims: Unpaid December 31, 1963 _ $0.00 Incurred during 1964 _ 0.00 TotaL . $0.00 Settled during 1964 . 0.00 Unpaid December 31, 1964 _ $0.00 Group— None Net premiums collected in Canal Zone during 1964: Life Insurance $16,786.90 Accident and Healtb 0.00 Total$16,786.90 Premium tax paid in Canal Zone_ _ $251.80 THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA Ordinary Number Amount Policies in force December 31, 1963^ . 1,771 $8,577,758.00 Policies issued during 1964 470 2,100,000.00 Total 2,241 $10,677,758.00 Ceased to be in force during 1964 508 1,385,588.00 Policies in force December 31, 1964 . 1,733 $9,292,170.00 Losses and claims: Unpaid December 31, 1963 _ $0.00 Incurred during 1964 _ 6 13,625.00 Total 6 $13,625.00 Settled during 1964 ._ 6 13,625.00 Unpaid December 31, 1964 _ $0.00 Group— None Net premiums collected in Canal Zone during 1964: Life Insurance $258,503.77 Accident and Health 20.00 Total_ _ $258,523.77 Premium tax paid in Canal Zone $3,877.86 11
PAGE 16
ILLINOIS MID-CONTINENT LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1963 1 $10,000.00 Policies issued during 1964 1 10,000.00 Total. 2 $20,000.00 Ceased to be in force during 1964 0.00 Policies in force December 31, 1964 2 $20,000.00 Losses and claims: Unpaid December 31, 1963 $0.00 Incurred during 1964 0.00 Total.. $0.00 Settled during 1964. _ 0.00 Unpaid December 31, 1964 $0.00 Group— None Net premiums collected in Canal Zone during 1964: Life Insurance $184.70 Accident and Health 36.00 Total $220.70 Premium tax paid in Canal Zone . $3.31 12
PAGE 17
LINCOLN NATIONAL LIFE INSURANCE COMPANY Ordinary Number Amount "Policies in force December 31, 1963 688 $4,442,817.00 Policies issued during 1964 41 297,209.00 Total___ __ 729 $4,740,026.00 Ceased to be in force during 1964 _ _ 85 715,401.00 Policies in force December 31, 1964 644 $4,024,625.00 Losses and claims: Unpaid December 31, 1963 . $0.00 Incurred during 1964 _. _ 10 54,935.00 Total. 10 $54,935.00 Settled during 1964 9 44,935.00 Unpaid December 31, 1964 1 $10,000.00 Group Number Amount "Policies in force December 31, 1963 _ $46,946.00 Policies issued during 1964 0.00 Total $46,946.00 Ceased to be in force during 1964 _ _ (841.00 ) Policies in force December 31, 1964. . $47,787.00 Losses and claims: Unpaid December 31, 1963 _ $0.00 Incurred during 1964 0\00 Total ~~ $0.00 Settled during 1964 _ _ O00 Unpaid December 31, 1964 _ _ $0.00 Net premiums collected in Canal Zone during 1964: Life Insurance $119,341.85 Accident and Health. _ 2,608.61 Total $121,950.46 Premium tax paid in Canal Zone $1,829.26 "Adjusted figure after deduction in policies and amount to reflect exclusion from policy exhibit of reinsurance accepted which was included in previous year's report of insurance in force December 31, 1963. 13
PAGE 18
PAN-AMERICAN LIFE INSURANCE COMPANY Ordinary Policies in force December 31, 1963 Policies issued during 1964 _ . Total. Ceased to be in force during 1964 _ Policies in force December 31, 1964 Losses and claims: Unpaid December 31, 1963. Incurred during 1964 Total Settled during 1964 Unpaid December 31, 1964 _ Number
PAGE 19
UNITED BENEFIT LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1963 776 $3,115,167.00 Policies issued during 1964 40 314,496.00 Total 816 $3,429,663.00 Ceased to be in force during 1964 123 543,084.00 Policies in force December 31, 1964 693 $2,886,579.00 Losses and claims: Unpaid December 31, 1963 $0.00 Incurred during 1964 0.00 Total ~~ ~~ " $0.00 Settled during 1964 0.00 Unpaid December 31, 1964 $0.00 Group Number Amount Policies in force December 31, 1963 2 $70,637,500.00 Policies issued during 1964 22,569,500.00 Total ~ ~~ 2 $93,207,000.00 Ceased to be in force during 1964 344,000.00 Policies in force December 31, 1964 ~ ~~2 $92,863,000.00 Losses and claims: Unpaid December 31, 1963 3 $13,000.00 Incurred during 1964 __ 53 332,500.00 Total 56 $345,500.00 Settled during 1964 55 344,000.00 Unpaid December 31, 1964 ' ~~ 1 $1,500.00 Net premiums collected in Canal Zone during 1964: Life Insurance _ $493,673.52 Accident and Health 45,643.98 Total $539,317.50 Premium tax paid in Canal Zone $8,089.76 UNITED SERVICES LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1963^ . 136 $1,196,063.00 Policies issued during 1964 _ 22 246,437.00 Total 158 $1,442,500.00 Ceased to be in force during 1964 2 26,000.00 Policies in force December 31, 1964 156 $1,416,500.00 Losses and claims: Unpaid December 31, 1963 $0.00 Incurred during 1964 0.00 Total ~ ~~ $0.00 Settled during 1964 0.00 Unpaid December 31, 1964 ~~ $0.00 Group— None Net premiums collected in Canal Zone during 1964: Life Insurance $17,917.73 Accident and Health 0.00 Total $17,917.73 Premium tax paid in Canal Zone $268.77 15
PAGE 20
UNITED STATES LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1963 51 $694,892.00 Policies issued during 1964 8.00 Total 51 $694,900.00 Ceased to be in force during 1964 14 156,448.00 Policies in force December 31, 1964 37 $538,452.00 Losses and claims: Unpaid December 31, 1963 $0.00 Incurred during 1964 1 5,000.00 Total. _ 1 $5,000.00 Settled during 1964 1 5,000.00 Unpaid December 31, 1964 __ $0.00 Group Nwnber Amount Policies in force December 31, 1963 4 $2,448,701.00 Policies issued during 1964 0.00 Total _ 4 $2,448,701.00 Ceased to be in force during 1964 _ _ 2 2,222,701.00 Policies in force December 31, 1964 2 $226,000.00 Losses and claims: Unpaid December 31, 1963 $0.00 Incurred during 1964 0.00 Total $0.00 Settled during 1964 0.00 Unpaid December 31, 1964 $0.00 Net premiums collected in Canal Zone during 1964: Life Insurance $14,847.58 Accident and Health 14,497.53 Total $29,345.11 Premium tax paid in Canal Zone $440.18 WABASH LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1964) 16
PAGE 21
RECAPITULATION MISCELLANEOUS COMPANIES Accident Automobile and motor vehicle Auto comprehensive Auto collision Auto liability (B.I.) Auto property damage Auto physical damage Burglary and theft Extended coverage Fidelity _ _ Fire i _ Glass : Group accident and health Health and accident Hospital and medical 1 Inland marine Liability other than auto Miscellaneous Ocean Marine _ . J Property damage other than auto __ Surety Workmen's compensation Total $2 Premium taxes paid in Canal Zone Net Premiums $1,817.42 318,518.20 95.92 23,181.22 62,369.76 31,383.04 90,790.40 16,937.30 860.26 18,460.71 41,282.36 57.06 6,949.71 108,878.39 202,405.43 3,415.35 35,650.52 4,644.74 576.02 3,711.37 104,331.37 243,744.94 ,320,061.49 $34,804.38 Losses Paid $182.86 122,089.28 0.00 12,300.38 8,022.33 26,258.89 44,359.40 5,089.28 136.22 320.87 15,816.78 1,778.90 4,922.66 50,048.11 1,164,801.99 1,730.45 821.26 2,887.45 0.00 705.05 2,036,627.25 119,437.50 $3,618,336.91 LIFE INSURANCE COMPANIES Ordinary Number 7,044 2,899 "Policies in force December 31, 1963 Policies issued during 1964 TotaL Ceased to be in force during 1964 _ Policies in force December 31, 1964 7,828 Losses and claims: Unpaid December 31, 1963 Incurred during 1964 Total Settled during 1964^ Unpaid December 31, 1964 9,943 2,115 42 43 39 Amount $32,554,856.00 12,425,313.00 $44,980,169.00 7,847,846.00 $37,132,323.00 $2,500.00 101,280.00 $103,780.00 81,780.00 $22,000.00 'See Lincoln National Life Ins. Co. 17
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Group Number Amount •Policies in force December 31, 1963 7 $73,150,147.00 Policies issued during 1964 _ _ _ 0_ 22,573,500.00 Tota l 7 $95,723,647.00 Ceased to be in force during 1964 _ _ 2 2,567,860.00 Policies in force December 31, 1964 _ 5 $93,155,787.00 Losses and claims: Unpaid December 31, 1963__ 3 $13,000.00 incurred during 1964 __ 53 332,500.0 Tota l 56 $345,500.00 Settled during 1964 __ 55 344,000.00 Unpaid December 31, 1964 1 $1,500.00 Net premiums collected in Canal Zone during 1964: Life Insurance $1,438,816.11 Accident and Health 92,051.0 1 Total $1,530,867.12 Premium tax paid in Canal Zone 22,963.00 "See Lincoln National Life Ins. Co. The relatively small amount of fire insurance business written is due to the fact that practically all structures in the Canal Zone are owned by the Government of the United States and are not covered by fire insurance. Following is a statement of property in the Canal Zone involved in fires and the damages resulting therefrom during the year ended December 31, 1964: Value of Amount of property damage involved by fire Panama Canal Company $10,593,446.15 $376,714.18 Canal Zone Government 1,347,790.45 250.00 Other U.S. Government. 0.00 0.00 U.S. Armed Forces 8,730,141.22 18,344.01 Ships in Canal waters 4,679,966.66° 3,905.50* Private property other than above_ _. 2,386,647.85 218,935.27 Total $27,737,992.33 $618,148.96 "Complete figures unavailable. The following is an extract from Title 2 of the Canal Zone Code, as revised effective January 2, 1963, pertaining to the licensing of foreign corporations under which insurance companies are authorized to do business in the Canal Zone. CANAL ZONE CODE-Title 2, Chapter 61 Sec. 871. Corporation; pint stock company.— As used in this chapter, "corporation" includes joint stock companies. Sec. 872. Application for license to do business; service of process; filing fee.— (a) A corporation organized under the laws of a State of the United States or of a foreign country may not do business in the Canal Zone 18
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or maintain an office therein until it has filed with the executive secretary of the Canal Zone Government: (1) An application for a license setting forth: A. The name of the corporation; B. The names of its officers and directors; and C. The general nature of the business in which it desires to engage in the Canal Zone; (2) A copy, duly certified by the officer authorized by law to certify it, of the: A. Articles of incorporation; B. Charter; or C. Statutory, executive, or governmental acts creating the corporation, when it has been so created; (3) An affidavit sworn by an authorized officer of the corporation stating the amount of its authorized capital stock at or within 60 days prior to the filing. (4) A designation of a person residing within the Canal Zone upon whom process issued under any law of the Canal Zone may be served, and his place of business or residence, and a certified copy of the minutes of the board of directors of the corporation authorizing the designation. (b) Process served on the person designated by the corporation or, if he can not be found at the place designated, or if a person is not designated, on the executive secretary of the Canal Zone Government, is a valid service on the corporation. When the executive secretary is served with process he shall without delay communicate the same to the corporation concerned at its last known address. A default judgment may not be entered against the corporation in an action in which process is served on the executive secretary until at least 60 days after the date of the service. (c) A corporation licensed pursuant to this chapter shall also file with the executive secretary any change in the provisions of its original articles of incorporation. (d) With the application for license there shall also be paid $10, which shall cover the filing fee and annual license fee for the remainder of the calendar year during which the license is issued. Sec. 873. Additional requirements for insurance companies.— In addition to the other requirements of this chapter, an insurance company organized under the laws of a State of the United States or of a foreign country shall file the following documents: (1) A certificate of an authorized official, showing that the company is authorized to transact business in the State or country under whose laws the company is organized; (2) A duly certified copy of the last annual statement of the insurance company to an authorized official in the State or country where the company is organized; (3) A deposit with the executive secretary of the Canal Zone Government of $10,000 in cash or current marketable securities, which shall be held in trust by the executive secretary for the account of the company, to satisfy 19
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any judgment that may be rendered against the company, under insurance policies that it may issue. Sec. 874. Annual statement and license tax for insurance companies.— An insurance company licensed pursuant to this chapter shall file with the executive secretary of the Canal Zone Government before March 1 of each year a verified statement showing the business transacted within the Canal Zone by the company during the previous calendar year and a duly certified copy of its annual report to an authorized official of the State or country in which the company is organized. Upon a showing of good cause therefor, the executive secretary may extend the time for filing the statement for a period not exceeding two months after March 1. An insurance company licensed pursuant to this chapter shall pay before March 1 of each year, in lieu of all other taxes except the annual fee provided for by section 876 of this title, a license tax equal to IV2 percent of its net premium receipts in the Canal Zone for the preceeding calendar year. Sec. 875. Issuance of license.— Upon compliance by a corporation with the conditions prescribed by sections 872-874 of this title, and if the Governor is satisfied that the business desired to be transacted is proper, legitimate and permissible under the laws of the Canal Zone, and not in conflict with the policy of administering the Canal Zone as an adjunct of the Panama Canal, he may issue a license to do business in the Canal Zone. Sec. 876. Continuance after first license period.— The right of a corporation to continue to do business for the calendar year, and the successive calendar years, after the calendar year during which the original license was issued, shall be contingent upon: (1) Compliance with the provisions of this chapter applicable to corporations licensed under it; (2) Payment of a license fee of $10, payable in advance, on January 1 of each year; and (3) Designation of a new process agent before March 1, if the process agent previously designated has ceased during a preceding calendar year to reside within the Canal Zone. Sec. 877. Revocation of license.— -The Governor may revoke a license issued pursuant to this chapter if, upon examination, he is satisfied that the operations of the corporation are conducted in an illegal manner, or in a manner contrary to public policy or to the policy of administering the Canal Zone as an adjunct of the Panama Canal. Sec. 878. Loss of benefit of statute of limitations.— Corporations doing business in the Canal Zone which fail to comply with this chapter are not entitled to the benefit of the laws of the Canal Zone limiting the time for the commencement of civil actions. Sec. 879. Penalties for violation; validity of contracts.— (a) A corporation which does business in the Canal Zone without having complied with this chapter shall be fined not more than $500. (b) Whoever acts as an officer of, or agent for, a corporation which has not complied with this chapter, shall be fined not more than $100 or imprisoned in jail not more than 30 days, or both. 20
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(c) Every contract made by or on behalf of such a corporation affecting the liability thereof or relating to property within the Canal Zone is void on its behalf and on behalf of its assigns, but is enforceable against it or them. Sec. 880. Corporations dealing in securities.— A corporation licensed pursuant to Chapter 79 of this title is not required to comply with sections 871-879 of this title. Sec. 881. Surrender of license to do business.— (a) A corporation licensed to do business in the Canal Zone may surrender its license by filing with the executive secretary of the Canal Zone Government a certificate signed and acknowledged by its president or a vice president and its secretary or an assistant secretary or treasurer, setting forth: (1) The name of the corporation as shown on the records of the executive secretary, and the State or place of incorporation; (2) That it revokes its designation of agent for the service of process; ( 3 ) That it surrenders its authority to do business in the Canal Zone and returns its license for cancellation, or that the license has been lost or destroyed, if such is the fact; (4) That it consents that process against it in any action upon a liability or obligation incurred within the Canal Zone prior to the filing of the certificate of surrender may be served upon the executive secretary of the Canal Zone Government; (5) A post office address to which the executive secretary may mail a copy of any process served upon him, which address may be changed from time to time by filing a certificate entitled "certificate of change of address of surrendered foreign corporation" signed and acknowledged by the president, a vice president, secretary, assistant secretary, or treasurer. (b) The license shall be attached to the certificate of surrender unless the license has been lost or destroyed, in which case there shall be attached an affidavit of the president, vice president, secretary, assistant secretary, or treasurer to that effect. (c) Mere retirement from doing business in the Canal Zone without filing a certificate of surrender of license does not revoke the appointment of any agent for the service of process within the Canal Zone. Sec. 882. Service of process after revocation or surrender of license.— (a) After the license of a corporation has been revoked or surrendered, process against the corporation may be served upon the executive secretary of the Canal Zone Government in any action upon a liability or obligation incurred within the Canal Zone prior to the revocation or the filing of the certificate of surrender. (b) Section 872(b) of this title applies to service of process upon the executive secretary pursuant to this section. (c) The revocation or surrender of a license does not affect any action pending at the time. 9154—500 21
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UNIVERSITY OF FLORIDA 3 1262 04728 2909 I
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