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ANNUAL REPORT
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INSURANI
DURING THE CALENDAR YEAR
1967
including Laws Concerning Licensing
Of Insurance Companies
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CANAL ZONE GOVERNMENT
ANNUAL REPORT
OF
INSURANCE
BUSINESS
transacted in the
CANAL
ZONE
DURING THE CALENDAR YEAR
1967
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/annualreportofin 1967cana
CANAL ZONE GOVERNMENT
OFFICE OF THE GOVERNOR
BALBOA HEIGHTS, May 6, 1968.
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 1967.
Respectfully,
PAUL M. RUNNESTRAND,
Executive Secretary.
The following companies were authorized to transact business in the Canal
Zone during the year 1967:
Aetna Casualty and Surety Company ------- _--------- Hartford, Conn.
American-Amicable Life Insurance Company ---------Birmingham, Ala.
American Capitol Insurance Company -------------- -- Houston, Tex.
American Employers' Insurance Company Boston, Mass.
American International Life Assurance Company of New York-
New York, N.Y.
American Motorists Insurance Co. --------------_ ---- Chicago, Ill.
Bankers Life Insurance Company of America ----------_ ---Dallas, Tex.
Citizens Standard Life Insurance Company, ---------Corpus Christi, Tex.
Colonial Insurance Company of Panama -------------- Panama, R. of P.
Commercial Insurance Company --- ----------- Newark, N.J.
Compaflia General de Seguros, S.A. ---------------- Panama, R. of P.
Compafnia Interamericana de Seguros, S.A. ------------Panama, R. of P.
Compafiia Internacional de Seguros, S.A. --------------Panama, R. of P.
Compafnia Istmefia de Seguros, S.A._ -----------------Panama, R. of P.
Companila Nacional de Seguros, S.A.1- --------------Panama, R. of P.
Continental Casualty Company ------------ ----------Chicago, Ill.
Continental Insurance Company _------------------- New York, N.Y.
Equity Annuity Life Insurance Company2 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.
1 Compafiia Nacional de Seguros, S.A. licensed in the Canal Zone April 6, 1967.
2 Equity Annuity Life Insurance Company discontinued doing business in the Canal Zone
as of August 9, 1967. All outstanding insurance contracts assumed and reissued by Variable
Annuity Life Insurance Company.
Gibraltar Life Insurance Company of America ------------Dallas, Tex.
Hartford Accident and Indemnity Company -----------Hartford, Conn.
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 ----------------- Omaha, Nebr.
National Surety Corporation -------------------- New York, N.Y.
National Union Fire Insurance Company --------------Pittsburgh, Pa.
National Western Life Insurance Company ------------Denver, Colo.
Panama Insurance Company, Inc. ------------------Panama, R. of P.
Pan-American Life Insurance Company -------------New Orleans, La.
Peninsular Life Insurance Company ---------------Jacksonville, Fla.
Reliance Insurance Company3- --- --------- -Philadelphia, Pa.
Royal Indemnity Company ------------------------New York, N.Y.
Seaboard Surety Company- ---------------------- New York, N.Y.
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. --------------------- Indianapolis, Ind.
World Service Life Insurance Company4 _Fort Worth, Tex.
3 Reliance Insurance Company licensed in the Canal Zone July 11, 1967.
4 Service Life Insurance Co. changed its name to World Service Life Insurance Company
effective April 28, 1967.
AETNA CASUALTY AND SURETY COMPANY
(No transactions in Canal Zone during 1967)
AMERICAN EMPLOYERS' INSURANCE COMPANY
(No transactions in Canal Zone during 1967)
AMERICAN MOTORISTS INSURANCE COMPANY
(No transactions in Canal Zone during 1967)
COLONIAL INSURANCE COMPANY OF PANAMA
Liability other than auto --------- -
Auto liability (B.I.)-
Auto property damage
Hospital and medical
Auto comprehensive
Auto collision
Fire
Burglary and theft
Total
Premium tax paid in Canal Zone -------
Net
Premiums
$220.00
46,611.20
27,769.35
3,174.49
6,547.82
28,754.41
6,526.24
6,530.05
$126,133.56
$1,892.00
Losses
Paid
$0.00
2,437.58
16,970.36
163.55
2,340.85
12,263.69
223.64
1,182.14
$35,581.81
COMMERCIAL INSURANCE COMPANY
Net
Premiums
Automobile and motor vehicle _--------------- $4,628.28
Workmen's compensation_ ------------------38,825.14
Miscellaneous -------------------------10,758.19
Total ---- -------------------- $54,211.61
Premium tax paid in Canal Zone -------- $813.17
Losses
Paid
$95.27
13,995.67
2,849.46
$16,940.40
COMPAlIA GENERAL DE SEGUROS, S.A.
Fire ._. .. ... .. .-.-.-..
Surety ------------ -------------
Liability other than auto - - - -
Workmen's compensation - - - --- -----
Auto comprehensive - - - - - - - - - -
Auto liability (B.I.)- - - - - - -----
Auto collision _- --------------------
Auto property damage -
Extended coverage
Hospital and medical
Total _---- ----------------
Premium tax paid in Canal Zone ------------
Net
Premiums
$115.00
9,563.95
397.56
6,203.95
257.80
503.87
590.66
462.47
121.25
90.26
$18,306.77
$274.60
COMPANIA INTERAMERICANA DE SEGUROS, S.A.
Net
Premiums
Workmen's compensation _------------------$262.50
Fire ------------------------------- 1,117.81
Automobile _--- -------------------------- 1,076.87
Inland marine --------------------- 295.09
Total _-------------------- ---- $2,752.27
Premium tax Daid in Canal Zone __ ------------- $41.28
Losses
Paid
$0.00
0.00
0.00
2,984.36
0.00
0.00
0.00
0.00
0.00
0.00
$2,984.36
Losses
Paid
$0.00
0.00
578.23
0.00
$578.23
COMPARIA INTERNATIONAL DE SEGUROS, S.A.
Net
Premiums
Fire -------------------------------- $1,187.78
Surety ------ --- --------------------- 2,191.59
Workmen's compensation_ 3,308.53
Total- ------------------------ $6,687.90
Premium tax paid in Canal Zone ------------ $100.32
COMPARIA ISTMERA DE SEGUROS, S.A.
(No transactions in Canal Zone during 1967)
COMPAIIA NATIONAL DE SEGUROS, S.A.
(No transactions in Canal Zone during 1967)
CONTINENTAL CASUALTY COMPANY
Net
Inland marine --------_---------------
Accident and health_ --------- -------
Group accident and health
Liability other than auto (B.I.)
Surety -------____-_-
Auto liability (B.I.) -------- ----
Auto property damage
Auto physical damage- -
Total --------------------------
Premium tax paid in Canal Zone
Premiums
$8.34
1,120.68
4,315.34
91.84
115.00
4,047.39
2,094.55
6,199.07
$17,992.21
$269.88
Losses
Paid
$0.00
0.00
0.00
$0.00
Losses
Paid
$0.00
231.70
2,956.56
847.05
0.00
0.00
2,478.90
428.88
$6,943.09
CONTINENTAL INSURANCE COMPANY
Net Losses
Premiums Paid
Fire ------------------------------ $0.00 $20.00
Miscellaneous ---------------- --- (Cr.) 50.99 0.00
Ocean Marine ------------------------ 0.00 (Cr.) 206.03
Total -- ------------------ (Cr.) $50.99 (Cr.) $186.03
Premium tax paid in Canal Zone $0.00
FIDELITY AND CASUALTY COMPANY OF NEW YORK
(No transactions in Canal Zone during 1967)
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
Net Losses
Premiums Paid
Fidelity $625.00 $0.00
Surety ----------------------------- 11,342.00 0.00
Total --------------------------- $11,967.00 $0.00
Premium tax paid in Canal Zone- ------------ $179.50
FIREMEN'S INSURANCE COMPANY OF NEWARK
Net Losses
Premiums Paid
Fire --------------------------- -------- $31,953.38 $462.36
Automobile and motor vehicle --- --------- 264,984.90 71,800.26
Miscellaneous ------------------- 6,901.28 0.00
Total-------------------------- $303,839.56 $72,262.62
Premium tax paid in Canal Zone ------------ $4,557.59
GENERAL INSURANCE COMPANY OF AMERICA
(No transactions in Canal Zone during 1967)
HARTFORD ACCIDENT AND INDEMNITY COMPANY
Group accident and health --------------
Accident and health_ --- -----
Workmen's compensation -_---------------
Liability other than auto (B.I.) -- ----
Total -------------------------
Premium tax paid in Canal Zone ------ --
INSURANCE COMPANY OF NORTH
Liability other than auto (B.I.) ---- ---- ----
Ocean marine
Surety ---- -------------------
Total ------------------------
Premium tax paid in Canal Zone
Net
Premiums
$882.00
23.83
81.00
113.00
$1,099.83
$16.50
AMERICA
Net
Premiums
$0.00
2,496.00
270.00
$2,766.00
$41.49
INTERNATIONAL SERVICE INSURANCE COMPANY
Net
Premiums
Auto liability (B.I.) -- -------------------- $16,905.36
Auto property damage -------------------- 9,192.77
Auto physical damage ---------------------- 63,988.07
Total -----------------------------$90,086.20
Premium tax paid in Canal Zone- ----------- $1,351.29
THE LIBERTY MUTUAL INSURANCE COMPANY
Net
Workmen's compensation _----------------
Health and accident
Group accident and health
Auto liability (B.I.)---------------------
Liability other than auto (B.I.)
Property damage other than auto_ ____
Auto property damage --------------------
Total__________----------
Premium tax paid in Canal Zone _-------------
Premiums
$688.00
103.00
0.00
53.00
138.00
134.00
24.00
$1,140.00
$17.10
Losses
Paid
$0.00
0.00
0.00
0.00
$0.00
Losses
Paid
(Cr.) $12.00
55.00
5.00
$48.00
Losses
Paid
$10,360.80
5,018.03
24,533.85
$39,912.68
Losses
Paid
$97.00
0.00
91.00
0.00
0.00
0.00
0.00
$188.00
MARYLAND CASUALTY COMPANY
Accident --------------------------
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
MUTUAL OF OMAHA INSURANCE
Group accident and health
Individual accident and health
Net
Premiums
$524.41
3,001.10
33,497.82
5,246.66
6,634.00
50,056.00
14.00
13,587.71
16,991.81
4,543.86
1,695.75
8,192.35
48,347.86
4,373.72
203.00
2,011.56
$198,921.61
$2,983.82
COMPANY
Net
Premiums
$20.00
1,549,987.56
Total-_ ---------------------- $1,550,007.56
Premium tax paid in Canal Zone
Losses
Paid
$32.94
73.00
8,670.74
15.00
22.00
(Cr.) 2,870.69
0.00
3,974.88
16,029.74
2,044.37
126.52
43,392.10
25,233.14
249.95
0.00
625.95
$97,619.64
Losses
Paid
$7,178.77
1,412,337.37
$1,419,516.14
$23,250.11
NATIONAL SURETY CORPORATION
(No transactions in Canal Zone during 1967)
NATIONAL UNION FIRE INSURANCE COMPANY
(No transactions in Canal Zone during 1967)
PANAMA INSURANCE COMPANY
Fire ----------------------------
Workmen's compensation
Liability other than auto
Surety __-____ -
Automobile
Miscellaneous __ _
Total -------------------------
Premium tax paid in Canal Zone
Net
Premiums
$3,334.28
64,454.88
9,898.55
33,540.11
3,003.10
54.84
$114,285.76
$1,714.29
Losses
Paid
$0.00
22,851.20
321.29
0.00
847.99
210.49
$24,230.97
RELIANCE INSURANCE COMPANY
(No transactions in Canal Zone during 1967)
ROYAL INDEMNITY COMPANY
Surety
Total- --------------
Premium tax paid in Canal Zone ----_-------
Fire --------
Extended coverage
Net
Premiums
$0.00
$0.00
$0.00
SEABOARD SURETY COMPANY
(No transactions in Canal Zone during 1967)
TRANSAMERICA INSURANCE COMPANY
Net
Premiums
---------------------- $266.25
e----------------------------- 30.65
Total --_ -------------------- $296.90
Premium tax paid in Canal Zone- -------------- $4.45
TRAVELERS INDEMNITY COMPANY
Net
Premiums
Fire_ ------------------------------- $28.01
Extended coverage ---------------------- 6.94
Miscellaneous -- --------------------(Cr.) 0.08
Inland Marine ----------------------20.00
Liability other than auto (B.I.) -------------- 1,419.82
Property damage other than auto ------------- 57.00
Auto liability (B.I.) -- ------------- 241.00
Auto property damage- -------------------- 126.00
Auto physical damage ----- ------------------- 112.22
Total --------------- ------------- $2,010.91
Premium tax paid in Canal Zone ------------ $30.16
Losses
Paid
$341.20
$341.20
Losses
Paid
$0.00
0.00
$0.00
Losses
Paid
$0.00
0.00
0.00
0.00
24.50
0.00
0.00
0.00
76.11
$100.61
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
Miscellaneous
Glass
Total_ -.-. ---.--.---.----------
Premium tax paid in Canal Zone -
Net
Premiums
$3,603.10
41,592.82
14,175.40
279.00
235.00
24,031.92
3,307.22
42,559.70
24,288.50
28,454.00
1,593.76
3,959.25
22.00
11,122.00
8,171.00
0.00
$207,394.67
$3,110.92
Losses
Paid
$0.00
30,768.07
781.11
0.00
0.00
2,558.18
142.80
13,749.54
27,423.27
9,109.08
114.80
0.00
0.00
6,992.48
0.00
29.50
$91,668.83
AMERICAN-AMICABLE LIFE INSURANCE COMPANY
ORDINARY
Number Amount
Policies in force December 31, 1966 ----------- 16 $120,624.00
Policies issued during 1967 0 0.00
Total __ ---------------------------- 16 $120,624.00
Ceased to be in force during 1967 0 6,922.00
Policies in force December 31, 1967 --- --- 16 $113,702.00
Losses and claims:
Unpaid December 31, 1966 ----------- 0 $0.00
Incurred during 1967 -------- -----0 2,000.00
Total --------------------------------- 0 $2,000.00
Settled during 1967 0 2,000.00
Unpaid December 31, 1967 ------ 0 $0.00
GROUP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance ---------------
Accident and Health -----
Total ---------------------------.
Premium tax paid in Canal Zone ---------------
$2,088.96
0.00
$2,088.96
$31.33
AMERICAN CAPITOL INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1966- 1,738
Policies issued during 1967 ---- 28
Total_ __------------------------- 1,766
Ceased to be in force during 1967 - 397
Policies in force December 31, 1967 1,369
Losses and claims:
Unpaid December 31, 1966
Incurred during 1967 - -
Total ------____
Settled during 1967
Unpaid December 31, 1967
Amount
$5,963,039.00
202,915.00
$6,165,954.00
215,141.00
$5,950,813.00
0 $0.00
2 1,500.00
2 $1,500.00
2 1,500.00
0 $0.00
GROUP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance ----------
Accident and Health
Total -------------- --
Premium tax paid in Canal Zone -----
$132,733.77
11,143.88
$143,877.65
$2,158.03
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY
OF NEW YORK
ORDINARY-None
GROUP
Policies in force December 31, 1966
Policies issued during 1967 -------------------
Number
1
0
Total _--------------- 1
Ceased to be in force during 1967 _-------- --0 (
Policies in force December 31, 1967 -_- 1
Losses and claims:
Unpaid December 31, 1966 -----------_ 0
Incurred during 1967 ------------------- 0
Total --------------------------- 0
Settled during 1967 ------------------- 0
Unpaid December 31, 1967... --- 0
Net premiums collected in Canal Zone during 1967:
Life Insurance ----------------------------
Accident and Health
Total
Premium tax paid in Canal Zone -------------
*Portion of estimated incurred but not reported claim allocated
force premiums.
Amount
$256,555.00
0.00
$256,555.00
-) 32,306.00
$288,861.00
$246.29*
31.02
$277.31
0.00
$277.31
$3,027.13
0.00
$3,027.13
$45.41
on basis of in
BANKERS LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Number
Policies in force December 31, 1966 ------------ 1,544
Policies issued during 1967 ------------------ 0
Total_ __ ---------------------------- 1,544
Ceased to be in force during 1967 -------------- 341
Policies in force December 31, 1967------------ 1,203
Losses and claims:
Unpaid December 31, 1966---_--------- 4
Incurred during 1967 ---- ------------------ 10
Total ___________-
Settled during 1967- ----
Unpaid December 31, 1967 ---
14
10
4
Amount
$5,930,717.00
0.00
$5,930,717.00
1,143,816.00
$4,786,901.00
$3,500.00
7,375.00
$10,875.00
7,375.00
$3,500.00
GROUP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance ---------------
Accident and Health --------
Total ------------ --------
Premium tax paid in Canal Zone --------- -----
$189,056.39
0.00
$189,056.39
$2,835.85
CITIZENS STANDARD LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1966 ---------- 2,430
Policies issued during 1967 ___------------- 52
Total _---------------------------- 2,482
Ceased to be in force during 1967 ----------- 522
Policies in force December 31, 1967 1,960
Losses and claims:
Unpaid December 31, 1966
Incurred during 1967 ----
Total _____ __
Settled during 1967
Unpaid December 31, 1967 --.-
Amount
$9,502,549.00
60,064.00
$9,562,613.00
2,322.562.00
$7,240,051.00
0 $0.00
11 15,634.15
11 $15,634.15
11 15,634.15
0 $0.00
GROUP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance
Accident and Health
Total
Premium tax paid in Canal Zone
$239,686.05
86,789.56
$326,475.61
$4,897.13
EQUITY ANNUITY LIFE INSURANCE COMPANY
Net premiums collected in Canal Zone during 1967:
Life Insurance
Accident and Health
Total
Premium tax paid in Canal Zone
$1,998.66
0.00
$1,998.66
$29.97
NOTE: Above premiums collected during the period January 1/August 9, 1967.
Pursuant to agreement approved by the Superintendent of Insurance, District of
Columbia, Variable Annuity Life Insurance Company of America assumed and
reinsured all insurance contracts of Equity Annuity Life Insurance Company
outstanding as of August 9, 1967.
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1966
Policies issued during 1967 --------- ---
Total -------------
Ceased to be in force during 1967 --- --
Policies in force December 31, 1967 -. -
Losses and claims:
Unpaid December 31, 1966
Incurred during 1967
Total ___
Settled during 1967------
Unpaid December 31, 1967
GRouP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance
Accident and Health
Total -- -----
Premium tax paid in Canal Zone
Number
77
2
79
15
64
Amount
$472,699.00
54,902.00
$527,601.00
125,021.00
$402,580.00
0 $0.00
0 0.00
0 $0.00
0 0.00
0 $0.00
$11,002.12
0.00
$11,002.12
$165.03
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Number
Policies in force December 31, 1966 ------- 1,434
Policies issued during 1967 --------------------- 50
Total __ ----------------------------1,484
Ceased to be in force during 1967 -------178
Policies in force December 31, 1967 -- 1,306
Losses and claims:
Unpaid December 31, 1966-------------- 0
Incurred during 1967 20
Total __ ---------------------------- 20
Settled during 1967 ----------------20
Unpaid December 31, 1967 - 0
Amount
$9,046,415.00
980,703.00
$10,027,118.00
1,030,179.00
$8,996,939.00
$0.00
68,205.85
$68,205.85
68,205.85
$0.00
GROUP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance -----_
Accident and Health ------------- -
Total -----------
Premium tax paid in Canal Zone ----
$246,690.92
10.00
$246,700.92
$3,700.36
LINCOLN NATIONAL LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1966 ------------- 720
Policies issued during 1967 -------. 37
Total _--- __-- ------------------- 757
Ceased to be in force during 1967 ----------- 85
Policies in force December 31, 1967 _----------- 672
Losses and claims:
Unpaid December 31, 1966----------------- 0
Incurred during 1967---- 11
Total -----_--__--------------- 11
Settled during 1967_ 11
Unpaid December 31, 1967 -- 0
GROUP
Number
Policies in force December 31, 1966- ---------- 0
Policies issued during 1967----------------- 0
Total -------------------- -------- 0
Ceased to be in force during 1967 -------------- 0
Policies in force December 31, 1967 ------------ 0
Losses and claims:
Unpaid December 31, 1966- ----------- 0
Incurred during 1967--------------- 0-
Total_ ---------------------------- 0
Settled during 1967_ 0
Unpaid December 31, 1967 -- 0
Net premiums collected in Canal Zone during 1967:
Life Insurance
Accident and Health
Total -----
Premium tax paid in Canal Zone --------- ---
Amount
$4,871,867.00
370,000.00
$5,241,867.00
658,182.00
$4,583,685.00
$0.00
52,502.00
$52,502.00
52,502.00
$0.00
Amount
$51,498.00
5,650.00
$57,148.00
(-) 15,243.00
$72,391.00
$0.00
0.00
$0.00
0.00
$0.00
$133,180.52
2,512.15
$135,692.67
$2,035.39
NATIONAL WESTERN LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1966
Policies issued during 1967
Total __________ ____
Ceased to be in force during 1967
Policies in force December 31, 1967 -
Losses and claims:
Unpaid December 31, 1966
Incurred during 1967 - -
Total ______ ___ ___
Settled during 1967- -_
Unpaid December 31, 1967
4 $64,500.00
2 10,000.00
6 $74,500.00
1 4,000.00
5 $70,500.00
0 $0.00
0 0.00
0 $0.00
0 0.00
0 $0.00
GROUP-None
Net premiums collected in Canal Zone during 1967
Life Insurance
Accident and Health
Total
Premium tax paid in Canal Zone
$970.62
0.00
$970.62
$14.56
PAN-AMERICAN LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1966 --___-----
Policies issued during 1967 _______
Total
Ceased to be in force during 1967 -
Policies in force December 31, 1967 _
Losses and claims:
Unpaid December 31, 1966
Incurred during 1967 - -
Total
Settled during 1967
Unpaid December 31, 1967
Nur
nber Amount
138 $1,169,408.00
2 18,000.00
140 $1,187,408.00
23 92,528.00
117 $1,094,880.00
0 $0.00
2 3,010.00
2 $3,010.00
2 3,010.00
0 $0.00
GROUP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance -------_________-
Accident and Health ------__________-
Total ----------_--__- ________-
Premium tax paid in Canal Zone- ----_--------
PENINSULAR LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1967)
$25,496.28
0.00
$25,496.28
$382.44
Amount
UNITED BENEFIT LIFE INSURANCE COMPANY
ORDINARY Number
Policies in force December 31, 1966 516
Policies issued during 1967 _------------------ 26
Total ------------------------- 542
Ceased to be in force during 1967 --- -----------50
Policies in force December 31, 1967 ----------- 492
Losses and claims:
Unpaid December 31, 1966- 1-
Incurred during 1967 --_-------- 2
Total ---------------------------- 3
Settled during 1967 -------- ------------ 2
Unpaid December 31, 1967 1
GROUP
Number
Policies in force December 31, 1966_ --------- 3 $1<
Policies issued during 1967 ------------------- 0
Total __ _---------------------------- 3 $1
Ceased to be in force during 1967 ------------- 0
Policies in force December 31, 1967 --- ----- 3 $1(
Losses and claims:
Unpaid December 31, 1966 ---------------- 3
Incurred during 1967 ------- --- ------ 106
Total __ ---------------------------- 109
Settled during 1967 ----------------- 108
Unpaid December 31, 1967 --.- 1
Net premiums collected in Canal Zone during 1967:
Life Insurance ___-- --- ----- -
Accident and Health ------------------
Total ---- ------
Premium tax paid in Canal Zone ----
UNITED SERVICES LIFE INSURANCE COMPANY
ORDINARY Number
Policies in force December 31, 1966_ 149
Policies issued during 1967_ -------------------140
Total -------------------------- 289
Ceased to be in force during 1967- --------------48
Policies in force December 31, 1967 ----------- 241
Amount
$1,837,817.00
323,493.00
$2,161,310.00
212,718.00
$1,948,592.00
$5,000.00
6,000.00
$11,000.00
6,000.00
$5,000.00
Amount
01,248,300.00
8,813,400.00
10,061,700.00
545,500.00
)9,516,200.00
$19,000.00
523,500.00
$542,500.00
538,000.00
$4,500.00
$854,844.16
42,849.09
$897,693,25
$13,465.40
Amount
$1,509,010.00
1,772,500.00
$3,281,510.00
429,000.00
$2,852,510.00
Losses and claims:
Unpaid December 31, 1966
Incurred during 1967
Total
Settled during 1967
Unpaid December 31, 1967 ---
0 $0.00
0 0.00
0 $0.00
0 0.00
0 $0.00
GRouP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance -_--------------------
Accident and Health_ __
Total _-------------------------
Premium tax paid in Canal Zone -- ___
$41,516.35
0.00
$41,516.35
$622.75
UNITED STATES LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1966
Policies issued during 1967 ----------------
Total_ __________--_-
Ceased to be in force during 1967 ----
Policies in force December 31, 1967 ___
Losses and claims:
Unpaid December 31, 1966 ------
Incurred during 1967 -
Total _
Settled during 1967 _____-_ ----
Unpaid December 31, 1967
GROUP
Number Amount
Policies in force December 31, 1966 -------------- 1 $200,000.00
Policies issued during 1967 -------------0 0.00
Total ---------------------------- 1 $200,000.00
Ceased to be in force during 1967 ----------0 4,000.00
Policies in force December 31, 1967 - 1 $196,000.00
Losses and claims:
Unpaid December 31, 1966 0 $0.00
Incurred during 1967 0 0.00
Total _- _____ 0 $0.00
Settled during 1967 -- 0 0.00
Unpaid December 31, 1967_ 0 $0.00
Net premiums collected in Canal Zone during 1967:
Life Insurance --_ -- ------------ $9,207.88
Accident and Health --------------------------------5,945.16
Total _---------------- $15,153.04
Premium tax paid in Canal Zone -------------------------- $227.30
WABASH LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1967)
Number Amount
32 $450,547.00
0 23.00
32 $450,570.00
6 46,079.00
26 $404,491.00
0 $0.00
1 4,644.00
1 $4,644.00
1 4,644.00
0 $0.00
WORLD SERVICE LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1966 ------------- 44
Policies issued during 1967 -------------------- 20
Total ---------------------------- 64
Ceased to be in force during 1967 -------------- 11
Policies in force December 31, 1967 ------------- 53
Losses and claims:
Unpaid December 31, 1966 ------------- 0
Incurred during 1967 ----- ------------------ 0
Total ------- --- ---------------- 0
Settled during 1967 ------- ---------- 0
Unpaid December 31, 1967-------------- 0
GROUP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance_ - - - - _____
Accident and Health -_- ---
T otal - - - -- - - - - - - -- - - -
Premium tax paid in Canal Zone --_------ __-
Amount
$521,858.00
158,060.00
$679,918.00
180,630.00
$499,288.00
$0.00
0.00
$0.00
0.00
$0.00
$4,830.26
0.00
$4,830.26
$72.45
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 ___-__-----------------------
Glass _----------------------------
Group accident and health- --------------
Health and accident (includes
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
$759.41
273,693.15
6,805.62
70,937.89
144,419.34
80,949.45
147,101.22
31,239.76
3,964.94
11,218.25
63,077.87
14.00
8,218.44
1,554,499.82
5,146.29
20,832.65
27,845.80
2,496.00
3,480.51
107,100.65
146,048.27
$2,709,849.33
$40,648.47
Losses
Paid
$32.94
73,321.75
2,340.85
43,031.76
35,218.66
67,920.30
59,381.06
12,149.50
0.00
22.00
1,737.06
29.50
10,299.33
1,412,732.62
2,044.37
1,338.64
3,685.90
(Cr.) 151.03
241.32
(Cr.) 2,524.49
85,878.51
$1,808,730.55
LIFE INSURANCE COMPANIES
ORDINARY
Number
Policies in force December 31, 1966-------------- 8,842
Policies issued during 1967 --------------- 359
Total _---------------------------- 9,201
Ceased to be in force during 1967-------------- 1,677
Policies in force December 31, 1967 --------- 7,524
Losses and claims:
Unpaid December 31, 1966-------------- 5
Incurred during 1967_ 59
Total __ ---------------------------- 64
Settled during 1967 59
Unpaid December 31, 1967 - 5
Amount
$41,461,050.00
3,950,660.00
$45,411,710.00
6,466,778.00
$38,944,932.00
$8,500.00
160,871.00
$169,371.00
160,871.00
$8,500.00
GROUP
Policies in force December 31, 1966 _
Policies issued during 1967 _-----------------
Total ----------------------------
Ceased to be in force during 1967
Policies in force December 31, 1967 -------
Losses and claims:
Unpaid December 31, 1966
Incurred during 1967
Total ____________ -
Settled during 1967
Unpaid December 31, 1967 - -
Net premiums collected in Canal Zone during 1967:
Life Insurance -
Accident and Health
Total _-----------------------
Premium tax paid in Canal Zone
1
3
106
109
108
$19,246.29
523,531.02
$542,777.31
538,000.00
$4,777.31
$1,896,330.07
149,249.84
$2,045,579.91
$30,683.40
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,
1967.
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
$3,399,686.55
1,552,772.11
0.00
10,591,014.56
24,095,464.76*
1,172,479.55
$40,811,417.53
Amount of
damage
by fire
$46,424.40
365.00
0.00
15,550.38
8,000.00*
12,811.15
$83,150.93
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
Number Amount
5 $101,756,353.00
0 8,819,050.00
5 $110,575,403.00
0 501,951.00
5 $110,073,452.00
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 1% 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.
22848-550
Gibraltar Life Insurance Company of America ------------Dallas, Tex.
Hartford Accident and Indemnity Company--------___ Hartford, Conn.
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 _----------- -- Omaha, Nebr.
National Surety Corporation- ------------------- _New York, N.Y.
National Union Fire Insurance Company ---_----- _Pittsburgh, Pa.
National Western Life Insurance Company------------- _Denver, Colo.
Panama Insurance Company, Inc.-_______________ Panama, R. of P.
Pan-American Life Insurance Company _____--_----New Orleans, La.
Peninsular Life Insurance Company ---------------Jacksonville, Fla.
Reliance Insurance Company. _------------------- Philadelphia, Pa.
Royal Indemnity Company---------------------- New York, N.Y.
Seaboard Surety Company ------ ---------------- New York, N.Y.
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. -------------------- Indianapolis, Ind.
World Service Life Insurance Compan y4 Fort Worth, Tex.
3 Reliance Insurance Company licensed in the Canal Zone July 11, 1967.
4 Service Life Insurance Co. changed its name to World Service Life Insurance Company
effective April 28, 1967.
NATIONAL WESTERN LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1966 _________
Policies issued during 1967_--_--- ___
Total ____________
Ceased to be in force during 1967_ __ _
Policies in force December 31, 1967___----
Losses and claims:
Unpaid December 31, 1966 __------
Incurred during 1967___ --- -- _
Total________ ______
Settled during 1967------____
Unpaid December 31, 1967________
Number Amount
4 $64,500.00
2 10,000.00
6 $74,500.00
1 4,000.00
5 $70,500.00
0
0
0
0
0
Gnoup-None
Net premiums collected in Canal Zone during 1967:
Life Insurance_______ _______
Accident and Health _______ ____
Total _- -- ------- _
Premium tax paid in Canal Zone ___--___ --
$0.00
0.00
$0.00
0.00
80.00
$970.62
0.00
$970.62
$14.56
PAN-AMERICAN LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1966 _------ 138
Policies issued during 1967 _---_ ___ ---- 2
Total __----------------------- -_ 140
Ceased to be in force during 1967-------------- 23
Policies in force December 31, 1967_ __- ------ 117
Losses and claims:
Unpaid December 31, 1966 __________ 0
Incurred during 1967_ ___ ______________ 2
Total ____ _
Settled during 1967 __________
Unpaid December 31, 1967
2
2
GRouP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance --- ____ ____
Accident and Health _______ _ _
Total -------______ _____
Premium tax paid in Canal Zone --------___
PENINSULAR LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1967)
Amount
$1,169,408.00
18,000.00
$1,187,408.00
92,528.00
$1,094,880.00
$0.00
3,010.00
$3,010.00
3,010.00
$0.00
$25,496.28
0.00
$25,496.28
$382.44
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 --.------.. __-----..-
Glass-___--_--__ --------------
Group accident and health _-
Health and accident (includes
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_---------
LIFE INSURANCE COMPANIES
ORDINARY
Number
Policies in force December 31, 1966 __--_-____-- 8,842
Policies issued during 1967-------------- ---- 359
Total____-------------- -- ----_ 9,201
Ceased to be in force during 1967-------_ ------ 1,677
Policies in force December 31, 1967 ------------ 7,524
Losses and claims:
Unpaid December 31, 1966_ _ ----------- 5
Incurred during 1967 ___------------_ 59
Total -------------------------_ 64
Settled during 1967.-__-----__--- _- __- 59
Unpaid December 31, 1967 --------------- 5
Amount
841,461,050.00
3,950,660.00
$45,411,710.00
6,466,778.00
$38,944,932.00
$8,500.00
160,871.00
$169,371.00
160,871.00
$8,500.00
Net
Premiums
$759.41
273,693.15
6,805.62
70,937.89
144,419.34
80,949.45
147,101.22
31,239.76
3,964.94
11,218.25
63,077.87
14.00
8,218.44
1,554,499.82
5,146.29
20,832.65
27,845.80
2,496.00
3,480.51
107,100.65
146,048.27
$2,709,849.33
$40,648.47
Losses
Paid
$32.94
73,321.75
2,340.85
43,031.76
35,218.66
67,920.30
59,381.06
12,149.50
0.00
22.00
1,737.06
29.50
10,299.33
1,412,732.62
2,044.37
1,338.64
3,685.90
(Cr.) 151.03
241.32
(Cr.) 2,524.49
85,878.51
$1,808,730.55
AMERICAN-AMICABLE LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1966 -__-------- 16
Policies issued during 1967_------------------- 0
Total ________------- -- __------- 16
Ceased to be in force during 1967______-- 0
Policies in force December 31, 1967 __-- ----_ 16
Losses and claims:
Unpaid December 31, 1966- __------------- 0
Incurred during 1967 ---.-------------- 0 0
Total _------_------------------- 0
Settled during 1967_ _--_ __---- -------- 0
Unpaid December 31, 1967_-- _--------- 0
GROUP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance__---------------------------
Accident and Health_-------------------------
Total ---------------------------------
Premium tax paid in Canal Zone---_ -----------------
AMERICAN CAPITOL INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1966 _--- -- 1,738
Policies issued during 1967 __-- ---- --- 28
Total ____------ --- ------------- 1,766
Ceased to be in force during 1967 ____- ------ 397
Policies in force December 31, 1967__ -- 1,369
Losses and claims:
Unpaid December 31, 1966 -------- 0
Incurred during 1967------------------ 2
Total ..______. ____--------------
Settled during 1967 __ ----- ------
Unpaid December 31, 1967 ---_ _---
2
2
0
GROUP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance -____________------_-------
Accident and Health_ ______
Total_ _----------------_
Premium tax paid in Canal Zone__
Amount
$120,624.00
0.00
$120,624.00
6,922.00
$113,702.00
$0.00
2,000.00
$2,000.00
2,000.00
$0.00
$2,088.96
0.00
$2,088.96
$31.33
Amount
$5,963,039.00
202,915.00
$6,165,954.00
215,141.00
$5,950,813.00
$0.00
1,500.00
$1,500.00
1,500.00
$0.00
$132,733.77
11,143.88
$143,877.65
$2,158.03
WORLD SERVICE LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1966 _________
Policies issued during 1967 --_--_---
Number
44
20
Total ___________----------------_ 64
Ceased to be in force during 1967-------- ----- 11
Policies in force December 31, 1967 ___-- _--_ 53
Losses and claims:
Unpaid December 31, 1966- _-------------- 0
Incurred during 1967 -___---------------- 0
Total ___________________________ 0
Settled during 1967----_--- ----------- 0
Unpaid December 31, 1967_ ---------._--- 0
GRouP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance__-------- ____________-____
Accident and Health ------------------___
Total-____________________________
Premium tax paid in Canal Zone -_-_--_______ _
Amount
$521,858.00
158,060.00
$679,918.00
180,630.00
$499,288.00
$0.00
0.00
$0.00
0.00
$0.00
$4,830.26
0.00
$4,830.26
$72.45
MARYLAND CASUALTY COMPANY
Net Losses
Premiums Paid
Accident------ ----_---------------_ $524.41 $32.94
Group accident and health----------------- 3,001.10 73.00
Auto liability ------------------------- 33,497.82 8,670.74
Liability other than auto------------------_ 5,246.66 15.00
Fidelity------ ---------_______---___ 6,634.00 22.00
Surety --------- ---_ _ -----__ --- 50,056.00 (Cr.) 2,870.69
Glass -----------------------------_ 14.00 0.00
Burglary and theft ---- ----------------- 13,587.71 3,974.88
Auto property damage ------ ----------_ 16,991.81 16,029.74
Inland marine .________________------- 4,543.86 2,044.37
Property damage other than auto ______ -------1,695.75 126.52
Workmen's compensation ___ ____---------- 8,192.35 43,392.10
Automobile physical damage --- ----__-----_ 48,347.86 25,233.14
Fire_--______________--__________ 4,373.72 249.95
Extended coverage ---- ---------- -_-____ 203.00 0.00
Miscellaneous -------------------- 2,011.56 625.95
Total -----_------------------_ $198,921.61 $97,619.64
Premium tax paid in Canal Zone_____________ $2,983.82
MUTUAL OF OMAHA INSURANCE COMPANY
Net Losses
Premiums Paid
Group accident and health ---------------- $20.00 $7,178.77
Individual accident and health-------------- 1,549,987.56 1,412,337.37
Total -------------------------_ $1,550,007.56 $1,419,516.14
Premium tax paid in Canal Zone--______--- $23,250.11
NATIONAL SURETY CORPORATION
(No transactions in Canal Zone during 1967)
NATIONAL UNION FIRE INSURANCE COMPANY
(No transactions in Canal Zone during 1967)
PANAMA INSURANCE COMPANY
Net Losses
Premiums Paid
Fire------------------------------- $3,334.28 $0.00
Workmen's compensation -----------------_ 64,454.88 22,851.20
Liability other than auto_______ ------------9,898.55 321.29
Surety ---------------------------_ 33,540.11 0.00
Automobile ------ -------------------- 3,003.10 847.99
Miscellaneous ----------------------- 54.84 210.49
Total_______----------------- $114,285.76 $24,230.97
Premium tax paid in Canal Zone-____________ $1,714.29
RELIANCE INSURANCE COMPANY
(No transactions in Canal Zone during 1967)
CANAL ZONE GOVERNMENT
OFFICE OF THE GOVERNOR
BALBOA HEIGHTS, May 6, 1968.
GOVEnNOR OF TIHE 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 1967.
Respectfully,
PAUL M. RUNNESTRAND,
Executive Secretary.
The following companies were authorized to transact business in the Canal
Zone during the year 1967:
Aetna Casualty and Surety Company---__------ ------ Hartford, Conn.
American-Amicable Life Insurance Company-------- Birmingham, Ala.
American Capitol Insurance Company --------_-------Houston, Tex.
American Employers' Insurance Company_ _____ -Boston, Mass.
American International Life Assurance Company of New York-
New York, N.Y.
American Motorists Insurance Co.------------ ---_ Chicago, Ill.
Bankers Life Insurance Company of America------_---- -Dallas, Tex.
Citizens Standard Life Insurance Company,------- Corpus Christi, Tex.
Colonial Insurance Company of Panama ------------ Panama, R. of P.
Commercial Insurance Company--------------------Newark, N.J.
Compafia General de Seguros, S.A._ ----------------- Panama, R. of P.
Compafia Interamericana de Seguros, S.A.- ------------Panama, R. of P.
Compafiia Internacional de Seguros, S.A.- --------- --Panama, R. of P.
Compafia Istmefia de Seguros, S.A .----------------Panama, R. of P.
Compaflia Nacional de Seguros, S.A.' ------------- Panama, R. of P.
Continental Casualty Company --------- ------------Chicago, Ill.
Continental Insurance Company_ __-----------New York, N.Y.
Equity Annuity Life Insurance Company2 -----___---- ashington, 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.
1 Compaiia Nacional de Seguros, S.A. licensed in the Canal Zone April 6, 1967.
2 Equity Annuity Life Insurance Company discontinued doing business in the Canal Zone
as of August 9, 1967. All outstanding insurance contracts assumed and reissued by Variable
Annuity Life Insurance Company.
GENERAL INSURANCE COMPANY OF AMERICA
(No transactions in Canal Zone during 1967)
HARTFORD ACCIDENT AND INDEMNITY COMPANY
Net
Premiums
Group accident and health ----------------- $882.00
Accident and health--______ ------------- 23.83
Workmen's compensation ------------------ 81.00
Liability other than auto (B.I.) --------------- 113.00
Total---------- ------------ $1,099.83
Premium tax paid in Canal Zone------------- $16.50
INSURANCE COMPANY OF NORTH AMERICA
Net
Premiums
Liability other than auto (B.1.) --------------$0.00
Ocean marine--__-- --_------------- 2,496.00
Surety ---------------------------- 270.00
Total--------------------------- $2,766.00
Premium tax paid in Canal Zone------------- $41.49
INTERNATIONAL SERVICE INSURANCE COMPANY
Net
Premiums
Auto liability (B.1.)------------- --------- $16,905.36
Auto property damage --------------- --- 9,192.77
Auto physical damage _-- --------------- 63,988.07
Total ----------- ------------- $90,086.20
Premium tax paid in Canal Zone------------- $1,351.29
THE LIBERTY MUTUAL INSURANCE COMPANY
Net
Premiums
Workmen's compensation_ ---------------- $688.00
Health and accident-_----- -----------_ 103.00
Group accident and health --------------- 0.00
Auto liability (B.I.)_-- ----------------- 53.00
Liability other than auto (B.I.)____--------- 138.00
Property damage other than auto __----------- 134.00
Auto property damage ---------------------- 24.00
Total_ __-_____--- ------------ $1,140.00
Premium tax paid in Canal Zone------------- $17.10
Losses
Paid
$0.00
0.00
0.00
0.00
$0.00
Losses
Paid
Cr.) $12.00
55.00
5.00
$48.00
Losses
Paid
$10,360.80
5,018.03
24,533.85
$39,912.68
Losses
Paid
$97.00
0.00
91.00
0.00
0.00
0.00
0.00
$188.00
ANNUAL REPORT
OF
INSURAN
SS
DURING THE CALENDAR YEAR
1967
Including Laws Concerning Licensing
Of Insurance Companies
CITIZENS STANDARD LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1966 __---_---- 2,430
Policies issued during 1967 ------------------- 52
Total _________ --_--__-------__-__ 2,482
Ceased to be in force during 1967------------- 522
Policies in force December 31, 1967 ___ --- 1,960
Losses and claims:
Unpaid December 31, 1966- _-- ----------- 0
Incurred during 1967 -------------- 11
Total______-------- -------
Settled during 1967_ __ ____-_ _-
Unpaid December 31, 1967 ----
11
11
0
GRouP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance ----------------------------
Accident and Health___--- ---- ----
Total --------------------------------
Premium tax paid in Canal Zone ----------
Amount
$9,502,549.00
60,064.00
$9,562,613.00
2,322.562.00
$7,240,051.00
$0.00
15,634.15
$15,634.15
15,634.15
$0.00
$239,686.05
86,789.56
$326,475.61
$4,897.13
EQUITY ANNUITY LIFE INSURANCE COMPANY
Net premiums collected in Canal Zone during 1967:
Life Insurance- -------------------------- $1,998.66
Accident and Health_ _---- -------------- ----- 0.00
Total -_------- ------------------- -- $1,998.66
Premium tax paid in Canal Zone- ----- ------------- $29.97
NOTE: Above premiums collected during the period January 1/August 9, 1967.
Pursuant to agreement approved by the Superintendent of Insurance, District of
Columbia, Variable Annuity Life Insurance Company of America assumed and
reinsured all insurance contracts of Equity Annuity Life Insurance Company
outstanding as of August 9, 1967.
AETNA CASUALTY AND SURETY COMPANY
(No transactions in Canal Zone during 1967)
AMERICAN EMPLOYERS' INSURANCE COMPANY
(No transactions in Canal Zone during 1967)
AMERICAN MOTORISTS INSURANCE COMPANY
(No transactions in Canal Zone during 1967)
COLONIAL INSURANCE COMPANY OF PANAMA
Net Losses
Premiums Paid
Liability other than auto _---_------ _ _- $220.00 $0.00
Auto liability (B.I.) ______-------------- 46,611.20 2,437.58
Auto property damage -- ------------- 27,769.35 16,970.36
Hospital and medical-__ ---------------- 3,174.49 163.55
Auto comprehensive______ ---------------6,547.82 2,340.85
Auto collision ------------------------ 28,754.41 12,263.69
Fire--------------------------------- 6,526.24 223.64
Burglary and theft _-__ ------ ------- 6,530.05 1,182.14
Total ------------------_ $126,133.56 $35,581.81
Premium tax paid in Canal Zone- ---_-_-___ $1,892.00
COMMERCIAL INSURANCE COMPANY
Net Losses
Premiums Paid
Automobile and motor vehicle ________----___ $4,628.28 $95.27
Workmen's compensation--- --- ---------_ 38,825.14 13,995.67
Miscellaneous __ ___--------------------- 10,758.19 2,849.46
Total -__---------- ------------ $54,211.61 $16,940.40
Premium tax paid in Canal Zone- ----------- $813.17
COMPANIA GENERAL DE SEGUROS, S.A.
Net Losses
Premiums Paid
Fire ---- -------- -------------- $115.00 $0.00
Surety _____---_---- --------------- 9,563.95 0.00
Liability other than auto- ----------------- 397.56 0.00
Workmen's compensation-_---- ----------- 6,203.95 2,984.36
Auto comprehensive ----- --------------- 257.80 0.00
Auto liability (B.I.)--------_------------- 503.87 0.00
Auto collision -_----------------------- 590.66 0.00
Auto property damage -------------------- 462.47 0.00
Extended coverage --____ --------- 121.25 0.00
Hospital and medical_------------------- 90.26 0.00
Total-------------------------- $18,306.77 $2,984.36
Premium tax paid in Canal Zone___-- ------ $274.60
COMPANIA INTERAMERICANA DE SEGUROS, S.A.
Net Losses
Premiums Paid
Workmen's compensation_------------------ $262.50 $0.00
Fire_-- --------- ---------------- 1,117.81 0.00
Automobile --------------------------1,076.87 578.23
Inland marine--- -- ------------------ 295.09 0.00
Total ______------------------ $2,752.27 $578.23
Premium tax Daid in Canal Zone-____________ $41.28
ROYAL INDEMNITY COMPANY
Net
Premiums
Surety ----------------- $0.00
Total_---- ------ ------------- $0.00
Premium tax paid in Canal Zone ----------- $0.00
SEABOARD SURETY COMPANY
(No transactions in Canal Zone during 1967)
TRANSAMERICA INSURANCE COMPANY
Net
Premiums
Fire_ __--___------_--- --- --------- $266.25
Extended coverage ---------------------- 30.65
Total _-_-- --------------------- $296.90
Premium tax paid in Canal Zone -__---------- $4.45
Losses
Paid
$341.20
$341.20
Losses
Paid
$0.00
0.00
$0.00
TRAVELERS INDEMNITY COMPANY
Net Losses
Premiums Paid
Fire___________ --------------------$28.01 $0.00
Extended coverage --- ------- 6.94 0.00
Miscellaneous--------------------- (Cr.) 0.08 0.00
Inland Marine ---- -------------------- 20.00 0.00
Liability other than auto (B.I.) --------------1,419.82 24.50
Property damage other than auto-- ----------_ 57.00 0.00
Auto liability (B.I.)--------------------- 241.00 0.00
Auto property damage------ -_ ---____-_ 126.00 0.00
Auto physical damage -------------------- 112.22 76.11
Total- ---- -------------------_ $2,010.91 $100.61
Premium tax paid in Canal Zone -------_____ $30.16
UNITED STATES FIDELITY AND GUARANTY COMPANY
Net Losses
Premiums Paid
Extended coverage------ _-------------__- $3,603.10 $0.00
Auto collision ------------------------- 41,592.82 30,768.07
Fire------------------------------- 14,175.40 781.11
Inland marine ---------------------- 279.00 0.00
Accident___________ -------------- ---- 235.00 0.00
\orkmen's compensation- -----------------_ 24,031.92 2,558.18
Liability other than auto (B.I.)------------- 3,307.22 142.80
Auto liability (B.I.) _------------ ------_-- 42,559.70 13,749.54
Auto property damage --_---- --------- 24,288.50 27,423.27
Auto physical damage------_ ----------- 28,454.00 9,109.08
Property damage other than auto------------- 1,593.76 114.80
Fidelity-___________________________ 3,959.25 0.00
Surety-_____________ ______________ 22.00 0.00
Burglary and theft --- ----------------- 11,122.00 6,992.48
Miscellaneous______ --------------------8,171.00 0.00
Glass ___-- ----___--_____________ 0.00 29.50
Total -------------------------$207,394.67 $91,668.83
Premium tax paid in Canal Zone-____________ $3,110.92
UNITED STATES LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1966 ________
Policies issued during 1967 __ -------
Total ___- ____-- _____- __
Ceased to be in force during 1967 -____ __
Policies in force December 31, 1967 ____ _---
Losses and claims:
Unpaid December 31, 1966 ----- --
Incurred during 1967 -__-------_
Total ____
Settled during 1967_______-___
Unpaid December 31, 1967_ ------------
dumber Amount
32 $450,547.00
0 23.00
32 $450,570.00
6 46,079.00
26 $404,491.00
0
1
1
1
0
GROUP
Policies in force December 31, 1966 _-______-
Policies issued during 1967_--------__---------
Number
1
0
Total ________--- -----_____------ 1
Ceased to be in force during 1967-____-__- __--- 0
Policies in force December 31, 1967- ____ 1
Losses and claims:
Unpaid December 31, 1966_ _--- __------- -- 0
Incurred during 1967- --------- 0
Total ___________________________ 0
Settled during 1967--- ------ 0
Unpaid December 31, 1967-_ --_---___--- 0
Net premiums collected in Canal Zone during 1967:
Life Insurance______ _______ _-
Accident and Health ____________
Total _------------- -----
Premium tax paid in Canal Zone .------------.. _
$0.00
4,644.00
$4,644.00
4,644.00
$0.00
Amount
$200,000.00
0.00
$200,000.00
4,000.00
$196,000.00
$0.00
0.00
$0.00
0.00
$0.00
$9,207.88
5,945.16
$15,153.04
$227.30
WABASH LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1967)
LINCOLN NATIONAL LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1966 _-___------ 720
Policies issued during 1967_ -----_ _-- -------- 37
Total _______------------------- 757
Ceased to be in force during 1967 _------------- 85
Policies in force December 31, 1967 _____- __-- 672
Losses and claims:
Unpaid December 31, 1966 _---- 0
Incurred during 1967------------------- -11
Total________-- ______ __
Settled during 1967 ___ _______
Unpaid December 31, 1967_________
GROUP
Policies in force December 31, 1966 ___--__ -
Policies issued during 1967____-_-_- __
Total_________________________
Ceased to be in force during 1967 __- _-
Policies in force December 31, 1967 _______
Losses and claims:
Unpaid December 31, 1966 --------
Incurred during 1967 -__-- -- ----
Total ______________________
Settled during 1967 -__ ____--
Unpaid December 31, 1967 _______
11
11
0
Amount
$4,871,867.00
370,000.00
$5,241,867.00
658,182.00
$4,583,685.00
$0.00
52,502.00
$52,502.00
52,502.00
$0.00
Number Amount
0 $51,498.00
0 5,650.00
0 $57,148.00
0 (-) 15,243.00
0 $72,391.00
0
0
0
0
0
Net premiums collected in Canal Zone during 1967:
Life Insurance- _________
Accident and Health ____________ ___
Total __----_-_- _--__---_
Premium tax paid in Canal Zone------------------
$0.00
0.00
$0.00
0.00
$0.00
$133,180.52
2,512.15
$135,692.67
$2,035.39
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY
OF NEW YORK
ORDINARY-None
GROUP
Number
Policies in force December 31, 1966 __---- 1
Policies issued during 1967_------------------ 0
Total ______--- ------------------ 1
Ceased to be in force during 1967______--_- __ 0
Policies in force December 31, 1967_____---- 1
Losses and claims:
Unpaid December 31, 1966-_--- _-__---_-----_ 0
Incurred during 1967-__________________ 0
Total -___------- ---- ------ 0
Settled during 1967-___- __--___-___-- --- 0
Unpaid December 31, 1967_ __-______-- 0
Net premiums collected in Canal Zone during 1967:
Life Insurance- ------------_-- -
Accident and Health- ---_____________ ---____
Amount
$256,555.00
0.00
$256,555.00
(-) 32,306.00
$288,861.00
$246.29*
31.02
$277.31
0.00
$277.31
$3,027.13
0.00
Total ____________--------------------_ $3,027.13
Premium tax paid in Canal Zone- -------------- _----- $45.41
*Portion of estimated incurred but not reported claim allocated on basis of in
force premiums.
BANKERS LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Number
Policies in force December 31, 1966 _________ 1,544
Policies issued during 1967 __________________ 0
Total ________--------____________ 1,544
Ceased to be in force during 1967______________ 341
Policies in force December 31, 1967 __________ 1,203
Losses and claims:
Unpaid December 31, 1966_ -_ _-- _- --_-- -_- 4
Incurred during 1967 ------__----_ ------ 10
Total __________________-------- 14
Settled during 1967 ---_ --____ --------_ 10
Unpaid December 31, 1967_ -------------- 4
GRouP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance_______________
Accident and Health ---- ______ ____
Total ----------_________
Premium tax paid in Canal Zone________ _____
Amount
$5,930,717.00
0.00
$5,930,717.00
1,143,816.00
$4,786,901.00
$3,500.00
7,375.00
$10,875.00
7,375.00
$3,500.00
$189,056.39
0.00
$189,056.39
$2,835.85
CANAL ZONE GOVERNMENT
ANNUAL
REPORT
INSURANCE BUSINESS
transacted in the
CANAL ZONE
DURING THE CALENDAR YEAR
1967
Including Laws Concerning Licensing
Of Insurance Companies
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 1/2 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 tite, 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.
UNITED BENEFIT LIFE INSURANCE COMPANY
ORDINARY Number Amount
Policies in force December 31, 1966 _----------- 516 $1,837,817.00
Policies issued during 1967-----_-------------- 26 323,493.00
Total __________--- --------------- 542 $2,161,310.00
Ceased to be in force during 1967 -------------- 50 212,718.00
Policies in force December 31, 1967 ---------- 492 $1,948,592.00
Losses and claims:
Unpaid December 31, 1966- - ------------ 1 $5,000.00
Incurred during 1967 --- -_-_- ------- - 2 6,000.00
Total _________ ----- ------------- 3 $11,000.00
Settled during 1967 -------------- -- 2 6,000.00
Unpaid December 31, 1967_-- --_------- 1 $5,000.00
GROUP Number Amount
Policies in force December 31, 1966 --- ------- 3 $101,248,300.00
Policies issued during 1967 _--- ------------ 0 8,813,400.00
Total ------ ---------------------- 3 $110,061,700.00
Ceased to be in force during 1967 __---------- 0 545,500.00
Policies in force December 31, 1967 ------------ 3 $109,516,200.00
Losses and claims:
Unpaid December 31, 1966_ ___--------- 3 $19,000.00
Incurred during 1967 ------------------- 106 523,500.00
Total ______- __ __-- -------------- 109 $542,500.00
Settled during 1967_--------- ----------- 108 538,000.00
Unpaid December 31, 1967__-- ------------ 1 $4,500.00
Net premiums collected in Canal Zone during 1967:
Life Insurance----------------------------- $854,844.16
Accident and Health ____--- -------- .----- 42,849.09
Total ---- ----------------------------- $897,693,25
Premium tax paid in Canal Zone ____- __ ------ ------ $13,465.40
UNITED SERVICES LIFE INSURANCE COMPANY
ORDINARY Number Amount
Policies in force December 31, 1966_ -------- 149 $1,509,010.00
Policies issued during 1967------------------- 140 1,772,500.00
Total___________ _---------------.- 289 $3,281,510.00
Ceased to be in force during 1967 _____------- 48 429,000.00
Policies in force December 31, 1967 ____---- 241 $2,852,510.00
Losses and claims:
Unpaid December 31, 1966 ---- 0 $0.00
Incurred during 1967_ -__--__- _-- ---- 0 0.00
Total _____-- --------------------- 0 $0.00
Settled during 1967_--- --_----- ---- 0 0.00
Unpaid December 31, 1967- _-- -- 0 $0.00
GRnoU-None
Net premiums collected in Canal Zone during 1967:
Life Insurance----- - -- ------------------ $41,516.35
Accident and Health ---------------------- -- 0.00
Total ------------------------------ $41,516.35
Premium tax paid in Canal Zone -------------------- $622.75
GROUP
Policies in force December 31, 1966_______
Policies issued during 1967 __- __-- -
Number
5
0
Total_________________----------- 5
Ceased to be in force during 1967-__----------- 0
Policies in force December 31, 1967 ___---____ 5
Losses and claims:
Unpaid December 31, 1966- _------------ 3
Incurred during 1967 --__________ ___-- 106
Total _____ ----------------------- 109
Settled during 1967___-__- __-_---- __--- 108
Unpaid December 31, 1967________ 1
Net premiums collected in Canal Zone during 1967:
Life Insurance__--- ---------
Accident and Health_______ _____
Total -----------------------------
Premium tax paid in Canal Zone -_--_-____
Amount
$101,756,353.00
8,819,050.00
$110,575,403.00
501,951.00
$110,073,452.00
$19,246.29
523,531.02
$542,777.31
538,000.00
$4,777.31
$1,896,330.07
149,249.84
$2,045,579.91
$30,683.40
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,
1967.
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
properly
involved
$3,399,686.55
1,552,772.11
0.00
10,591,014.56
24,095,464.76*
1,172,479.55
$40,811,417.53
Amount of
damage
by fire
$46,424.40
365.00
0.00
15,550.38
8,000.00*
12,811.15
$83,150.93
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
(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.
22848-550
COMPARIA INTERNATIONAL DE SEGUROS, S.A.
Net Losses
Premiums Paid
Fire _____________ ______________---_ $1,187.78 $0.00
Surety_______________------------____ 2,191.59 0.00
Workmen's compensation_ ------------------ 3,308.53 0.00
Total ----------------------_ $6,687.90 $0.00
Premium tax paid in Canal Zone .------____. $100.32
COMPASIA ISTMElA DE SEGUROS, S.A.
(No transactions in Canal Zone during 1967)
COMPARIA NATIONAL DE SEGUROS, S.A.
(No transactions in Canal Zone during 1967)
CONTINENTAL CASUALTY COMPANY
Net Losses
Premiums Paid
Inland marine ------ _---------------_ $8.34 $0.00
Accident and health--------------------- 1,120.68 231.70
Croup accident and health ---------------_ 4,315.34 2,956.56
Liability other than auto (B.I.) --------------- 91.84 847.05
Surety --___------------------- 115.00 0.00
Auto liability (B.I.)__ ------------------ 4,047.39 0.00
Auto property damage -- --------------- 2,094.55 2,478.90
Auto physical damage_ ----------------- 6,199.07 428.88
Total--_--------- ------------ $17,992.21 $6,943.09
Premium tax paid in Canal Zone------------- $269.88
CONTINENTAL INSURANCE COMPANY
Net Losses
Premiums Paid
Fire --- ------_-- ------------- $0.00 $20.00
Miscellaneous ------_---------------(Cr.) 50.99 0.00
Ocean Marine ------------------------ 0.00 (Cr.) 206.03
Total ------- --_---------(Cr.) $50.99 (Cr.) $186.03
Premium tax paid in Canal Zone----_________ $0.00
FIDELITY AND CASUALTY COMPANY OF NEW YORK
(No transactions in Canal Zone during 1967)
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
Net Losses
Premiums Paid
Fidelity ______-------------------- $625.00 $0.00
Surety____ -------------------------11,342.00 0.00
Total ---------------------- $11,967.00 $0.00
Premium tax paid in Canal Zone __--------- $179.50
FIREMEN'S INSURANCE COMPANY OF NEWARK
Net Losses
Premiums Paid
Fire------------- ---------------- $31,953.38 $462.36
Automobile and motor vehicle ------------_ 264,984.90 71,800.26
Miscellaneous___------------------ 6,901.28 0.00
Total ------------------------ $303,839.56 $72,262.62
Premium tax paid in Canal Zone------------__ $4,557.59
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1966 __--- ---
Policies issued during 1967------------------
Total___________________________
Ceased to be in force during 1967 ___----------
Policies in force December 31, 1967 _______
Losses and claims:
Unpaid December 31, 1966_ __-_-__
Incurred during 1967 -------------------
Total ___
Settled during 1967 ---- ---
Unpaid December 31, 1967- ------
Number Amount
77 $472,699.00
2 54,902.00
79 $527,601.00
15 125,021.00
64 $402,580.00
0
0
0
0
0
$0.00
0.00
$0.00
0.00
$0.00
GRouP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance-----------------------------
Accident and Health ------------------------
Total _______ _______ __
Premium tax paid in Canal Zone __
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Number
Policies in force December 31, 1966__--_ _-- 1,434
Policies issued during 1967--------_-------_--_ 50
Total _____------------- --------__ 1,484
Ceased to be in force during 1967 ------- ------- 178
Policies in force December 31, 1967 ____------1,306
Losses and claims:
Unpaid December 31, 1966------ --------- 0
Incurred during 1967- -_ -_____--- ------- 20
Total _____________-------------_ 20
Settled during 1967--____----____---_ 20
Unpaid December 31, 1967_______- 0
GROUP-None
Net premiums collected in Canal Zone during 1967:
Life Insurance___________________
Accident and Health __
Total -----------------
Premium tax paid in Canal Zone------____ _
Amount
$9,046,415.00
980,703.00
$10,027,118.00
1,030,179.00
$8,996,939.00
$0.00
68,205.85
$68,205.85
68,205.85
$0.00
$246,690.92
10.00
$246,700.92
$3,700.36
$11,002.12
0.00
$11,002.12
$165.03
Digitized by the Internet Archive
in 2009 with funding from
University of Florida, George A. Smathers Libraries
http://www.archive.org/details/annualreportofinl967cana
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
|
|
PAGE 1
C Z I . q : 9 b ~7 CANAL ZONE GOVERNMENT ANNUAL REPORT OF INSURANT tran CANAK^ONE DURING THE CALENDAR YEAR 1967 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 1967 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/annualreportofin1967cana
PAGE 5
CANAL ZONE GOVERNMENT OFFICE OF THE GOVERNOR Balboa Heights, May 6, 1968. GovEUNOR OF The Canal Zone, Balboa Heights, C.Z. Sii : There is submitted herewith a report of insurance business transacted in the Canal Zone during the calendar year 1967. Respectfully, Paul M. Runnestrand, Executive Secretary. The following companies were authorized to transact business in the Canal Zone during the year 1967: Aetna Casualty and Surety Company Hartford, Conn. American-Amicable Life Insurance Company Birmingham, Ala. American Capitol Insurance Company Houston, Tex. American Employers' Insurance Company Boston, Mass. American Internationa] Life Assurance Company of New YorkNew York, N.Y. American Motorists Insurance Co Chicago, 111. Bankers Life Insurance Company of America Dallas, Tex. Citizens Standard Life Insurance Company, Corpus Christi, Tex. Colonial Insurance Company of Panama Panama, R. of P. Commercial Insurance Company Newark, N.J. Compania General de Seguros, S.A Panama, R. of P. Compafiia Interamericana de Segiu-os, S.A Panama, R. of P. Compaiiia Intemacional de Seguros, S.A Panama, R. of P. Compafiia Istmena de Seguros, S.A Panama, R. of P. Compaiiia Nacional 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 Guarant)' Life Insurance Company Baltimore, Md. Firemen's Insurance Company of Newark Newark, N.J. General Insurance Company of America Seattle, Wash. 1 Compafiia Nacional de Segttros, S.A. licensed in the Canal Zone April 6, 1967. 2 Equity Annuity Life Insurance Company discontinued doing business in the Canal Zone as of August 9, 1967. All outstanding insurance contracts assiuned and reissued by Variable Armuity Life Insurance Company.
PAGE 6
Gibraltar Life Insurance Company of America Dallas, Tex. Haitford Accident and Indemnity Company Hartford, Conn. 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 Omaha, Nebr. National Surety Corporation New York, N.Y. National Union Fire Insurance Company Pittsburgh, Pa. National Western Life Insurance Company Denver, Colo. Panama Insurance Company, Inc Panama, R. of P. Pan-American Life Insurance Company New Orleans, La. Peninsular Life Insurance Company Jacksonville, Fla. Reliance Insurance Companv^ Philadelphia, Pa. Royal Indemnity Company New York, N.Y. Seaboard Surety Company New York, N.Y. 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 Indianapolis, Ind. World Sei-vice Life Insurance CompanV* Fort Worth, Tex. 3 Reliance Insurance Company licensed in the Canal Zone July 11, 1967. •1 Service Life Insurance Co. changed its name to World Service Life Insurance Company effective April 28, 1967.
PAGE 7
AETNA CASUALTY AND SURETY COMPANY (No transactions in Canal Zone during 1967) AMERICAN EMPLOYERS' INSURANCE COMPANY (No transactions in Canal Zone during 1967) AMERICAN MOTORISTS INSURANCE COMPANY (No transactions in Canal Zone during 1967) COLONIAL INSURANCE COMPANY OF PANAMA Net Premiums Liability other than auto $220.00 Auto liability (B.I.) 46,611.20 Auto property damage 27,769.35 Hospital and medical 3,174.49 Auto comprehensive 6,547.82 Auto collision 28,754.41 Fire 6,526.24 Burglary and theft 6,530.05 Total $126,133.56 Premium tax paid in Canal Zone $1,892.00 COMMERCIAL INSURANCE COMPANY Net Premiums Automobile and motor vehicle $4,628.28 Workmen's compensation 38,825.14 Miscellaneous 10,758.19 Total $54,211.61 Premium tax paid in Canal Zone $813.17 COMPANIA GENERAL DE SEGUROS, S.A. Net Premiums Fire $115.00 Surety 9,563.95 Liability other than auto 397.56 Workmen's compensation 6,203.95 Auto comprehensive 257.80 Auto liability (B.I.) 503.87 Auto collision 590.66 Auto property damage 462.47 E.xtended coverage 121.2.5 Hospital and medical 90.26 Total $18,306.77 Premium tax paid in Canal Zone $274.60 COMPA15JIA INTERAMERICANA DE SEGUROS, S.A. Net Premiums Workmen's compensation $262.50 Fire 1,117.81 Automobile 1,076.87 Inland marine 295.09 Total $2,752.27 Premium tax oaid in Canal Zone $41.28 Losses Paid $0.00 2,437.58 16,970.36 163.55 2,340.85 12,263.69 223.64 1,182.14 $35,581.81 Losses Paid $95.27 13,995.67 2,849.46 $16,940.40 Losses Paid $0.00 0.00 0.00 2,984.36 0.00 0.00 0.00 0.00 0.00 0.00 $2,984.36 Losses Paid $0.00 0.00 578.23 0.00 $578.23
PAGE 8
COMPA5JIA INTERNACIONAL DE SEGUROS, S.A. Net Losses Premiums Paid Fire $1,187.78 $0.00 Surety 2,191.59 0.00 Workmen's compensation 3,308.53 0.00 Total $6,687.90 $000 Premium tax paid in Canal Zone $100.32 COMPA]>JlA ISTME5fA DE SEGUROS, S.A. (No transactions in Canal Zone during 1967) COMPA]^IA NACIONAL DE SEGUROS, S.A. (No transactions in Canal Zone during 1967) CONTINENTAL CASUALTY COMPANY Net Losses Premiums Paid Inland marine $8.34 $0.00 Accident and health 1,120.68 231.70 Group accident and health 4,315.34 2,956.56 Liability other than auto (B.I.) 91.84 847.05 Surety 115.00 0.00 Auto hability (B.I.) 4,047.39 0.00 Auto property damage 2,094.55 2,478.90 Auto physical damage 6,199.07 428.88 Total $17,992.21 $6,943.09 Premium tax paid in Canal Zone $269.88 CONTINENTAL INSURANCE COMPANY Net Losses Premiums Paid Fire $0.00 $20.00 Miscellaneous (Cr.) 50.99 0.00 Ocean Marine 0.00 (Cr.) 206.03 Total (Cr.) $50.99 (Cr.) $186.03 Premium tax paid in Canal Zone $0.00 FIDELITY AND CASUALTY COMPANY OF NEW YORK (No transactions in Canal Zone during 1967) FIDELITY AND DEPOSIT COMPANY OF MARYLAND Net Losses Premiums Paid Fidelity $625.00 $0.00 Surety 11,342.00 0.00 Total $11,967.00 $0.00 Premium tax paid in Canal Zone $179.50 FIREMEN'S INSURANCE COMPANY OF NEWARK Net Losses Premiums Paid Fire $31,953.38 $462.36 Automobile and motor vehicle 264,984.90 71,800.26 Miscellaneous 6,901.28 0.00 Total $303,839.56 $72,262.62 Premium tax paid in Canal Zone $4,557.59
PAGE 9
GENERAL INSURANCE COMPANY OF AMERICA (No transactions in Canal Zone during 1967) HARTFORD ACCIDENT AND INDEMNITY COMPANY Net Premiums Group accident and health $882.00 Accident and health 23.83 Workmen's compensation 81 .00 Liability other than auto (B.I.) 1 13.00 Total $1,099.83 Premium tax paid in Canal Zone $16.50 INSURANCE COMPANY OF NORTH AMERICA Net Premiums Liability other than auto (B.I.) $0.00 Ocean marine 2,496.00 Surety 270.00 Total $2,766.00 Premium tax paid in Canal Zone $41.49 INTERNATIONAL SERVICE INSURANCE COMPANY Net Premiums Auto liability (B.I.) $16,905.36 Auto property damage 9,192.77 Auto physical damage 63,988.07 Total $90,086^20 Premium tax paid in Canal Zone $1,351.29 THE LIBERTY MUTUAL INSURANCE COMPANY Net Premiums Workmen's compensation $688.00 Health and accident 103.00 Group accident and health 0.00 Auto Lability (B.I.) 53.00 Liability other than auto ( B.I. ) 138.00 Property damage other than auto 134.00 Auto property damage 24.00 Total $1,140.00 Premium tax paid in Canal Zone $17.10 Losses Paid $0.00 0.00 0.00 0.00 $0.00 Losses Paid (Cr.) $12.00 55.00 5.00 $48.00 Losses Paid $10,360.80 5,018.03 24,533.85 $39,912.68 Losses Paid $97.00 0.00 91.00 0.00 0.00 0.00 0.00 $188.00
PAGE 10
MARYLAND CASUALTY COMPANY Net Losses Premiums Paid Accident $524.41 $32.94 Group accident and health 3,001.10 73.00 Auto liabihty 33,497.82 8,670.74 Liabihty other than auto 5,246.66 15.00 Fidehty 6,634.00 22.00 Surety 50,056.00 (Cr.) 2,870.69 Glass 14.00 0.00 Burglary and theft 13,587.71 3,974.88 Auto property damage 16,991.81 16,029.74 Inland marine 4,543.86 2,044.37 Property damage other than auto 1,695.75 126.52 Workmen's compensation 8,192.35 43,392.10 Automobile physical damage 48,347. 86 25,233 . 1 4 Fire 4,373.72 249.95 Extended coverage 203.00 0.00 Miscellaneous 2,011.56 625.95 Total $198,921.61 $97,619.64 Premium tax paid in Canal Zone $2,983.82 MUTUAL OF OMAHA INSURANCE COMPANY Net Losses Premiums Paid Group accident and health $20.00 $7,178.77 Individual accident and health 1,549,987.56 1,412,337.37 Total $1,550,007.56 $1,419,516.14 Premium tax paid in Canal Zone $23,250.11 NATIONAL SURETY CORPORATION (No transactions in Canal Zone during 1967) NATIONAL UNION FIRE INSURANCE COMPANY (No transactions in Canal Zone during 1967) PANAMA INSURANCE COMPANY Net Losses Premiums Paid Fire $3,334.28 $0.00 Workmen's compensation 64,454.88 22,851.20 Liability other than auto 9,898.55 321 .29 Surety .3,3,540.11 0.00 Automobile 3,003.10 847.99 Miscellaneous 54.84 210.49 Total $114,285.76 $24,230.97 Premium tax paid in Canal Zone $1,714.29 RELIANCE INSURANCE COMPANY (No transactions in Canal Zone during 1967)
PAGE 11
ROYAL INDEMNITY COMPANY Net Losses Premiums Paid Surety $0.00 $341.20 Total $0.00 $341.20 Premium tax paid in Canal Zone $0.00 SEABOARD SURETY COMPANY (No transactions in Canal Zone during 1967) TRANSAMERICA INSURANCE COMPANY Net Losses Premiums Paid Fire $266.25 $0.00 Extended coverage 30.65 0.00 Total $296.90 $0.00 Premium tax paid in Canal Zone $4.45 TRAVELERS INDEMNITY COMPANY Net Losses Premiums Paid Fire $28.01 $0.00 Extended coverage 6.94 0.00 Miscellaneous (Cr.) 0.08 0.00 Inland Marine 20.00 0.00 Liability other than auto ( B.I. ) 1,419.82 24.50 Property damage other than auto 57.00 0.00 Auto liability (B.I.) 241.00 0.00 Auto property damage 126.00 0.00 Auto physical damage 112.22 76.11 Total $2,010.91 $100.61 Premium tax paid in Canal Zone $30.16 UNITED STATES FIDELITY AND GUARANTY COMPANY Net Losses Premiums Paid Extended coverage $3,603.10 $0.00 Auto collision 41,592.82 30,768.07 Fire 14,175.40 781.11 Inland marine 279.00 0.00 Accident 235.00 0.00 Workmen's compensation 24,031.92 2,558.18 Liability other than auto (B.I.) 3,307.22 142.80 Auto liability (B.I.) 42,559.70 13,749.54 Auto property damage 24,288.50 27,423.27 Auto physical damage 28,454.00 9,109.08 Property damage other than auto 1,593.76 114.80 Fidelity 3,959.25 0.00 Surety 22.00 0.00 Burglary and theft 11,122.00 6,992.48 Miscellaneous 8,171.00 0.00 Glass 0.00 29.50 Total $207,394.67 $91,668.83 Premium tax paid in Canal Zone $3,110.92
PAGE 12
AMERICAN-AMICABLE LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1966 16 $120,624.00 Policies issued during 1967 0.00 Total 16 $120,624.00 Ceased to be in force during 1967 6,922.00 Policies in force December 31, 1967 16 $113,702.00 Losses and claims: Unpaid December 31, 1966 $0.00 Incurred during 1967 2,000.00 Total $2,000.00 Settled during 1967 2,000.00 Unpaid December 31, 1967 $0.00 Group— None Net premiums collected in Canal Zone during 1967: Life Insurance $2,088.96 Accident and Health 0.00 Total $2,088.96 Premium tax paid in Canal Zone $31.33 AMERICAN CAPITOL INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1966 1,738 $5,963,039.00 Policies issued during 1967 28 202,915.00 Total 1,766 $6,165,954.00 Ceased to be in force during 1967 397 215,141.00 Policies in force December 31, 1967 1,369 $5,950,813.00 Losses and claims: Unpaid December 31, 1966 $0.00 Incurred during 1967 2 1,500.00 Total 2 $1,500.00 Settled during 1967 2 1,500.00 Unpaid December 31, 1967 $0.00 Group— None Net premiums collected in Canal Zone during 1967: Life Insurance $132,733.77 Accident and Health 11,143.88 Total $143,877.65 Premium tax paid in Canal Zone $2,158.03
PAGE 13
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY OF NEW YORK Ordinary— None Group Number Amount Policies in force December 31, 1966 1 $256,555.00 Policies issued during 1967 0.00 Total 1 $256,555.00 Ceased to be in force during 1967 (-) 32,306.00 Policies in force December 31, 1967 1 $288,861.00 Losses and claims: Unpaid December 31, 1966 $246.29* Incurred during 1967 31.02 Total $277.31 Settled during 1967 0.00 Unpaid December 31, 1967 $277.31 Net premiums collected in Canal Zone during 1967: Life Insurance $3,027.13 Accident and Health 0.00 Total $3,027.13 Premium tax paid in Canal Zone $45.41 'Portion of estimated incurred but not reported claim allocated on basis of in force premiums. BANKERS LIFE INSURANCE COMPANY OF AMERICA Ordinary Number Amount Policies in force December 31, 1966 1,544 $5,930,717.00 Policies issued during 1967 0.00 Total 1,544 $5,930,717.00 Ceased to be in force during 1967 341 1,143,816.00 Policies in force December 31, 1967 1,203 $4,786,901.00 Losses and claims: Unpaid December 31, 1966 4 $3,500.00 Incurred during 1967 10 7,375.00 Total 14 $10,875.00 Settled during 1967 10 7,375.00 Unpaid December 31, 1967 4 $3,500.00 GHOin?— None Net premiums collected in Canal Zone during 1967: Life Insurance $189,056.39 Accident and Health 0.00 Total $189,056.39 Premium tax paid in Canal Zone $2,835.85 9
PAGE 14
CITIZENS STANDARD LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1966 2,430 $9,502,549.00 Policies issued during 1967 52 60,064.00 Total 2,482 $9,562,613.00 Ceased to be in force during 1967 522 2,322.562.00 Policies in force December 31, 1967 1,960 $7,240,051.00 Losses and claims: Unpaid December 31, 1966 $0.00 Incurred during 1967 11 15,634.15 Total 11 $15,634.15 Settled during 1967 11 15,634.15 Unpaid December 31, 1967 $0.00 Group— None Net premiums collected in Canal 5^ne during 1967: Life Insurance $239,686.05 Accident and Health 86,789.56 Total $326,475.61 Premium tax paid in Canal Zone $4,897. 13 EQUITY ANNUITY LIFE INSURANCE COMPANY Net premiums collected in Canal Zone during 1967: Life Insurance $1,998.66 Accident and Health 0.00 Total $1,998.66 Premium tax paid in Canal Zone $29.97 Note: Above premiums collected during the period January 1 /August 9, 1967. Pursuant to agreement approved by the Superintendent of Insurance, District of Columbia, Variable Annuity Life Insurance Company of America assumed and reinsured all insurance contracts of Equity Annuity Life Insurance Company outstanding as of August 9, 1967. 10
PAGE 15
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1966 77 $472,699.00 Policies issued during 1967 2 54,902.00 Total 79 $527,601.00 Ceased to be in force during 1967 15 125,021.00 Policies in forc^e December 31, 1967 64 $402,580.00 Losses and claims: Unpaid December 31, 1966 $0.00 Incurred during 1967 0.00 Total $000 Settled during 1967 0^ Unpaid December 31, 1967 $0.00 Group— None Net premiums collected in Canal Zone during 1967: Life Insurance $11,002.12 Accident and Health 0.00 Total $11,002.12 Premium tax paid in Canal Zone $165.03 THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA Ordinary Number Amount Policies in force December 31, 1966 1,434 $9,046,415.00 Policies issued during 1967 50 980,703.00 Total 1,484 $10,027,118.00 Ceased to be in force during 1967 178 1,030,179.00 Policies in force December 31, 1967 1,306 $8,996,9.39.00 Losses and claims: Unpaid December 31, 1966 $0.00 Incurred during 1967 20 68,205.85 Total 20 $68,205.85 Settled during 1967 20 68,205.85 Unpaid December 31, 1967 $0.00 Group— None Net premiums collected in Canal 2jone during 1967: Life Insurance $246,690.92 Accident and Health 10.00 Total $246,700.92 Premium tax paid in Canal Zone $3,700.36 11
PAGE 16
LINCOLN NATIONAL LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1966 720 $4,871,867.00 Policies issued during 1967 37 370,000.00 Total 757 $5,241,867.00 Ceased to be in force during 1967 85 658,182.00 Policies in force December 31, 1967 672 $4,583,685.00 Losses and claims: Unpaid December 31, 1966 $0.00 Incurred during 1967 11 52,502.00 Total 11 $52,502.00 Settled during 1967 11 52,502.00 Unpaid December 31, 1967 $0.00 Group Number Amount Policies in force December 31, 1966 $51,498.00 Policies issued during 1967 5,650.00 Total $57,148.00 Ceased to be in force during 1967 (-) 15,243.00 Policies in force December 31, 1967 $72,391.00 Losses and claims: Unpaid December 31, 1966 $0.00 Incurred during 1967 0.00 Total $0.00 Settled during 1967 0.00 Unpaid December 31, 1967 $0.00 Net premiums collected in Canal Zone during 1967: Life Insurance $133,180.52 Accident and Health 2,512.15 Total $135,692.67 Premium tax paid in Canal Zone $2,035.39 12
PAGE 17
NATIONAL WESTERN LIFE INSURANCE COMPANY Ordinary Number Policies in force December 31, 1966 4 Policies issued during 1967 2 Total 6 Ceased to be in force during 1967 1 Policies in force December 31, 1967 5 Losses and claims: Unpaid December 31, 1966 Incurred during 1967 Total Settled during 1967 Unpaid December 31, 1967 Group— None Net premiums collected in Canal 2^ne during 1967 : Life Insurance Accident and Health Total Premium tax paid in Canal Zone Amount $64,500.00 10,000.00 $74,500.00 4,000.00 $70,500.00 $0.00 0.00 $0.00 0.00 $0.00 $970.62 0.00 $970.62 $14.56 PAN-AMERICAN LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1966 138 $1,169,408.00 PoBcies issued during 1967 2 18,000.00 Total 140 $1,187,408.00 Ceased to be in force during 1967 23 92,528.00 Policies in force December 31, 1967 117 $1,094,880.00 Losses and claims: Unpaid December 31, 1966 $0.00 Incurred during 1967 2 3,010.00 Total 2 $3,010.00 Settled during 1967 2 3,010.00 Unpaid December 31, 1967 $0.00 Group— None Net premiums collected in Canal Zone during 1967: Life Insurance $25,496.28 Accident and Health 0.00 Total $25,496.28 Premium tax paid in Canal Zone $382.44 PENINSULAR LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1967) 13
PAGE 18
UNITED BENEFIT LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1966 516 $1,837,817.00 Policies issued during 1967 26 323,493.00 Total 542 $2,161,310.00 Ceased to be in force during 1967 50 212,718.00 Policies in force December 31, 1967 492 $1,948,592.00 Losses and claims: Unpaid December 31, 1966 1 $5,000.00 Incurred during 1967 2 6,000.00 Total 3 $11,000.00 Settled during 1967 2 6,000.00 Unpaid December 31, 1967 1 $5,000.00 Group Number Amount Policies in force December 31, 1966 3 $101,248,300.00 Policies issued during 1967 8,813,400.00 Total 3 $110,061,700.00 Ceased to be in force during 1967 545,500.00 Policies in force December 31, 1967 3 $109,516,200.00 Losses and claims: Unpaid December 31, 1966 3 $19,000.00 Incurred during 1967 106 523,500.00 Total 109 $542,500.00 Settled during 1967 108 538,000.00 Unpaid December 31, 1967 1 $4,500.00 Net premiums collected in Canal Zone during 1967: Life Insurance $854,844.16 Accident and Health 42,849.09 Total $897,693,25 Premium tax paid in Canal Zone $13,465.40 UNITED SERVICES LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1966 149 $1,509,010.00 Policies issued during 1967 140 1,772,500.00 Total 289 $3,281,510.00 Ceased to be in force during 1967 48 429,000.00 Policies in force December 31, 1967 241 $2,852,510.00 Losses and claims: Unpaid December 31, 1966 $0.00 Incurred during 1967 0^0 Total $000 Settled during 1967 0.00 Unpaid December 31, 1967 $000 Group— None Net premiums collected in Canal Zone during 1967: Life Insurance $41,516.35 Accident and Health 0.00 Total $41,516.35 Premium tax paid in Canal Zone $622.75 14
PAGE 19
UNITED STATES LIFE INSURANCE COMPANY Ordinary Number Policies in force December 31, 1966 32 Policies issued durinj? 1967 Total 32 Ceased to be in force during 1967 6 Policies in force December 31, 1967 26 Losses and claims: Unpaid December 31 , 1966 Incurred during 1967 1 Total 1 Settled during 1967 1 Unpaid December 31, 1967 Group Number Policies in force December 31, 1966 1 Policies issued during 1967 Total 1 Ceased to be in force during 1967 Policies in force December 31, 1967 1 L^osses and claims: Unpaid December 31, 1966 Incurred during 1967 Total Settled during 1967 Unpaid December 31, 1967 Net premiums collected in Canal Zone during 1967: Life Insurance Accident and Healtli Total Premium tax paid in Canal Zone Amount $450,547.00 23.00 $450,570.00 46,079.00 $404,491.00 $0.00 4,644.00 $4,644.00 4,644.00 $0.00 Amount $200,000.00 0.00 $200,000.00 4,000.00 $196,000.00 $0.00 0.00 $aob 0.00 $0.00 $9,207.88 5,945.16 $15,153.04 $227.30 WABASH LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1967) 15
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WORLD SERVICE LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1966 44 $521,858.00 Policies issued during 1967 20 158,060.00 Total 64 $679,918.00 Ceased to be in force during 1967 11 180,630.00 Policies in force December 31, 1967 53 $499,288.00 Losses and claims: Unpaid December 31, 1966 $0.00 Incurred during 1967 0.00 Total $0.00 Settled during 1967 0.00 Unpaid December 31, 1967 '. $0.00 Group— None Net premiums collected in Canal Zone during 1967: Life Insurance $4,830.26 Accident and Health 0.00 Total $4,830.26 Premium tax paid in Canal Zone $72.45 16
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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 Glass Group accident and health Health and accident (includes hospital and medical) 1 Inland marine Liability other than auto Miscellaneous Ocean Marine Property damage other than auto Surety Workmen's compensation Total $2. Premium taxes paid in Canal Zone Net Premiums $759.41 273,693.15 6,805.62 70,937.89 144,419.34 80,949.45 147,101.22 31,239.76 3,964.94 11,218.25 63,077.87 14.00 8,218.44 ,554,499.82 5,146.29 20,832.65 27,845.80 2,496.00 3,480.51 107,100.65 146,048.27 ,709,849.33 $40,648.47 Losses Paid $32.94 73,321.75 2,340.85 43,031.76 35,218.66 67,920.30 59,381.06 12,149.50 0.00 22.00 1,737.06 29.50 10,299.33 1,412,732.62 2,044.37 1,338.64 3,685.90 (Cr.) 151.03 241.32 (Cr.) 2,524.49 85,878.51 $1,808,730.55 LIFE INSURANCE COMPANIES Ordinary Number Amount Policies in force December 31, 1966 8,842 $41,461 ,050.00 Policies issued during 1967 359 3,950,660.00 Total 9,201 $45,411,710.00 Ceased to be in force during 1967 1,677 6,466,778.00 Policies in force December 31, 1967 7,524 $38,944,932.00 Losses and claims: Unpaid December 31, 1966 5 $8,500.00 Incurred during 1967 59 160,871.00 Total 64 $169,371.00 Settled during 1967 59 160,871.00 Unpaid December 31, 1967 5 $8,500.00 17
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Groxjp Number Amount Policies in force December 31, 1966 5 $101,756,353.00 Policies issued during 1967 8,819,050.00 Total __. 5 $110,575,403.00 Ceased to be in force during 1967 501,951.00 Policies in force December 3 1,1 967 5 $110,073,452.00 Losses and claims: Unpaid December 31, 1966 3 $19,246.29 Incurred during 1967 106 523,531.02 Total 109 $542,777.31 Settled during 1967 108 538,000.00 Unpaid December 31, 1967 1 $4,777.31 Net premiums collected in Canal Zone during 1967: Life Insurance $1,896,330.07 Accident and Health 149,249.84 Total $2,045,579.91 Premium tax paid in Canal Zone $30,683.40 The relatively small amount of fire insurance business written is due to the fact that practically all stiuctures 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, 1967. Value of Amount of property damage involved by fire Panama Canal Company $3,399,686.55 $46,424.40 Canal Zone Government 1,552,772.11 .365.00 Other U.S. Government 0.00 0.00 U.S. Armed Forces 10,591 ,014.56 15,550.38 Ships in Canal waters 24,095,464.76** 8,000.00* Private property other than above 1,172,479.55 12,811.15 Total $40,811,417.53 $83,150.93 'Complete figures unavailable. I 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 coi-porations 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 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 appHcation 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 sei-ved 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 sei-vice. (c) A corporation hcensed 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 certfficate 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 Hcensed 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 oflBcial 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 iy2 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.— CorTporations 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 ofiicer 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 aflFecting the hability 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 aflFect any action pending at the time. 23848—550 21
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UNIVERSITY OF FLORIDA 3 1262 08507 9571
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