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L!ONE
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CANAL ZONE
DURNGTHE CALENDAR YEAR
1968
v Lws oncrniffLicensn
fCompanies
"te
CANAL ZONE GOVERNMENT
ANNUAL
REPORT
OF
INSURANCE
BUSINESS
transacted in the
CANAL
ZONE
DURING THE CALENDAR YEAR
1968
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/detaiIs/annualreportofin 1968cana
CANAL ZONE GOVERNMENT
OFFICE OF THE GOVERNOR
BALBOA HEIGHTS, May 13, 1969.
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 1968.
Respectfully,
PAUL M. RUNNESTRAND,
Executive Secretary.
The following companies were authorized to transact business in the Canal
Zone during the year 1968:
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 Home Assurance Company1 --------------- New York, N.Y.
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.
Compafnia General de Seguros, S.A. -----------------Panama, R. of P.
Compafiia Interamericana de Seguros, S.A. ----------Panama, R. of P.
Compafiia Intemacional de Seguros, S.A. _-------- Panama, R. of P.
Companiia Istmefia de Seguros, S.A. ----------------Panama, R. of P.
Compafiia Nacional de Seguros, S.A. ----------------Panama, R. of P.
Continental Casualty Company ---------------------- Chicago, Ill.
Continental Insurance Company ------------------- New York, N.Y.
Executive Fund Life Insurance Co.2 -----------------Omaha, Neb.
Fidelity and Casualty Company of New York ---------New York, N.Y.
Fidelity and Deposit Company ------------------- Baltimore, Md.
1 American Home Assurance Company licensed in the Canal Zone May 2, 1968.
2 Executive Fund Life Insurance Company licensed in the Canal Zone October 21, 1968
Fidelity and Guaranty Life Insurance Company --------Baltimore, Md.
Firemen's Insurance Company of Newark- -------------Newark, N.J.
General Insurance Company of America ---------------Seattle, Wash.
Gibraltar Life Insurance Company of America ------------_ Dallas, Tex.
Great American Insurance Company3- - -------_ New York, N.Y.
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 Company ------------Forth Worth, Tex.
3 Great American Insurance Company licensed in the Canal Zone January 2, 1968.
AETNA CASUALTY AND SURETY COMPANY
(No transactions in Canal Zone during 1968)
AMERICAN EMPLOYERS' INSURANCE COMPANY
(No transactions in Canal Zone during 1968)
AMERICAN HOME ASSURANCE COMPANY
(No transactions in Canal Zone during 1968)
AMERICAN MOTORISTS INSURANCE COMPANY
(No transactions in Canal Zone during 1968)
COLONIAL INSURANCE COMPANY OF PANAMA
Net
Premiums
Auto liability (B.I.) ---------------------- $48,093.44
Auto property damage ------------------ 27,917.98
Hospital and medical --------------------- 3,306.45
Auto comprehensive -----------------6,921.40
Auto collision ------------------------- 32,647.03
Fire ------------------------------- ----- 6,974.84
Bulglary and theft --------------- 6,982.98
Total ---- -------------------$132,844.12
Premium tax paid in Canal Zone ------------- $1,992.66
COMMERCIAL INSURANCE COMPANY
Accident --_---- --
Automobile and motor vehicle
Workmen's compensation
Miscellaneous __ _
Net
Premiums
$233.00
237.00
54,977.32
14,941.30
Total _---------------- --------- $70,388
Premium tax paid in Canal Zone ------------ $1,055
COMPARIA GENERAL DE SEGUROS, S.A.
.62
.83
Losses
Paid
$2,318.74
16,047.70
423.23
1,657.49
8,009.93
314.96
3,261.08
$32,033.13
Losses
Paid
$0.00
23.35
20,945.87
82.86
$21,052.08
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
$393.75
8,900.48
232.86
24,979.82
555.33
819.11
621.31
670.26
100.43
80.89
$37,354.24
$560.32
Losses
Paid
$0.00
0.00
0.00
3,313.26
0.00
0.00
0.00
0.00
0.00
0.00
$3,313.26
COMPAlIA INTERAMERICANA DE SEGUROS, S.A.
Net
Premiums
Workmen's compensation ---------------- $1,360.36
Fire --------------------- --------- 1,436.68
Automobile ----------580.30
Total --- --------------------- $3,377.34
Premium tax paid in Canal Zone ------------- $50.66
COMPARIA INTERNATIONAL DE SEGUROS, S.A.
Net
Premiums
Fire ----------------------------------- $1,155.03
Surety _--_ ------------------------ 2,303.54
Workmen's compensation -----------------8,964.08
Total ------------ ------------ $12,422.65
Premium tax paid in Canal Zone ------------- $186.34
COMPANIA ISTMERA DE SEGUROS, S.A.
(No transactions in Canal Zone during 1968)
COMPANIA NATIONAL DE SEGUROS, S.A.
Net
Premiums
Workmen's compensation -- --- ------ $40,353.00
Automobile and motor vehicle ----- ----------1,989.01
Total _--- -- ----------------- $42,342.01
Premium tax paid in Canal Zone ------------- $635.14
CONTINENTAL CASUALTY COMPANY
Net
Premiums
Accident and health _-------- $1,043.54
Group accident and health -- 2-------------- ,826.15
Liability other than auto (B.I.) --------------- 125.00
Surety ---__---------------------- 18.00
Auto liability (B.I.) ------------------ 2,871.77
Auto property damage ----------------- 1,401.26
Auto physical damage 3,777.70
Total_ __---------------------- $12,063.42
Premium tax paid in Canal Zone ------------ $180.96
CONTINENTAL INSURANCE COMPANY
Surety __
Total
Premium tax paid in Canal Zone
FIDELITY AND CASUALTY COMPANY
Surety ----------------- --
Total --__-- ___ -- -__
Premium tax paid in Canal Zone ____
Losses
Paid
$14,900.07
0.00
$14,900.07
Losses
Paid
$812.39
4,502.40
203.00
0.00
8,618.00
3,871.72
5,499.60
$23,507.11
Net Losses
Premiums Paid
$100.00 $0.00
$100.00 $0.00
$1.50
OF NEW YORK
Net Losses
Premiums Paid
$339.00 $0.00
$339.00 $0.00
$5.09
Losses
Paid
$0.00
0.00
0.00
$0.00
Losses
Paid
$0.00
0.00
0.00
$0.00
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
Fidelity -- --------------------------
Surety - - - - - - -
Total -----------------------
Premium tax paid in Canal Zone _-----------
FIREMEN'S INSURANCE COMPANY
Fire ------------ ------------------
Automobile and motor vehicle ---------------
Miscellaneous _------- _------ ---------
Total---------------------------
Premium tax paid in Canal Zone _------
Net
Premiums
$626.00
49,852.00
$50,478.00
$757.17
OF NEWARK
Net
Premiums
$26,795.32
257,044.73
17,681.27
$301,521.32
$4,522.82
Losses
Paid
$0.00
0.00
$0.00
Losses
Paid
$1,384.10
70,714.22
6,101.37
$78,199.69
GENERAL INSURANCE COMPANY OF AMERICA
(No transactions in Canal Zone during 1968)
GREAT AMERICAN INSURANCE COMPANY
(No transactions in Canal Zone during 1968)
HARTFORD ACCIDENT AND IDEMNITY COMPANY
Net
Premiums
Workmen's compensation ----------------- $41.00
Liability other than auto (B.I.) --------------- 667.29
Property damage other than auto ------------ 0.15
Auto liability (B.I.) ---------------------- 92.00
Auto property damage ---------------------44.00
Auto physical damage ---------------------250.00
Surety----------- (Cr.) 25.00
Total -------------------------- $1,069.44
Premium tax paid in Canal Zone ------------ $16.04
INSURANCE COMPANY OF NORTH
Ocean marine
Surety
Total -------------------
Premium tax paid in Canal Zone
Auto liabili
Auto prope
Auto physi
Tot
Premium ta
AMERICA
Net
Premiums
$2,853.00
20.00
$2,873.00
$43.10
INTERNATIONAL SERVICE INSURANCE COMPANY
Net
Premiums
ty (B.I.)- ------------------ $7,380.48
rty damage -- -------------- 3,879.72
cal damage- --------------- 34,501.67
al_ ---------------------- $45,761.87
ax paid in Canal Zone -------------$686.43
Losses
Paid
(Cr.) $71.00
0.00
0.00
0.00
0.00
0.00
0.00
(Cr.) $71.00
Losses
Paid
$0.00
0.00
$0.00
Losses
Paid
$2,687.50
7,513.36
36,221.90
$46,422.76
THE LIBERTY MUTUAL INSURANCE COMPANY
Net
Premiums
Workmen's compensation --------------------- $834.00
Health and accident --------------------96.00
Liability other than auto (B.I.) --------------- 23.00
Property damage other than auto --------- 22.00
Total ---------------------- $975.00
Premium tax paid in Canal Zone ------------- $14.63
MARYLAND CASUALTY COMPANY
Accident _----------------------------
Group accident and health
Auto liability _--- ----
Liability other than auto (B.I.)
Fidelity _-----
Surety
Glass _----------------------- -
Burglary and theft
Auto property damage
Inland marine --------------
Property damage other than auto
Workmen's compensation
Auto physical damage ---- --
Fire _-
Extended coverage
Miscellaneous _
Total ----------------
Premium tax paid in Canal Zone
Net
Premiums
$618.06
1,738.90
36,318.52
7,149.19
19,066.00
97,442.50
14.00
22,537.70
20,109.79
4,417.71
3,299.29
26,530.05
54,651.57
4,071.61
261.50
1,180.99
$299,407.38
$4,491.11
Losses
Paid
$0.00
0.00
0.00
0.00
$0.00
Losses
Paid
$12.50
541.50
27,263.85
14.00
10,065.60
0.00
0.00
3,942.27
23,862.74
2,898.50
35.00
43,998.28
32,100.76
0.00
0.00
1,558.20
$146,293.20
MUTUAL OF OMAHA INSURANCE COMPANY
Net
Premiums
Group accident and health_ ---------------- $0.00
Individual and health _----------------- 1,938,165.72
Total -------- ----------------$1,938,165.72
Premium tax paid in Canal Zone ------------- $29,072.49
NATIONAL SURETY CORPORATION
(No transactions in Canal Zone during 1968)
NATIONAL UNION FIRE INSURANCE COMPANY
(No transactions in Canal Zone during 1968)
PANAMA INSURANCE COMPANY
Net
Premiums
Fire ------------------------------------ $1,622.33
Workmen's compensation- --- -------------116,856.76
Liability other than auto ------------------ 12,619.63
Surety- ------- ------------------ 36,423.19
Automobile -------- -- ----------- 2,452.30
Miscellaneous --------------------- 7,514.70
Total --- --------------------- $177,488.91
Premium tax paid in Canal Zone ------------- $2,662.33
RELIANCE INSURANCE COMPANY
(No transactions in Canal Zone during 1968)
Losses
Paid
$7,100.37
1,699,520.16
$1,706,620.53
Losses
Paid
$0.00
96,874.61
957.20
30,898.57
684.13
4,489.34
$133,903.85
ROYAL INDEMNITY COMPANY
Net
Premiums
Fire-------- 1.
Extended coverage ------------------ 6.00
Workmen's compensation __--_-------------- 479.00
Surety ------------------------------ 0.00
Total ----------------------------- $507.75 $
Premium tax paid in Canal Zone ------------- $7.62
SEABOARD SURETY COMPANY
(No transactions in Canal Zone during 1968)
TRANSAMERICA INSURANCE COMPANY
Net
Premiums
Fire ---------------------------- (Cr.) $55.00
Extended coverage ------------------- (Cr.) 6.00
Auto liability (B.I.) _-------------------- 31.00
Auto property damage --------------33.00
Auto physical damage _-------------------- 50.00
Total ------------------------- $53.00
Premium tax paid in Canal Zone ----------- $0.00
TRAVELERS INDEMNITY COMPANY
Net
Premiums
Fire ---------------------------------- $3,287.64
Extended coverage_ _--------------------- 680.34
Burglary and theft_ ------------------------ 351.00
Liability other than auto (B.I.) -- -------- (Cr.) 0.78
Property damage than auto -------------------- 0.00 (C
Auto liability (B.I.) _-- -------------------- 151.00
Auto property damage ---------------350.00
Auto physical damage ----------------- (Cr.) 182.82 (C
Total -------- ---------------- $4,636.38 (Cr.)
Premium tax paid in Canal Zone ------------- $69.55
UNITED STATES FIDELITY AND GUARANTY COMPANY
Net
Premiums
Extended coverage-_ ------------------- $1,507.00
Auto collision _-------------- ---50,286.00 2
Fire __--_ 13,921.00
Inland marine --------------------- 111.00
Accident_ ---------------------------- (Cr.) 18.00
Workmen's compensation ---------------- 19,597.89
Liability other than auto (B.I.) --------------3,715.00
Auto liability (B.I.) -------------------- 47,312.00
Auto property damage -------------------- 27,906.00 2
Auto physical damage ---------------- 33,695.48
Property damage other than auto ------------- 1,475.00
Fidelity --- -------------------------- 5,871.00
Surety -------------------------- 982.50 ((
Burglary and theft ------------------- 11,297.00
Miscellaneous_ -------------------------11,828.00
Total ------------------------- $229,486.87 $t
Premium tax paid in Canal Zone ------------- $3,442.30
Losses
Paid
$0.00
0.00
0.00
2,492.00
2,492.00
Losses
Paid
$0.00
0.00
0.00
0.00
5.00
$5.00
Losses
Paid
$0.00
0.00
0.00
0.00
:r.) 55.00
0.00
0.00
r.) 76.11
$131.11
Losses
Paid
$0.00
8,654.54
0.00
0.00
33.00
2,204.79
500.00
8,491.67
24,912.83
7,628.72
219.55
170.43
Cr.) 60.00
6,374.99
1,207.60
30,338.12
AMERICAN-AMICABLE LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1967
Policies issued during 1968 -_-_ ----
Total ---------- - ---- --- --
Ceased to be in force during 1968 --
Policies in force December 31, 1968
Losses and claims:
Unpaid December 31, 1967 -----
Incurred during 1968
Total --------------
Settled during 1968
Unpaid December 31, 1968-
Number
16
0
16
0
16
0
0
0
0
0
GROUP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance
Accident and Health
Total
Premium tax paid in Canal Zone
AMERICAN CAPITOL INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1967 __
Policies issued during 1968
Total _------------ ----------
Ceased to be in force during 1968
Policies in force December 31, 1968
Losses and claims:
Unpaid December 31, 1967 -----------
Incurred during 1968 __-_ _
Total _------------
Settled during 1968 ------------------
Unpaid December 31, 1968---------------
Number
1,398
80
1,478
404
1,074
0
2
2
2
0
GROUP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance __ _----------------------------
Accident and Health -------------------------
Total --------------------------------
Premium tax paid in Canal Zone ------_------------
Amount
$113,702.00
0.00
$113,702.00
0.00
$113,702.00
$0.00
0.00
$0.00
0.00
$0.00
$2,350.22
0.00
$2,350.22
$35.25
Amount
$5,963,039.00
572,500.00
$6,535,539.00
1,727,486.00
$4,808,053.00
$0.00
5,233.75
$5,233.75
5,233.75
$0.00
$125,949.08
10,741.61
$136,690.69
$2,050.36
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY
OF NEW YORK
ORDINARY-None
GROUP
Number
Policies in force December 31, 1967------------ 0
Policies issued during 1968 -- ----------------- 0
Total _----------------------------- 0
Ceased to be in force during 1968 -------------- 0
Policies in force December 31, 1968------------ 0
Losses and claims:
Unpaid December 31, 1967-------------- 0
Incurred during 1968 ---------------- 0
Total _0-------------------------- 0
Settled during 1968- ---------------- 0
Unpaid December 31, 1968-------------- 0
Net premiums collected in Canal Zone during 1968:
Life Insurance _----------------------
Accident and Health ---------- -------------
Total
Premium tax paid in Canal Zone
Amount
$288,867.00
44,435.00
$333,302.00
0.00
$333,302.00
$277.31
319.97
$597.28
0.00
$597.28
$4,508.66
0.00
$4,508.66
$67.63
BANKERS LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Policies in force December 31, 1967 ----
Policies issued during 1968
Total
Ceased to be in force during 1968
Policies in force December 31, 1968 _
Losses and claims:
Unpaid December 31, 1967
Incurred during 1968
Total ---------------------
Settled during 1968
Unpaid December 31, 1968-
Number
1,203
11
1,214
109
1,105
4
6
10
6
4
GROUP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance
Accident and Health
Total
Premium tax paid in Canal Zone
Amount
$4,786,901.00
30,500.00
$4,817,401.00
417,997.00
$4,399,404.00
$3,500.00
8,625.00
$12,125.00
8,625.00
$3,500.00
$144,624.45
0.00
$144,624.45
$2,169.37
CITIZENS STANDARD LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1967 __
Policies issued during 1968 _-___ -
Total_ __-_- __- _-
Ceased to be in force during 1968 _-
Policies in force December 31, 1968 _
Losses and claims:
Unpaid December 31, 1967
Incurred during 1968
Total ----------- --------
Settled during 1968
Unpaid December 31, 1968
Number
1,960
0
1,960
226
1,734
0
4
4
4
0
GROUP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance ------_
Accident and Health
Total -------------- ----
Premium tax paid in Canal Zone
Amount
$7,240,051.00
0.00
$7,240,051.00
1,062,871.00
$6,177,180.00
$0.00
3,788.00
$3,788.00
3,788.00
$0.00
$208,378.01
74,210.54
$282,588.55
$4,238.83
EXECUTIVE FUND LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1968)
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1967 _
Policies issued during 1968 _---- -----
Total -__-_----_-_- ---------
Ceased to be in force during 1968
Policies in force December 31, 1968
Losses and claims:
Unpaid December 31, 1967
Incurred during 1968
Total ----------------------------
Settled during 1968
Unpaid December 31, 1968
Number
64
1
65
4
61
0
0
0
0
0
GROUP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance ---- ---------- -----------
Accident and Health
Total _-----------------------------
Premium tax paid in Canal Zone -------------------
Amount
$402,580.00
5,536.00
$408,116.00
85,028.00
$323,088.00
$0.00
0.00
$0.00
0.00
$0.00
$7,282.26
0.00
$7,282.26
$109.23
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Policies in force December 31, 1967 ---_
Policies issued during 1968 -- --------------
Total _--------------------------
Ceased to be in force during 1968
Policies in force December 31, 1968
Losses and claims
Unpaid December 31, 1967
Incurred during 1968 ----- -- -------
Total ---------------------------
Settled during 1968 --------- ----
Unpaid December 31, 1968
Number
1,306
83
1,389
141
1,248
0
32
32
32
0
GRouP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance
Accident and Health
Total --------------------------
Premium tax paid in Canal Zone
Amount
$8,996,939.00
749,500.00
$9,746,439.00
854,808.00
$8,891,631.00
$0.00
42,908.32
$42,908.32
42,908.32
$0.00
$242,584.16
10.00
$242,594.16
$3,638.76
LINCOLN NATIONAL LIFE INSURANCE
ORDINARY
Policies in force December 31, 1967 ----
Policies issued during 1968
Total ----------------------
Ceased to be in force during 1968
Policies in force December 31, 1968 ------------
Losses and claims:
Unpaid December 31, 1967- --
Incurred during 1968
Total --------------------------
Settled during 1968
Unpaid December 31, 1968
COMPANY
Number
672
12
684
63
621
0
13
13
11
2
Amount
$4,583,685.00
99,000.00
$4,682,685.00
544,926.00
$4,137,759.00
$0.00
142,160.00
$142,160.00
45,011.00
$97,149.00
GROUP
Policies in force December 31, 1967 0--------- 0
Policies issued during 1968---------------- 0
Total -- ------------_-------- 0
Ceased to be in force during 1968-------------- 0
Policies in force December 31, 1968------------ 0
Losses and claims:
Unpaid December 31, 1967-------------- 0
Incurred during 1968----- ----------- 0
Total-------------------------------- 0
Settled during 1968- --------------- 0
Unpaid December 31, 1968-------------- 0
Net premiums collected in Canal Zone during 1968:
Life Insurance ----------------------------
Accident and Health
Total------- ---- ------
Premium tax paid in Canal Zone -----------
$72,391.00
858.00
$73,249.00
28,742.00
$44,507.00
$0.00
0.00
$0.00
0.00
$0.00
$110,122.43
1,550.61
$111,673.04
$1,675.10
NATIONAL WESTERN LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1967
Policies issued during 1968
Total -- ------- ------------
Ceased to be in force during 1968
Policies in force December 31, 1968
Losses and claims:
Unpaid December 31, 1967
Incurred during 1968 - -
Total ---------------------------
Settled during 1968
Unpaid December 31, 1968
Number
5
4
9
1
8
0
0
0
0
0
Amount
$70,500.00
15,000.00
$85,500.00
4,281.00
$81,219.00
$0.00
0.00
$0.00
0.00
$0.00
GROUP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance
Accident and Health
Total -----------------------
Premium tax paid in Canal Zone
PAN-AMERICAN LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1967 ------
Policies issued during 1968
Total -------------- --------
Ceased to be in force during 1968
Policies in force December 31, 1968 --
Losses and claims:
Unpaid December 31, 1967
Incurred during 1968 --- -_
Total ----------------------------
Settled during 1968 ---- ---------
Unpaid December 31, 1968
Number
117
7
124
14
110
0
1
1
1
0
GRoUP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance _--------------------------
Accident and Health ---_----------------------
Total- --------------------------------
Premium tax paid in Canal Zone _-------------------
Amount
$1,094,880.00
70,000.00
$1,164,880.00
91,575.00
$1,073,305.00
$0.00
5,000.00
$5,000.00
5,000.00
$0.00
$23,822.02
0.00
$23,822.02
$357.33
PENINSULAR LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1968)
$1,474.86
0.00
$1,474.86
$22.12
UNITED BENEFIT LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1967 ------------- 492 $
Policies issued during 1968 ------------------78
Total ---------------------------- 570 $
Ceased to be in force during 1968 -------------- 47
Policies in force December 31, 1968- ------------ 523 $
Losses and claims:
Unpaid December 31, 1967-------------- 1
Incurred during 1968- 1-
Total------ --------------------- 2
Settled during 1968- ---------------- 2
Unpaid December 31, 1968-------------- 0
GROUP
Policies in force December 31, 1967_ ----------- 3 $1C
Policies issued during 1968 ------------------- 0
Total-_ __------------------------ 3 $1]
Ceased to be in force during 1968-------------- 0
Policies in force December 31, 1968- ------------ 3 $11
Losses and claims:
Unpaid December 31, 1967-------------- 1
Incurred during 1968_ ------------------- 106
Total ------------------------- 107
Settled during 1968 ---------------------- 107
Unpaid December 31, 1968-------------- 00
Net premiums collected in Canal Zone during 1968:
Life Insurance
Accident and Health _____
Total _-_---------___ _____
Premium tax paid in Canal Zone -__---
UNITED SERVICES LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1967 --------- 241
Policies issued during 1968 ------------------ 159
Total -------_ ---- ---------------- 400
Ceased to be in force during 1968_ --------------77
Policies in force December 31, 1968_ ----------323
Losses and claims:
Unpaid December 31, 1967-------------- 0
Incurred during 1968 ------ --- 1
Total 1----------------------------
Settled during 1968 ------------------- 1
Unpaid December 31, 1968-------------- 00
GROUP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance ------____________-_ -__-
Accident and Health ---__-__________- ___
Total _____
Premium tax paid in Canal Zone -----___---______-
14
I
Amount
1,948,592.00
958,464.00
2,907,056.00
226,773.00
2,680,283.00
$5,000.00
6,000.00
$11,000.00
11,000.00
$0.00
)9,516,200.00
3,653,010.00
13,169,210.00
615,250.00
2,553,960.00
$4,500.00
536,750.00
$541,250.00
541,250.00
$0.00
$618,248.74
55,782.39
$674,031.13
$10,110.47
Amount
$2,852,510.00
1,734,335.00
$4,586,845.00
772,320.00
$3,814,525.00
$0.00
2,000.00
$2,000.00
2,000.00
$0.00
$59,670.76
0.00
$59,670.76
$895.06
UNITED STATES LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1967
Policies issued during 1968
Total _------------------ -------
Ceased to be in force during 1968
Policies in force December 31, 1968 _
Losses and claims:
Unpaid December 31, 1967
Incurred during 1968
Total ----------------------
Settled during 1968
Unpaid December 31, 1968
Number
26
0
26
3
23
0
0
0
0
0
GROUP
Policies in force December 31, 1967_ 1
Policies issued during 1968----------------- 0
Total ---------------------------- 1
Ceased to be in force during 1968-------------- 0
Policies in force December 31, 1968 _-------- 1
Losses and claims:
Unpaid December 31, 1967-------------- 0
Incurred during 1968 ------------- 0
Total ------_ -------------------------- 0
Settled during 1968- -------------- 0
Unpaid December 31, 1968-------------- 0
Net premiums collected in Canal Zone during 1968:
Life Insurance
Accident and Health
Total ---------------
Premium tax paid in Canal Zone
Amount
$404,491.00
23.00
$404,514.00
35,645.00
$368,869.00
$0.00
0.00
$0.00
0.00
$0.00
$196,000.00
0.00
$196,000.00
(-) 1,000.00
$197,000.00
$0.00
0.00
$0.00
0.00
$0.00
$10,021.50
7,741.33
$17,762.83
$266.44
WABASH LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1968)
15
WORLD SERVICE LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1967
Policies issued during 1968 ------------------
Total -------_ ---------------------
Ceased to be in force during 1968
Policies in force December 31, 1968
Losses and claims:
Unpaid December 31, 1967
Incurred during 1968
Total -----------------------
Settled during 1968
Unpaid December 31, 1968-
Number
53
11
64
15
49
0
0
0
0
0
GROUP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance ----------.------
Accident and Health
Total ------
Premium tax paid in Canal Zone -------------------
Amount
$499,288.00
82,054.00
$581,342.00
125,016.00
$456,326.00
$0.00
0.00
$0.00
0.00
$0.00
$6,052.83
0.00
$6,052.83
$90.79
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
$833.06
262,303.34
7,476.73
83,554.34
143,069.32
82,312.01
126,743.60
41,168.68
2,549.27
25,563.00
59,625.95
14.00
4,565.05
1,942,692.60
4,528.71
24,531.19
53,146.26
2,853.00
4,796.44
196,356.21
294,973.28
$3,363,656.04
$50,454.09
Losses
Paid
$45.50
71,421.70
1,657.49
36,664.47
49,379.76
76,208.35
81,379.87
13,578.34
0.00
10,236.03
1,699.06
0.00
12,144.27
1,700,755.78
2,898.50
1,674.20
13,439.37
0.00
199.55
33,330.57
182,165.88
$2,288,878.69
LIFE INSURANCE COMPANIES
ORDINARY
Policies in force December 31, 1967
Policies issued during 1968 ---
Total _-----_ ------ --
Ceased to be in force during 1968
Policies in force December 31, 1968
Losses and claims:
Unpaid December 31, 1967
Incurred during 1968
Total --------_---------
Settled during 1968 --
Unpaid December 31, 1968
Number
7,553
446
7,999
1,104
6,895
5
60
65
59
6
Amount
$38,957,158.00
4,316,912.00
$43,274,070.00
5,948,726.00
$37,325,344.00
$8,500.00
215,715.07
$224,215.07
123,566.07
$100,649.00
GROUP
Policies in force December 31, 1967 -----_---
Policies issued during 1968 -----------------_-
Total
Ceased to be in force during 1968 ----------
Policies in force December 31, 1968
Losses and claims:
Unpaid December 31, 1967
Incurred during 1968
Total -------------------
Settled during 1968
Number
4
0
4
0
4
1
106
107
107
Unpaid December 31, 1968---------- -- 0
Net premiums collected in Canal Zone during 1968:
Life Insurance
Accident and Health
Total
Premium tax paid in Canal Zone
Amount
$110,073,458.00
3,698,303.00
$113,771,761.00
642,992.00
$113,128,769.00
$4,777.31
537,069.97
$541,847.28
541,250.00
$597.28
$1,565,089.98
150,036.48
$1,715,126.46
$25,726.74
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
and the damages resulting therefrom during
31, 1968.
Panama Canal Company -----------------
Canal Zone Government
Other U.S. ovemment
U.S. Armed Forces --_-----
Ships in Canal waters _-
Private property other than above
Total ----------
Complete figures unavailable.
Canal Zone involved in fires
the year ended December
Value of
property
involved
$3,739,504.91
2,633,706.42
70,000.00
12,072,850.69
23,773,822.60*
1,290,261.88
$43,580,146.50
Amount of
damage
by fire
$27,711.26
70.00
7,500.00
10,568.16
13,300.00*
119,863.10
$179,012.52
The following is an extract from Title 2 of the Canal Zone Code, as revised
effective January 2, 1963, pertaining to the licensing of foreign corporations
under which insurance companies are authorized to do business in the
Canal Zone.
CANAL ZONE CODE-Title 2, Chapter 61
SEC. 871. Corporation; joint stock company.-As used in this chapter,
"corporation" includes joint stock companies.
SEC. 872. Application for license to do business; service of process;
filing fee.-(a) A corporation organized under the laws of a State of the
United States or of a foreign country may not do business in the Canal Zone
or maintain an office therein until it has filed with the executive secretary of
the Canal Zone Government:
(1) An application for a license setting forth:
A. The name of the corporation;
B. The names of its officers and directors; and
C. The general nature of the business in which it desires to
engage in the Canal Zone;
(2) A copy, duly certified by the officer authorized by law to certify
it, of the:
A. Articles of incorporation;
B. Charter; or
C. Statutory, executive, or governmental acts creating the
corporation, when it has been so created;
(3) An affidavit sworn by an authorized officer of the corporation
stating the amount of its authorized capital stock at or within 60 days
prior to the filing.
(4) A designation of a person residing within the Canal Zone upon
whom process issued under any law of the Canal Zone may be served,
and his place of business or residence, and a certified copy of the minutes
of the board of directors of the corporation authorizing the designation.
(b) Process served on the person designated by the corporation or, if he
can not be found at the place designated, or if a person is not designated,
on the executive secretary of the Canal Zone Government, is a valid service
on the corporation. When the executive secretary is served with process he
shall without delay communicate the same to the corporation concerned at
its last known address. A default judgment may not be entered against the
corporation in an action in which process is served on the executive secretary
until at least 60 days after the date of the service.
(c) A corporation licensed pursuant to this chapter shall also file with
the executive secretary any change in the provisions of its original articles
of incorporation.
(d) With the application for license there shall also be paid $10, which
shall cover the filing fee and annual license fee for the remainder of the
calendar year during which the license is issued.
SEC. 873. Additional requirements for insurance companies.-In addition
to the other requirements of this chapter, an insurance company organized
under the laws of a State of the United States or of a foreign country shall
file the following documents: (1) A certificate of an authorized official,
showing that the company is authorized to transact business in the State or
country under whose laws the company is organized;
(2) A duly certified copy of the last annual statement of the insurance
company to an authorized official in the State or country where the company
is organized;
(3) A deposit with the executive secretary of the Canal Zone Government
of $10,000 in cash or current marketable securities, which shall be held in
trust by the executive secretary for the account of the company, to satisfy
any judgment that may be rendered against the company, under insurance
policies that it may issue.
SEC. 874. Annual statement and license tax for insurance companies.-
An insurance company licensed pursuant to this chapter shall file with the
executive secretary of the Canal Zone Government before March 1 of each
year a verified statement showing the business transacted within the Canal
Zone by the company during the previous calendar year and a duly certified
copy of its annual report to an authorized official of the State or country in
which the company is organized. Upon a showing of good cause therefore,
the executive secretary may extend the time for filing the statement for a
period not exceeding two months after March 1.
An insurance company licensed pursuant to this chapter shall pay before
March 1 of each year, in lieu of all other taxes except the annual fee provided
for by section 876 of this title, a license tax equal to 1/z 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.
27120-550
AETNA CASUALTY AND SURETY COMPANY
(No transactions in Canal Zone during 1968)
AMERICAN EMPLOYERS' INSURANCE COMPANY
(No transactions in Canal Zone during 1968)
AMERICAN HOME ASSURANCE COMPANY
(No transactions in Canal Zone during 1968)
AMERICAN MOTORISTS INSURANCE COMPANY
(No transactions in Canal Zone during 1968)
COLONIAL INSURANCE COMPANY OF PANAMA
Net Losses
Premiums Paid
Auto liability (B.I.)--_______--- -------- $48,093.44 $2,318.74
Auto property damage --------------- 27,917.98 16,047.70
Hospital and medical -------- ---------_ 3,306.45 423.23
Auto comprehensive-- ----------------- 6,921.40 1,657.49
Auto collision .._-------------------- __32,647.03 8,009.93
Fire ------------------------------ 6,974.84 314.96
Bulglary and theft__---------------__ 6,982.98 3,261.08
Total_____________________ $132,844.12 $32,033.13
Premium tax paid in Canal Zone- ----------- $1,992.66
COMMERCIAL INSURANCE COMPANY
Net Losses
Premiums Paid
Accident _____---------------------- $233.00 $0.00
Automobile and motor vehicle ---_------__ 237.00 23.35
Workmen's compensation ----------------- 54,977.32 20,945.87
Miscellaneous_ ------ --_ -----------_ 14,941.30 82.86
Total ____------------------- $70,388.62 $21,052.08
Premium tax paid in Canal Zone --_------__ $1,055.83
COMPARIA GENERAL DE SEGUROS, S.A.
Net Losses
Premiums Paid
Fire ------------------------------ $393.75 $0.00
Surety ________--------------------- 8,900.48 0.00
Liability other than auto-- ---------------- 232.86 0.00
Workmen's compensation ___--------------- 24,979.82 3,313.26
Auto comprehensive____ __ ----------------555.33 0.00
Auto liability (B.I.) ______---------------- 819.11 0.00
Auto collision ------------------------ 621.31 0.00
Auto property damage ____--------------- 670.26 0.00
Extended coverage-----------_ _________ 100.43 0.00
Hospital and medical--------- ----------- 80.89 0.00
Total -----------------------_ $37,354.24 $3,313.26
Premium tax paid in Canal Zone ----__-----_ $560.32
NATIONAL WESTERN LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1967 __------
Policies issued during 1968 -------------------
Total-------_--------------------
Ceased to be in force during 1968 -----------
Policies in force December 31, 1968 -------
Losses and claims:
Unpaid December 31, 1967-------------
Incurred during 1968 ------------------
Total--------------_--------------
Settled during 1968_______-_----
Unpaid December 31, 1968---------------
GROUP-None
Net premiums collected in Canal Zone during 1968:
Number
5
4
9
1
8
0
0
0
0
0
Life Insurance-----------_------------------
Accident and Health __-----------------------
Total _____---------------------------
Premium tax paid in Canal Zone _..--_.------..-----
PAN-AMERICAN LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1967 ---------- 117
Policies issued during 1968 --------- ---------- 7
Total __------------------------ -- 124
Ceased to be in force during 1968 ------------ 14
Policies in force December 31, 1968 --------- 110
Losses and claims:
Unpaid December 31, 1967 -_----- ----- 0
Incurred during 1968--_--- ------------ 1
Total_ -------------------------- 1
Settled during 1968 ------------------- 1
Unpaid December 31, 1968 -------------- 0
GRouP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance------ ----------------------
Accident and Health--________----------------
Total _____----------------------------
Premium tax paid in Canal Zone--------------- -----
PENINSULAR LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1968)
Amount
$70,500.00
15,000.00
$85,500.00
4,281.00
$81,219.00
$0.00
0.00
$0.00
0.00
$0.00
$1,474.86
0.00
$1,474.86
$22.12
Amount
$1,094,880.00
70,000.00
$1,164,880.00
91,575.00
$1,073,305.00
$0.00
5,000.00
$5,000.00
5,000.00
$0.00
$23,822.02
0.00
$23,822.02
$357.33
UNITED BENEFIT LIFE INSURANCE COMPANY
OnDINARY
Number Amount
Policies in force December 31, 1967 ---_ --- 492 $1,948,592.00
Policies issued during 1968------------------- 78 958,464.00
Total ----_-------------------- 570 $2,907,056.00
Ceased to be in force during 1968______________ 47 226,773.00
Policies in force December 31, 1968-____________ 523 $2,680,283.00
Losses and claims:
Unpaid December 31, 1967 ___----------- 1 $5,000.00
Incurred during 1968 ___-----------___ --1 6,000.00
Total_ __--------------------___ 2 $11,000.00
Settled during 1968- ----------------_ 2 11,000.00
Unpaid December 31, 1968-------------- 0 $0.00
GROUP
Policies in force December 31, 1967 __________ 3 $10
Policies issued during 1968----------------- 0
Total _------- ------_------------ 3 $11
Ceased to be in force during 1968 -___--------_ 0
Policies in force December 31, 1968__--------- 3 $11
Losses and claims:
Unpaid December 31, 1967 __------------- 1
Incurred during 1968 --__-__-----------106
Total-___________________________ 107
Settled during 1968 _-- _---------------- 107
Unpaid December 31, 1968----_--------- 0
Net premiums collected in Canal Zone during 1968:
Life Insurance ---__ --____ ___
Accident and Health -_ __________
Total _________________
Premium tax paid in Canal Zone___________
UNITED SERVICES LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1967 --__- ____ 241
Policies issued during 1968--__---___-- _______ 159
Total- _-_-------______________-- 400
Ceased to be in force during 1968- __------__- 77
Policies in force December 31, 1968 ___----___ 323
Losses and claims:
Unpaid December 31, 1967-___-- ________- 0
Incurred during 1968-- _____________--_ 1
Total __________________________ 1
Settled during 1968_ --------__-___-____ 1
Unpaid December 31, 1968 -------_______ 0
GRouP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance ----- _________________-
Accident and Health_____________________
Total_ _. ..______ ________________
Premium tax paid in Canal Zone___-___________
I
19,516,200.00
3,653,010.00
3,169,210.00
615,250.00
2,553,960.00
$4,500.00
536,750.00
$541,250.00
541,250.00
$0.00
$618,248.74
55,782.39
$674,031.13
$10,110.47
Amount
$2,852,510.00
1,734,335.00
$4,586,845.00
772,320.00
i3,814,525.00
$0.00
2,000.00
$2,000.00
2,000.00
$0.00
$59,670.76
0.00
$59,670.76
$895.06
UNITED STATES LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1967-----------
Policies issued during 1968 -------------------
Total ---------------------------
Ceased to be in force during 1968 --------------
Policies in force December 31, 1968 -------
Losses and claims:
Unpaid December 31, 1967- --_ ----
Incurred during 1968 -------------
Total______----- __ -
Settled during 1968 __- __- ___ _
Unpaid December 31, 1968--------------
GROUP
Policies in force December 31, 1967 ______
Policies issued during 1968 -----------
Total______________
Ceased to be in force during 1968 ___ ____
Policies in force December 31, 1968 --------
Losses and claims:
Unpaid December 31, 1967 ---------
Incurred during 1968 _________
Number
26
0
26
3
23
0
0
0
0
0
1
0
1
0
1
0
0
Total------------------- --------- 0
Settled during 1968 ------- -----_---_ 0
Unpaid December 31, 1968------_________ 0
Net premiums collected in Canal Zone during 1968:
Life Insurance_____ ____ ______
Accident and Health ___ _________
Total ----___________
Premium tax paid in Canal Zone -------- ----
WABASH LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1968)
Amount
$404,491.00
23.00
$404,514.00
35,645.00
$368,869.00
$0.00
0.00
$0.00
0.00
$0.00
$196,000.00
0.00
$196,000.00
(-) 1,000.00
$197,000.00
$0.00
0.00
$0.00
0.00
$0.00
$10,021.50
7,741.33
$17,762.83
$266.44
COMPANIA INTERAMERICANA DE SEGUROS, S.A.
Net
Premiums
Workmen's compensation ---__---_-------- $1,360.36
Fire ------------__---____ ------ 1,436.68
Automobile _---- ---------------- ---- 580.30
Total _---------- ---------- $3,377.34
Premium tax paid in Canal Zone ------------- $50.66
COMPANIA INTERNATIONAL DE SEGUROS, S.A.
Net
Premiums
Fire _------------- -------------- $1,155.03
Surety _-------------- --------------- 2,303.54
Workmen's compensation ---- ------------- 8,964.08
Total _--------- ------------ $12,422.65
Premium tax paid in Canal Zone------------- $186.34
COMPANIA ISTMENA DE SEGUROS, S.A.
(No transactions in Canal Zone during 1968)
COMPANIA NATIONAL DE SEGUROS, S.A.
Net
Premiums
Workmen's compensation______--- _------- $40,353.00
Automobile and motor vehicle__------------ 1,989.01
Total __-------- ---- ---------- $42,342.01
Premium tax paid in Canal Zone ------------ $635.14
CONTINENTAL CASUALTY COMPANY
Net
Premiums
Accident and health ____ ----- $1,043.54
Group accident and health _-- -- ---_ 2,826.15
Liability other than auto (B.I.)- ------------ 125.00
Surety ----------------------------- 18.00
Auto liability (B.I.) -------------------- 2,871.77
Auto property damage ------ ------ 1,401.26
Auto physical damage ---- ------------ 3,777.70
Total_ _---------------------- $12,063.42
Premium tax paid in Canal Zone ____________ $180.96
CONTINENTAL INSURANCE COMPANY
Surety -___-- -
Total__ ______- ___ -
Premium tax paid in Canal Zone --------
FIDELITY AND CASUALTY COMPANY
Surety-__ _- ____-----___-__.--------
Total -- __ __ _-- ---
Premium tax paid in Canal Zone_______
Net
Premiums
$100.00
$100.00
$1.50
OF NEW YORI
Net
Premiums
$339.00
$339.00
$5.09
Losses
Paid
$0.00
0.00
0.00
$0.00
Losses
Paid
$0.00
0.00
0.00
$0.00
Losses
Paid
$14,900.07
0.00
$14,900.07
Losses
Paid
$812.39
4,502.40
203.00
0.00
8,618.00
3,871.72
5,499.60
$23,507.11
Losses
Paid
$0.00
$0.00
Losses
Paid
$0.00
$0.00
ROYAL INDEMNITY COMPANY
Net
Premiums
Fire --------- ----------------- $22.75
Extended coverage ---- ------------------6.00
Workmen's compensation __--- ----------- -- 479.00
Surety---------- --- ------------ 0.00
Total __-------- ------------ $507.75
Premium tax paid in Canal Zone-------------_ $7.62
SEABOARD SURETY COMPANY
(No transactions in Canal Zone during 1968)
TRANSAMERICA INSURANCE COMPANY
Net
Premiums
Fire -- ------------------------- (Cr.) $55.00
Extended coverage _--_----_--------- (Cr.) 6.00
Auto liability (B.I.)_ --- --- ---------- 31.00
Auto property damage --- ------------ -___ 33.00
Auto physical damage ----------------- 50.00
Total __-___-___-_- $53.00
Premium tax paid in Canal Zone----------- $0.00
TRAVELERS INDEMNITY COMPANY
Net
Premiums
Fire --------- --- $3,287.64
Extended coverage--__------------------- 680.34
Burglary and theft -- ----------------_ 351.00
Liability other than auto (B.I.)-______________ (Cr.) 0.78
Property damage than auto ________------- 0.00 (C
Auto liability (B.I.)_ __------------_ 151.00
Auto property damage _______________ 350.00
Auto physical damage _--------------------(Cr.) 182.82 (C
Total______________----------- $4,636.38 (Cr.)
Premium tax paid in Canal Zone-----------_-_ $69.55
UNITED STATES FIDELITY AND GUARANTY COMPANY
Net
Premiums
Extended coverage ----------------------$1,507.00
Auto collision _____------------------- 50,286.00 2
Fire -------------------------------13,921.00
Inland marine ----_ _-------------_ 111.00
Accident ---__----------------- (Cr.) 18.00
Workmen's compensation ___------------- 19,597.89
Liability other than auto (B.I.)-_____________ 3,715.00
Auto liability (B.I.)-_____________________ 47,312.00
Auto property damage ___------------------ 27,906.00 2
Auto physical damage -----------------_ 33,695.48
Property damage other than auto_ ------____ 1,475.00
Fidelity _______--------------------- 5,871.00
Surety ----------------------------_ 982.50 ((
Burglary and theft_ ------__--____--____ 11,297.00
Miscellaneous ----------_____________ 11,828.00
Total-_________________________ $229,486.87 $8
Premium tax paid in Canal Zone -___------__ $3,442.30
Losses
Paid
$0.00
0.00
0.00
2,492.00
$2,492.00
Losses
Paid
$0.00
0.00
0.00
0.00
5.00
$5.00
Losses
Paid
$0.00
0.00
0.00
0.00
:r.) 55.00
0.00
0.00
r.) 76.11
$131.11
Losses
Paid
$0.00
.8,654.54
0.00
0.00
33.00
2,204.79
500.00
8,491.67
4,912.83
7,628.72
219.55
170.43
Cr.) 60.00
6,374.99
1,207.60
10,338.12
WORLD SERVICE LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1967 ______ _-
Policies issued during 1968-----_--------------
Total ----_ -------_--------------
Ceased to be in force during 1968 ----------
Policies in force December 31, 1968 --------
Losses and claims:
Unpaid December 31, 1967 --------------
Incurred during 1968 --------_-- -------
Total ---------------------------
Settled during 1968______-------
Unpaid December 31, 1968---------------
Number
53
11
64
15
49
0
0
0
0
0
GRouP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance_---------_-------------------
Accident and Health------------------------
Total ________________----------------
Premium tax paid in Canal Zone--------------------
Amount
$499,288.00
82,054.00
$581,342.00
125,016.00
$456,326.00
$0.00
0.00
$0.00
0.00
$0.00
$6,052.83
0.00
$6,052.83
$90.79
AMERICAN-AMICABLE LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1967 ----____
Policies issued during 1968 __________________
Total __ _____________
Ceased to be in force during 1968 _________
Policies in force December 31, 1968 ------___
Losses and claims:
Unpaid December 31, 1967 __-- __-______
Incurred during 1968__ _______
Total ----------_____________
Settled during 1968 --------__
Unpaid December 31, 1968-_--_--_______-
Number
16
0
16
0
16
0
0
0
0
0
GROUP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance _____----------------____
Accident and Health --------_ _____
Total ---------------______
Premium tax paid in Canal Zone -- _______ ___
AMERICAN CAPITOL INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1967 ___ ____
Policies issued during 1968-_________
Total __________________________
Ceased to be in force during 1968_______
Policies in force December 31, 1968 _-_----
Losses and claims:
Unpaid December 31, 1967_- _____
Incurred during 1968 _______
Total _____________
Settled during 1968 ______ ______
Unpaid December 31, 1968--------
Number
1,398
80
1,478
404
1,074
0
2
2
2
0
GRouP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance -------- _________
Accident and Health__----------- _
Total _________________
Premium tax paid in Canal Zone -- ______-
Amount
$113,702.00
0.00
$113,702.00
0.00
$113,702.00
$0.00
0.00
$0.00
0.00
$0.00
$2,350.22
0.00
$2,350.22
$35.25
Amount
$5,963,039.00
572,500.00
$6,535,539.00
1,727,486.00
$4,808,053.00
$0.00
5,233.75
$5,233.75
5,233.75
$0.00
$125,949.08
10,741.61
$136,690.69
$2,050.36
Fidelity and Guaranty Life Insurance Company-______ -Baltimore, Md.
Firemen's Insurance Company of Newark --------------Newark, N.J.
General Insurance Company of America- ___ ----------- Seattle, Wash.
Gibraltar Life Insurance Company of America __----- __ Dallas, Tex.
Great American Insurance Company3_ ----------__-- New York, N.Y.
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 Company __------_ Forth Worth, Tex.
3 Great American Insurance Company licensed in the Canal Zone January 2, 1968.
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.
27120-550
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Policies in force December 31, 1967 --------
Policies issued during 1968 --------- ----
Total ___...._____ .. ..---------
Ceased to be in force during 1968 -----------
Policies in force December 31, 1968 ________
Losses and claims
Unpaid December 31, 1967 -------
Incurred during 1968----------------
Total ____-___-___________-_
Settled during 1968---------------
Unpaid December 31, 1968 _________
Number
1,306
83
1,389
141
1,248
0
32
32
32
0
GRouP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance ---------------------------
Accident and Health ---- -------
Total -------------
Premium tax paid in Canal Zone -----------
Amount
$8,996,939.00
749,500.00
$9,746,439.00
854,808.00
$8,891,631.00
$0.00
42,908.32
$42,908.32
42,908.32
$0.00
$242,584.16
10.00
$242,594.16
$3,638.76
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
Net
Premiums
Fidelity------------------------------- $626.00
Surety ------------------------------ 49,852.00
Total-__----------------------- $50,478.00
Premium tax paid in Canal Zone _---------- $757.17
FIREMEN'S INSURANCE COMPANY OF NEWARK
Net
Premiums
Fire________------------------------- $26,795.32
Automobile and motor vehicle -------------- 257,044.73
Miscellaneous --- ---------------------- 17,681.27
Total ------- ------__ --------- $301,521.32
Premium tax paid in Canal Zone ------------ $4,522.82
GENERAL INSURANCE COMPANY OF AMERICA
(No transactions in Canal Zone during 1968)
Losses
Paid
$0.00
0.00
$0.00
Losses
Paid
$1,384.10
70,714.22
6,101.37
$78,199.69
GREAT AMERICAN INSURANCE COMPANY
(No transactions in Canal Zone during 1968)
HARTFORD ACCIDENT AND IDEMNITY COMPANY
Net Losses
Premiums Paid
Workmen's compensation ------- --------- $41.00 (Cr.) $71.00
Liability other than auto (B.I.) ------------_ 667.29 0.00
Property damage other than auto------------- 0.15 0.00
Auto liability (B.I.)-_ ------------------- 92.00 0.00
Auto property damage_------- ------- 44.00 0.00
Auto physical damage _---- __------- 250.00 0.00
Surety__- __ ---------------- (Cr.) 25.00 0.00
Total ------------ --_ --------- $1,069.44 (Cr.) $71.00
Premium tax paid in Canal Zone_-__-_------- $16.04
INSURANCE COMPANY OF NORTH AMERICA
Net
Premiums
Ocean marine __-_----- -------------- $2,853.00
Surety ---------------------------- 20.00
Total ___----------------------- $2,873.00
Premium tax paid in Canal Zone-____________ $43.10
INTERNATIONAL SERVICE INSURANCE COMPANY
Net
Premiums
Auto liability (B.I.) --------------------- $7,380.48
Auto property damage- ----------_-------_ 3,879.72
Auto physical damage --------- __--_--- 34,501.67
Total __---_---- -_--__---- -- $45,761.87
Premium tax paid in Canal Zone---__________ $686.43
Losses
Paid
$0.00
0.00
$0.00
Losses
Paid
$2,687.50
7,513.36
36,221.90
$46,422.76
CANAL ZONE GOVERNMENT
OFFICE OF THE GOVERNOR
BALBOA HEIGHTS, May 13, 1969.
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 1968.
Respectfully,
PAUL M. RUNNESTRAND,
Executive Secretary.
The following companies were authorized to transact business in the Canal
Zone during the year 1968:
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 Home Assurance Company' ---------------_New York, N.Y.
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.
Compafiia General de Seguros, S.A.--------------- Panama, R. of P.
Compailia Interamericana de Seguros, S.A .___------ Panama, R. of P.
Compafiia Internacional de Seguros, S.A._------------- Panama, R. of P.
Compaiia Istmeiia de Seguros, S.A.__ ---- -------- Panama, R. of P.
Compania Nacional de Seguros, S.A._ ------- ---_-_ Panama, R. of P.
Continental Casualty Company--- ---_--------- ____-- Chicago, Ill.
Continental Insurance Company --- ------------- New York, N.Y.
Executive Fund Life Insurance Co.2--- ------------- Omaha, Neb.
Fidelity and Casualty Company of New York ----__---- New York, N.Y.
Fidelity and Deposit Company_ ---_---------------Baltimore, Md.
1 American Home Assurance Company licensed in the Canal Zone May 2, 1968.
2 Executive Fund Life Insurance Company licensed in the Canal Zone October 21, 1968
THE LIBERTY MUTUAL INSURANCE COMPANY
Net
Premiums
Workmen's compensation _---$------------- 834.00
Health and accident ----------------- 96.00
Liability other than auto (B.I.) _---_--- --- 23.00
Property damage other than auto___ _---- _--22.00
Total ______----------------- $975.00
Premium tax paid in Canal Zone ------- __- $14.63
Losses
Paid
$0.00
0.00
0.00
0.00
$0.00
MARYLAND CASUALTY COMPANY
Net Losses
Premiums Paid
Accident_----_-------------------- $618.06 $12.50
Group accident and health -------------- 1,738.90 541.50
Auto liability ------------ ------ 36,318.52 27,263.85
Liability other than auto (B.I.) --------------- 7,149.19 14.00
Fidelity ------_-- ------------------ 19,066.00 10,065.60
Surety---------- ---------------- 97,442.50 0.00
Glass 14.00 0.00
Class------------------------------- 14.00 0.00
Burglary and theft ---------------------- 22,537.70 3,942.27
Auto property damage ---- --- --------- 20,109.79 23,862.74
Inland marine _---------- ------------ 4,417.71 2,898.50
Property damage other than auto_-_--------- 3,299.29 35.00
Workmen's compensation_---------- _--_ 26,530.05 43,998.28
Auto physical damage ___------------------ 54,651.57 32,100.76
Fire _------------ ------- 4,071.61 0.00
Extended coverage -- ------------------- 261.50 0.00
Miscellaneous --_-------- _--------- 1,180.99 1,558.20
Total -------__--_ ------------- $299,407.38 $146,293.20
Premium tax paid in Canal Zone_ ----------- $4,491.11
MUTUAL OF OMAHA INSURANCE COMPANY
Net Losses
Premiums Paid
Group accident and health-________________ $0.00 $7,100.37
Individual and health-------____- ------_ 1,938,165.72 1,699,520.16
Total ------------- ----------- $1,938,165.72 $1,706,620.53
Premium tax paid in Canal Zone-_----_- _-- $29,072.49
NATIONAL SURETY CORPORATION
(No transactions in Canal Zone during 1968)
NATIONAL UNION FIRE INSURANCE COMPANY
(No transactions in Canal Zone during 1968)
PANAMA INSURANCE COMPANY
Net
Premiums
Fire --------------_ ------------- $1,622.33
Workmen's compensation------------------_ 116,856.76
Liability other than auto__________________ 12,619.63
Surety- ---------------------------- 36,423.19
Automobile __________-___-___-__--_ 2,452.30
Miscellaneous---_ __---___ -------------7,514.70
Total __- ---- ------------------ $177,488.91
Premium tax paid in Canal Zone ----------- $2,662.33
RELIANCE INSURANCE COMPANY
(No transactions in Canal Zone during 1968)
Losses
Paid
$0.00
96,874.61
957.20
30,898.57
684.13
4,489.34
$133,903.85
GROUP
Policies in force December 31, 1967 ____________
Policies issued during 1968 -------------_-___
Total ------- --------
Ceased to be in force during 1968______________
Policies in force December 31, 1968 ------____
Losses and claims:
Unpaid December 31, 1967 _______
Incurred during 1968 _-------
Total _____ __ __ ____
Settled during 1968 ----_ ___-
Unpaid December 31, 1968 _______
Net premiums collected in Canal Zone during 1968:
Number Amount
4 $110,073,458.00
0 3,698,303.00
4 $113,771,761.00
0 642,992.00
4 $113,128,769.00
1
106
107
107
0
$4,777.31
537,069.97
$541,847.28
541,250.00
$597.28
Life Insurance -- __--_----------------- -- $1,565,089.98
Accident and Health ------------ --------- 150,036.48
Total------------ ------------------_ $1,715,126.46
Premium tax paid in Canal Zone --- --_---------_ $25,726.74
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, 1968.
Value of
property
involved
Panama Canal Company -- ------------- $3,739,504.91
Canal Zone Government -- -------------- 2,633,706.42
Other U.S. government_ -------------- 70,000.00
U.S. Armed Forces------- -------------- 12,072,850.69
Ships in Canal waters __---------- ------ 23,773,822.60'
Private property other than above ---------- 1,290,261.88
Total-------------- $43,580,146.50
Complete figures unavailable.
Amount of
damage
by fire
$27,711.26
70.00
7,500.00
10,568.16
13,300.00"
119,863.10
$179,012.52
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
RECAPITULATION
MISCELLANEOUS COMPANIES
Accident ------- --------- -----
Automobile and motor vehicle______ _
Auto comprehensive _______ __
Auto collision-------- -----------
Auto liability (B.I.) --- ----------
Auto property damage _____________---
Auto physical damage_____ ____
Burglary and theft__ ___-----_
Extended coverage _---------
Fidelity__- __ --------
Fire -----_-_------_--
Class- ___
Group accident and health_______-
Health and accident (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, 1967 -_--- ___ 7,553
Policies issued during 1968___-------------___ 446
Total -------------- ----____- 7,999
Ceased to be in force during 1968_--__--------- 1,104
Policies in force December 31, 1968------------- 6,895
Losses and claims:
Unpaid December 31, 1967 ---_-_----_--- 5
Incurred during 1968---------------_ --60
Total_ -----------------_ 65
Settled during 1968_--------______-_____ 59
Unpaid December 31, 1968-______________ 6
Amount
$38,957,158.00
4,316,912.00
$43,274,070.00
5,948,726.00
$37,325,344.00
$8,500.00
215,715.07
$224,215.07
123,566.07
$100,649.00
Net
Premiums
$833.06
262,303.34
7,476.73
83,554.34
143,069.32
82,312.01
126,743.60
41,168.68
2,549.27
25,563.00
59,625.95
14.00
4,565.05
1,942,692.60
4,528.71
24,531.19
53,146.26
2,853.00
4,796.44
196,356.21
294,973.28
$3,363,656.04
$50,454.09
Losses
Paid
$45.50
71,421.70
1,657.49
36,664.47
49,379.76
76,208.35
81,379.87
13,578.34
0.00
10,236.03
1,699.06
0.00
12,144.27
1,700,755.78
2,898.50
1,674.20
13,439.37
0.00
199.55
33,330.57
182,165.88
$2,288,878.69
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 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
CANAL ZONE GOVERNMENT
ANNUAL
REPORT
OF
INSURANCE BUSINESS
transacted in the
CANAL ZONE
DURING THE CALENDAR YEAR
1968
Including Laws Concerning Licensing
Of Insurance Companies
CANAL ZONE GOYERNME LF
196
ANNUAL RE
OF
INSURANCE BUSINESS
transacted in the
CANAL ZONE
DURING THE CALENDAR YEAR
1968
Including Laws Concerning Licensing
Of Insurance Companies
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY
OF NEW YORK
ORDINARY-None
GROUP
Policies in force December 31, 1967 _______
Policies issued during 1968 ---------
Number
0
0
Total_----- -------- ------- 0
Ceased to be in force during 1968----_-_------- 0
Policies in force December 31, 1968______----- 0
Losses and claims:
Unpaid December 31, 1967____------------ 0
Incurred during 1968---------- --------- 0
Total ---- ---------------------- 0
Settled during 1968-------- ------------ 0
Unpaid December 31, 1968-______________ 0
Net premiums collected in Canal Zone during 1968:
Life Insurance-___________________________
Accident and Health-________________
Total ----------------- -
Premium tax paid in Canal Zone -------____-
BANKERS LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Number
Policies in force December 31, 1967 _________ 1,203
Policies issued during 1968- - - - - 11
Total-___________________________ 1,214
Ceased to be in force during 1968______________ 109
Policies in force December 31, 1968- ----__-____ 1,105
Losses and claims:
Unpaid December 31, 1967---- ___________ 4
Incurred during 1968---- -___________.- 6
Total --- ------------------------ 10
Settled during 1968------_-- -_ --- ____ 6
Unpaid December 31, 1968_--____________ 4
GRouP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance- ----------__________
Accident and Health ---__- _________
Total -____-__- ___________________
Premium tax paid in Canal Zone __________
Amount
$288,867.00
44,435.00
$333,302.00
0.00
$333,302.00
$277.31
319.97
$597.28
0.00
$597.28
$4,508.66
0.00
$4,508.66
$67.63
Amount
$4,786,901.00
30,500.00
$4,817,401.00
417,997.00
$4,399,404.00
$3,500.00
8,625.00
$12,125.00
8,625.00
$3,500.00
$144,624.45
0.00
$144,624.45
$2,169.37
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
Digitized by the Internet Archive
in 2009 with funding from
University of Florida, George A. Smathers Libraries
http://www.archive.org/details/annualreportofin1968cana
CITIZENS STANDARD LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1967 ____________
Policies issued during 1968__- __________
Total -... __-____.______________.
Ceased to be in force during 1968 ________
Policies in force December 31, 1968 ___
Losses and claims:
Unpaid December 31, 1967 --_____
Incurred during 1968 -_______ ___
Total ---- ______-_____
Settled during 1968 ------_______
Unpaid December 31, 1968---_______
GROUp-None
Net premiums collected in Canal Zone during 1968:
Life Insurance- --_______ ____________-
Accident and Health_ ------_--- _______
Total _----_-----____ _____________
Premium tax paid in Canal Zone ----- ____
Number
1,960
0
1,960
226
1,734
0
4
4
4
0
EXECUTIVE FUND LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1968)
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1967 ______
Policies issued during 1968 __ _______
Total ------________
Ceased to be in force during 1968- -__-
Policies in force December 31, 1968 --_-_---
Losses and claims:
Unpaid December 31, 1967 ________
Incurred during 1968 ___________
Total -------------- __ __
Settled during 1968 --------__ __
Unpaid December 31, 1968 _____ ___
Number
64
1
65
4
61
0
0
0
0
0
GROUP-None
Net premiums collected in Canal Zone during 1968:
Life Insurance---_-----____________-_____
Accident and Health-------_-__-________
Total -----__---____________________...
Premium tax paid in Canal Zone ------------_----
Amount
$7,240,051.00
0.00
$7,240,051.00
1,062,871.00
$6,177,180.00
$0.00
3,788.00
$3,788.00
3,788.00
$0.00
$208,378.01
74,210.54
$282,588.55
$4,238.83
Amount
$402,580.00
5,536.00
$408,116.00
85,028.00
$323,088.00
$0.00
0.00
$0.00
0.00
$0.00
$7,282.26
0.00
$7,282.26
$109.23
LINCOLN NATIONAL LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1967 --__---
Policies issued during 1968-------------------
Total -_-------------------------
Ceased to be in force during 1968--------------
Policies in force December 31, 1968----------
Losses and claims:
Unpaid December 31, 1967 --------------
Incurred during 1968-------------------
Total ----------------------------
Settled during 1968--------------------
Unpaid December 31, 1968________
GRouP
Policies in force December 31, 1967 _______
Policies issued during 1968----------
Total-_____----------------------
Ceased to be in force during 1968 --------------
Policies in force December 31, 1968 --- ---
Losses and claims:
Unpaid December 31, 1967 ---------------
Incurred during 1968 ------------------
Total_---------------------------
Settled during 1968_ -_-----------------
Unpaid December 31, 1968 -------------
Net premiums collected in Canal Zone during 1968:
Life Insurance------------- ------
Accident and Health_- --- -----------
Total ____--_-__-- __---
Premium tax paid in Canal Zone -------------------
Number
672
12
684
63
621
0
13
13
11
2
Amount
$4,583,685.00
99,000.00
$4,682,685.00
544,926.00
$4,137,759.00
$0.00
142,160.00
$142,160.00
45,011.00
$97,149.00
0
0
0
0
0
0
0
0
0
0
$72,391.00
858.00
$73,249.00
28,742.00
$44,507.00
$0.00
0.00
$0.00
0.00
$0.00
$110,122.43
1,550.61
$111,673.04
$1,675.10
|
|
PAGE 1
^za9/%^ CANAL ZONE GOVERNME ANNUAL RE OF INSURANCE BUSINESS transacted in the CANAL ZONE DURING THE CALENDAR YEAR 1968 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 1968 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/annualreportofin1968cana
PAGE 5
CANAL ZONE GOVERNMENT OFFICE OF THE GOVERNOR Balboa Heights, May 13, 1969. 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 1968. Respectfully, PAXn. M. RUNNESTRAND, Executive Secretary. The following companies were authorized to transact business in the Canal Zone diiring the year 1968: 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 Home Assurance Company^ New York, N.Y. American International 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. Compaiiia Interamericana de Seguros, S.A Panama, R. of P. Compania Intemacional de Seguros, S.A Panama, R. of P. Compania Istmefia 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. Executive Fund Life Insurance Co.^ Omaha, Neb. Fidelity and Casualty Company of New York New York, N.Y. Fidelity and Deposit Company Baltimore, Md. 1 American Home Assurance Company licensed in the Canal Zone May 2, 1968. 2 Executive Fund Life Insurance Company licensed in the Canal Zone October 21, 1968
PAGE 6
Fidelity and Guaranty Life Insurance Company Baltimore, Md. Firemen's Insiu-ance Company of Newark Newark, N.J. General Insurance Company of America Seattle, Wash. Gibraltar Life Insurance Company of America Dallas, Tex. Great American Insurance Company^ New York, N.Y. 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 Fii'e 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 Sei-vices 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 Service Life Insurance Company Forth Worth, Tex. 3 Great American Insurance Company licensed in the Canal Zone January 2, 1968.
PAGE 7
AETNA CASUALTY AND SURETY COMPANY (No transactions in Canal Zone during 1968) AMERICAN EMPLOYERS' INSURANCE COMPANY (No transactions in Canal Zone during 1968) AMERICAN HOME ASSURANCE COMPANY (No transactions in Canal Zone during 1968) AMERICAN MOTORISTS INSURANCE COMPANY (No transactions in Canal Zone during 1968) COLONIAL INSURANCE COMPANY OF PANAMA Net Premiums Auto liability (B.I.) $48,093.44 Auto property damage 27,917.98 Hospital and medical 3,306.45 Auto comprehensive 6,921 .40 Auto collision 32,647.03 Fire 6,974.84 Bulglary and theft 6,982.98 Total $132,844.12 Premium tax paid in Canal Zone $1,992.66 COMMERCIAL INSURANCE COMPANY Net Prem.iums Accident $233.00 Automobile and motor vehicle 237.00 Workmen's compensation 54,977.32 MisceUaneous 14,941.30 Total $70,388.62 Premium tax paid in Canal Zone $1,055.83 COMPANIA GENERAL DE SEGUROS, S.A. Net Premiums Fire $393.75 Surety 8,900.48 Liability other than auto 232.86 Workmen's compensation 24,979.82 Auto comprehensive 555.33 Auto liability (B.I.) 819.11 Auto collision 621.31 Auto property damage 670.26 Extended coverage 100.43 Hospital and medical 80.89 Total $37,354.24 Premium tax paid in Canal Zone $560.32 Losses Paid $2,318.74 16,047.70 423.23 1,657.49 8,009.93 314.96 3,261.08 $32,033.13 Losses Paid $0.00 23.35 20,945.87 82.86 $21,052.08 Losses Paid $0.00 0.00 0.00 3,313.26 0.00 0.00 0.00 0.00 0.00 0.00 $3,313.26
PAGE 8
COMPANIA INTERAMERICANA DE SEGUROS, S.A. Net Losses Premiums Paid Workmen's compensation $1,360.36 $0.00 Fire 1,436.68 0.00 Automobile 580.30 0.00 Total $3,377.34 $0.00 Premium tax paid in Canal Zone $50.66 COMPANIA INTERNACIONAL DE SEGUROS, S.A. Net Losses Premiums Paid Fire $1,155.03 $0.00 Surety 2,303.54 0.00 Workmen's compensation 8,964.08 0.00 Total $12,422.65 $0.00 Premium tax paid in Canal Zone $186.34 COMPAI^IA ISTMElSJA DE SEGUROS, S.A. (No transactions in Canal Zone during 1968) COMPAf^IA NACIONAL DE SEGUROS, S.A. Net Losses Premiums Paid Workmen's compensation $40,353.00 $14,900.07 Automobile and motor vehicle 1,989.01 0.00 Total $42,342.01 $14,900.07 Premium tax paid in Canal Zone $635.14 CONTINENTAL CASUALTY COMPANY Net Losses Premiums Paid Accident and health $1,043.54 $812.39 Group accident and health 2,826.15 4,502.40 Liability other than auto (B.I.) 125.00 203.00 Surety 18.00 0.00 Auto liability (B.I.) 2,871.77 8,618.00 Auto property damage 1,401.26 3,871.72 Auto physical damage 3,777.70 5,499.60 Total $12,063.42 $23,507.11 Premium tax paid in Canal Zone $180.96 CONTINENTAL INSURANCE COMPANY Net Losses Premiums Paid Surety $100.00 $0.00 Total $100.00 $0.00 Premium tax paid in Canal Zone $1.50 FIDELITY AND CASUALTY COMPANY OF NEW YORK Net Losses Premiums Paid Surety $339.00 $0.00 Total $339.00 $0.00 Premium tax paid in Canal Zone $5.09 4
PAGE 9
FIDELITY AND DEPOSIT COMPANY OF MARYLAND Net Losses Premiums Paid Fidelity$626.00 $0.00 Surety 49,852.00 0.00 Total $50,478.00 $0.00 Premium tax paid in Canal Zone $757.17 FIREMEN'S INSURANCE COMPANY OF NEWARK Net Losses Premiums Paid Fire $26,795.32 $1,384.10 .AutomobUe and motor vehicle 257,044.73 70,714.22 MisceUaneous 17,681.27 6,101.37 Total $301,521.32 $78,199.69 Premium tax paid in Canal Zone $4,522.82 GENERAL INSURANCE COMPANY OF AMERICA (No transactions in Canal Zone during 1968) GREAT AMERICAN INSURANCE COMPANY (No transactions in Canal Zone during 1968) HARTFORD ACCIDENT AND IDEMNITY COMPANY Net Losses Premiums Paid Workmen's compensation $41.00 (Cr.) $71.00 Liability other than auto (B.I.) 667.29 0.00 Property damage other than auto 0.15 0.00 Auto liabihty (B.I.) 92.00 0.00 Auto property damage 44.00 0.00 Auto physical damage 250.00 0.00 Surety (Cr.) 25.00 0.00 Total $1,069.44 (Cr.) $71.00 Premium tax paid in Canal Zone $16.04 INSURANCE COMPANY OF NORTH AMERICA Net Losses Premiums Paid Ocean marine $2,853.00 $0.00 Surety 20.00 0.00 Total $2,873.00 $0.00 Premium tax paid in Canal Zone $43.10 INTERNATIONAL SERVICE INSURANCE COMPANY Net Losses Premiums Paid Auto liability (B.I.) $7,380.48 $2,687.50 Auto property damage 3,879.72 7,513.36 Auto physical damage 34,501.67 36,221.90 Total $45,761.87 $46,422.76 Premium tax paid in Canal Zone $686.43 5^
PAGE 10
THE LIBERTY MUTUAL INSURANCE COMPANY 'Net Losses Premiums Paid Workmen's compensation $834.00 $0.00 Health and accident 96.00 0.00 Liability other than auto (B.I.) 23.00 0.00 Property damage other than auto 22.00 0.00 Total $975.00 $000 Premium tax paid in Canal Zone $14.63 MARYLAND CASUALTY COMPANY Net Losses Premiums Paid Accident $618.06 $12.50 Group accident and health 1,738.90 541.50 Auto liability 36,318.52 27,263.85 Liability other than auto (B.L) 7,149.19 14.00 FideHty 19,066.00 10,065.60 Surety 97,442.50 0.00 Glass 14.00 0.00 Burglary and theft 22,537.70 3,942.27 Auto property damage 20,109.79 23,862.74 Inland marine 4,417.71 2,898.50 Property damage other than auto 3,299.29 35.00 Workmen's compensation 26,530.05 43,998.28 Auto physical damage 54,651 .57 32,100.76 Fire 4,071.61 0.00 Extended coverage 261.50 0.00 Miscellaneous 1 1,180.99 1,558.20 Total $299,407.38 $146,293.20 Premium tax paid in Canal Zone $4,491.11 MUTUAL OF OMAHA INSURANCE COMPANY Net Losses Premiums Paid Group accident and health $0.00 $7,100.37 Individual and health 1,938,165.72 1,699,520.16 Total $1,938,165.72 $1,706,620.53 Premium tax paid in Canal Zone $29,072.49 NATIONAL SURETY CORPORATION (No transactions in Canal Zone during 1968) NATIONAL UNION FIRE INSURANCE COMPANY (No transactions in Canal Zone during 1968) PANAMA INSURANCE COMPANY Net Losses Premiums Paid Fire $1,622.33 $0.00 Workmen's compensation 116,856.76 96,874.61 Liability other than auto 12,619.63 957.20 Surety 36,423.19 30,898.57 AutomobQe 2,452.30 684.13 Miscellaneous 7,514.70 4,489.34 Total $177,488.91 $133,903.85 Premium tax paid in Canal Zone $2,662.33 RELIANCE INSURANCE COMPANY (No transactions in Canal Zone during 1968) 6
PAGE 11
ROYAL liNDEMNITY COMPANY Net Losses Premiums Paid Fire $22.75 $0.00 Extended coverage 6.00 0.00 Workmen's compensation 479.00 0.00 Surety 0.00 2,492.00 Total $507.75 $2,492.00 Premium tax paid in Canal Zone $7.62 SEABOARD SURETY COMPANY (No transactions in Canal Zone during 1968) TRANSAMERICA INSURANCE COMPANY Net Losses Premiums Paid Fire (Cr.) $55.00 $0.00 Extended coverage (Cr.) 6.00 0.00 Auto liability (B.I.) 31.00 0.00 Auto property damage 33.00 0.00 Auto physical damage 50.00 5.00 Total $53.00 $5^00 Premium tax paid in Canal Zone $0.00 TRAVELERS INDEMNITY COMPANY Net Losses Premiums Paid Fire $3,287.64 $0.00 Extended coverage 680.34 0.00 Burglary and theft 351.00 0.00 LiabiHty other than auto (B.I.) (Cr.) 0.78 0.00 Property damage than auto 0.00 (Cr.) 55.00 Auto liability (B.I.) 151.00 0.00 Auto property damage 350.00 0.00 Auto physical damage (Cr.) 182.82 (Cr.) 76.11 Total $4,636.38 (Cr.) $131.11 Premium tax paid in Canal Zone $69.55 UNITED STATES FIDELITY AND GUARANTY COMPANY Net Losses Premiums Paid Extended coverage $1,507.00 $0.00 Auto collision 50,286.00 28,654.54 Fire 13,921.00 0.00 Inland marine 111.00 0.00 Accident (Cr.) 18.00 33.00 Workmen's compensation 19,597.89 2,204.79 Liability other than auto (B.I.) 3,715.00 500.00 Auto liability (B.I.) 47,312.00 8,491.67 Auto property damage 27,906.00 24,912.83 Auto physical damage 33,695.48 7,628.72 Property damage other than auto 1,475.00 219.55 Fidelity 5,871.00 170.43 Surety 982.50 (Cr.) 60.00 Burglary and theft 11,297.00 6,374.99 Miscellaneous 11,828.00 1,207.60 Total $229,486.87 $80,338.12 Premium tax paid in Canal Zone $3,442.30 7
PAGE 12
AMERICAN-AxMICABLE LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1967 16 $113,702.00 Policies issued during 1968 0.00 Total 16 $113,702.00 Ceased to be in force during 1968 0.00 Policies in force December 31, 1968 16 $113,702.00 Losses and claims: Unpaid December 31, 1967 $0.00 Incurred during 1968 0.00 Total $0.00 Settled during 1968 0.00 Unpaid December 31, 1968 $0.00 Group— None Net premiums collected in Canal Zone during 1968: Life Insurance $2,350.22 Accident and Health 0.00 Total $2,350.22 Premiiun tax paid in Canal Zone $35.25 AMERICAN CAPITOL INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1967 1,398 $5,963,039.00 Policies issued during 1968 80 572,500.00 Total 1,478 $6,535,539.00 Ceased to be in force during 1968 404 1,727,486.00 Policies in force December 31, 1968 1,074 $4,808,053.00 Losses and claims: Unpaid December 31, 1967 $0.00 Incurred during 1968 2 5,233.75 Total 2 $5,233.75 Settled during 1968 2 5,233.75 Unpaid December 31, 1968 SO.OO Group— None Net premiums collected in Canal Zone during 1968: Life Insurance $125,949.08 Accident and Health 10,741.61 Total $136,690.69 Premium tax paid in Canal Zone $2,050.36 8
PAGE 13
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY OF NEW YORK Ordinary— None Group Number Amount Policies in force December 31, 1967 $288,867.00 Policies issued during 1968 44,435.00 Total $333,302.00 Ceased to be in force during 1968 0.00 Policies in force December 31, 1968 $333,302.00 Losses and claims: Unpaid December 31, 1967 $277.31 Incurred during 1968 319.97 Total $597.28 Settled during 1968 0.00 Unpaid December 31, 1968 $597.28 Net premiums collected in Canal Zone diu-ing 1968: Life Insurance $4,508.66 Accident and Health 0.00 Total $4,508.66 Premium tax paid in Canal Zone $67.63 BANKERS LIFE INSURANCE COMPANY OF AMERICA Ordinary Number Amount Policies in force December 31, 1967 1,203 $4,786,901.00 Policies issued during 1968 11 30,500.00 Total 1,214 $4,817,401.00 Ceased to be in force during 1968 109 417,997.00 Policies in force December 31, 1968 1,105 $4,399,404.00 Losses and claims: Unpaid December 31, 1967 4 $3,500.00 Incurred during 1968 6 8,625.00 Total 10 $12,125.00 Setded during 1968 6 8,625.00 Unpaid December 31, 1968 4 $3,500.00 Group— None Net premiums collected in Canal Zone during 1968: Life Insurance $144,624.45 Accident and Health 0.00 Total $144,624.45 Premivmi tax paid in Canal Zone $2,169.37 9
PAGE 14
CITIZENS STANDARD LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1967 1,960 $7,240,051.00 Policies issued during 1968 0.00 Total 1,960 $7,240,051.00 Ceased to be in force during 1968 226 1,062,871.00 Policies in force December 31, 1968 1,734 $6,177,180.00 Losses and claims: Unpaid December 31, 1967 $0.00 Incurred during 1968 4 3,788.00 Total 4 $3,788.00 Settled during 1968 4 3,788.00 Unpaid December 31, 1968 $0.00 Group— None Net premiums collected in Canal Zone during 1968: Life Insurance $208,378.01 Accident and Health 74,210.54 Total $282,588.55 Premiim:i tax paid in Canal Zone $4,238.83 EXECUTIVE FUND LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1968) FIDELITY AND GUARANTY LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1967 64 $402,580.00 Policies issued during 1968 1 5,536.00 Total 65 $408,116.00 Ceased to be in force during 1968 4 85,028.00 Policies in force December 31, 1968 eT $323,088.00 Lasses and claims: Unpaid December 31, 1967 $0.00 Incurred during 1968 0.00 Total $0.00 Settled during 1968 0.00 Unpaid December 31, 1968 $0.00 Group— None Net premiums collected in Canal Zone during 1968: Life Insurance -___ $7,282.26 Accident and Health 0.00 Total $7,282.26 Premiimx tax paid in Canal Zone $109.23 10
PAGE 15
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA Ordinaby Number Amount Policies in force December 31, 1967 1,306 $8,996,939.00 Policies issued during 1968 83 749,500.00 Total 1,389 $9,746,439.00 Ceased to be in force during 1968 141 854,808.00 Policies in force December 31, 1968 1,248 $8,891,631.00 Losses and claims Unpaid December 31, 1967 $0.00 Incurred during 1968 32 42,908.32 Total 32 $42,908.32 Settled during 1968 32 42,908.32 Unpaid December 31, 1968 $0.00 Group— None Net premiums collected in Canal Zone during 1968: Life Insurance $242,584.16 Accident and Health 10.00 Total $242,594.16 Premium tax paid in Canal Zone $3,638.76 11
PAGE 16
LINCOLN NATIONAL LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1967 672 $4,583,685.00 Policies issued during 1968 12 99,000.00 Total 684 $4,682,685.00 Ceased to be in force during 1968 63 544,926.00 Policies in force December 31, 1968 621 $4,137,759.00 Losses and claims: Unpaid December 31, 1967 $0.00 Incurred during 1968 13 142,160.00 Total 13 $142,160.00 Settled during 1968 11 45,011.00 Unpaid December 31, 1968 2 $97,149.00 Group Policies in force December 31, 1967 $72,391.00 Policies issued dimng 1968 858.00 Total $73,249.00 Ceased to be in force during 1968 28,742.00 Policies in force December 31, 1968 $44,507.00 Losses and claims: Unpaid December 31, 1967 $0.00 Incurred during 1968 0.00 Total $0.00 Settled during 1968 0.00 Unpaid December 31, 1968 $0.00 Net premiums collected in Canal Zone during 1968: Life Insurance $110,122.43 Accident and Health 1,550.61 Total $111,673.04 Premivun tax paid in Canal Zone $1,675.10 12
PAGE 17
NATIONAL WESTERN LIFE INSURANCE COMPANY Ordinary Number Policies in force December 31, 1967 5 Policies issued during 1968 4 Total 9 Ceased to be in force during 1968 1 Policies in force December 31, 1968 8 Losses and claims: Unpaid December 31, 1967 Incurred during 1968 Total Settled during 1968 Unpaid December 31, 1968 Group— None Net premiums collected in Canal Zone during 1968: Life Insurance Accident and Health Total Premium tax paid in Canal Zone Amount $70,500.00 15,000.00 $85,500.00 4,281.00 $81,219.00 $0.00 0.00 $0.00 0.00 $0.00 $1,474.86 0.00 $1,474.86 $22.12 FAN-AMERICAN LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1967 117 $1,094,880.00 Policies issued during 1968 7 70,000.00 Total 124 $1,164,880.00 Ceased to be in force during 1968 14 91,575.00 Policies in force December 31, 1968 110 $1,073,305.00 Losses and claims: Unpaid December 31, 1967 $0.00 Incurred during 1968 1 5,000.00 Total 1 $5,000.00 Settled during 1968 1 5,000.00 Unpaid December 31, 1968 $0.00 Group— None Net premiums collected in Canal Zone during 1968: Life Insurance $23,822.02 Accident and Health 0^ Total $23,822.02 Premium tax paid in Canal Zone $357.33 PENINSULAR LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1968) 13
PAGE 18
UNITED BENEFIT LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1967 492 $1,948,592.00 Policies issued during 1968 78 958,464.00 Total 570 $2,907,056.00 Ceased to be in force during 1968 47 226,773.00 Policies in force December 31, 1968 ' 523" $2,680,283.00 Losses and claims: Unpaid December 31, 1967 1 $5,000.00 Incurred during 1968 1 6,000.00 Total 2 $11,000.00 Settled during 1968 2 11,000.00 Unpaid December 31, 1968 $0.00 Group Policies in force December 31, 1967 3 $109,516,200.00 Policies issued during 1968 3,653,010.00 Total 3 $113,169,210.00 Ceased to be in force during 1968 615,250.00 Policies in force December 31, 1968 3 $112,553,960.00 Losses and claims: Unpaid December 31, 1967 1 $4,500.00 Incurred during 1968 106 536,750.00 Total l07 $541,250.00 Settled during 1968 107 541,250.00 Unpaid December 31, 1968 $0.00 Net premiums collected in Canal Zone during 1968: Life Insurance $618,248.74 Accident and Health 55,782.39 Total $674,031.13 Premium tax paid in Canal Zone $10,110.47 UNITED SERVICES LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1967 241 $2,852,510.00 Policies issued during 1968 159 1,734,335.00 Total 400 $4,586,845.00 Ceased to be in force during 1968 77 772,320.00 Policies in force December 31, 1968 323" $3,814,525.00 Losses and claims: Unpaid December 31, 1967 $0.00 Incurred during 1968 1 2,000.00 Total r $2,000.00 Settled during 1968 1 2,000.00 Unpaid December 31, 1968 O" $0.00 Group— None Net premiums collected in Canal Zone during 1968: Life Insurance $59,670.76 Accident and Health 0.00 Total $59,670.76 Premiimfi tax paid in Canal Zone $895.06 14
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UNITED STATES LIFE INSURANCE COMPANY Ordinary Number Policies in force December 31, 1967 26 Policies issued during 1968 Total 26 Ceased to be in force during 1968 3 Policies in force December 31, 1968 23 Losses and claims: Unpaid December 31, 1967 Incurred during 1968 Total Settled during 1968 Unpaid December 31, 1968 ^ Group Policies in force December 31, 1967 :_ 1 Policies issued during 1968 Total 1 Ceased to be in force during 1968 Policies in force December 31, 1968 1 Losses and claims: Unpaid December 31, 1967 Incurred during 1968 Total Setded during 1968 Unpaid December 31, 1968 Net premiums collected in Canal Zone during 1968: Life Insurance Accident and Health Total Premium tax paid in Canal Zone Amount $404,491.00 23.00 $404,514.00 35,645.00 $368,869.00 $0.00 0.00 $0.00 0.00 $0.00 $196,000.00 0.00 $196,000.00 (-) 1,000.00 $197,000.00 $0.00 0.00 $0.00 0.00 $0.00 $10,021.50 7,741.33 $17,762.83 $266.44 WABASH LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1968) 15
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WORLD SERVICE LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1967 53 $499,288.00 Policies iss-ued during 1968 U 82,054.00 Total 64 $581,342.00 Ceased to be in force during 1968 ]£ 125,016.00 Policies in force December 31, 1968 49 $456,326.00 Losses and claims: Unpaid December 31, 1967 $0.00 Incurred during 1968 0.00 Total $0.00 Settled during 1968 0.00 Unpaid December 31, 1968 $0.00 Group— None Net premiums collected in Canal Zone during 1968: Life Insurance $6,052.83 Accident and Health 0.00 Total $6,052.83 Premium tax paid in Canal Zone $90.79 16
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RECAPITULATION MISCELLANEOUS COMPANIES Net Losses Premiums Paid Accident $833.06 $45.50 Automobile and motor vehicle 262,303.34 71,421 .70 Auto comprehensive 7,476.73 1,657.49 Auto collision 83,554.34 36,664.47 Auto liability (B.I.) 143,069.32 49,379.76 Auto property damage 82,312.01 76,208.35 Auto physical damage 126,743.60 81,379.87 Burglary and theft 41,168.68 13,578.34 Extended coverage 2,549.27 0.00 Fidelity 25,563.00 10,236.03 Fire 59,625.95 1,699.06 Glass 14.00 0.00 Group accident and health 4,565.05 12,144.27 Health and accident (includes hospital and medical) 1,942,692.60 1,700,755.78 Inland marine 4,528.71 2,898.50 Liability other than auto 24,531.19 1,674.20 Miscellaneous 53,146.26 13,439.37 Ocean Marine 2,853.00 0.00 Property damage other than auto 4,796.44 199.55 Surety 196,356.21 33,330.57 Workmen's compensation 294,973.28 182,165.88 Total $3,363,656.04 $2,288,878.69 Premium taxes paid in Canal Zone $50,454.09 LIFE INSURANCE COMPANIES Ordinary Number Amount Policies in force December 31, 1967 7,553 $38,957,158.00 Policies issued during 1968 446 4,316,912.00 Total 7,999 $43,274,070.00 Ceased to be in force during 1968 1,104 5,948,726.00 Policies in force December 31, 1968 6,895 $37,325,344.00 Losses and claims: Unpaid December 31, 1967 5 $8,500.00 Incurred during 1968 60 215,715.07 Total 65 $224,215.07 Settled during 1968 59 123,566.07 Unpaid December 31, 1968 6 $100,649.00 17
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Group Number Amount Policies in force December 31, 1967 4 $110,073,458.00 Policies issued during 1968 3,698,303.00 Total 4 $113,771,761.00 Ceased to be in force during 1968 642,992.00 Policies in force December 31, 1968 4 $113,128,769.00 Losses and claims: Unpaid December 31, 1967 1 $4,777.31 Incurred during 1968 106 537,069.97 Total 107 $541,847.28 Settled during 1968 107 541,250.00 Unpaid December 31, 1968 $597.28 Net premiums collected in Canal Zone during 1968: Life Insurance $1,565,089.98 Accident and Health 150,036.48 Total $1,715,126.46 Premimn tax paid in Canal Zone $25,726.74 The relatively small amount of fiire 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, 1968. Value of Amount of property damage involved by fire Panama Canal Company $3,739,504.91 $27,711.26 Canal Zone Government 2,633,706.42 70.00 Other U.S. ovemment 70,000.00 7,500.00 U.S. Anned Forces 12,072,850.69 10,568.16 Ships in Canal waters 23,773,822.60' 13,300.00* Private property other than above 1,290,261.88 119,863.10 Total $43,580,146.50 $179,012.52 " Complete figures unavailable. The following is an extract from Title 2 of the Canal Zone Code, as revised effective January 2, 1963, pertaining to the licensing of foreign corporations under which insurance companies are authorized to do business in the Canal Zone. CANAL ZONE CODE-TiUe 2, Chapter 61 Sec. 871. Corporation; joint stock company.— As used in this chapter, "coi"poration" 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 appUcation 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 certffied 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 certffied copy of the minutes of the board of diiectors of the coi-poration 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 secretaiy 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 certffied 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 certffied 19
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copy of its annual report to an authorized oflBeial of the State or countiy 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 Ucensed pursuant to this chapter shall pay before March 1 of each year, in lieu of all other taxes except the amiual fee provided for by section 876 of this title, a license tax equal to IV2 percent of its net premium receipts in the Canal Zone for the 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 pohcy 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 appHcable 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 pohcy 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.— Corporaiions 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.— (sl) 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 oflBcer 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 pmsuant to Chapter 79 of this title is not required to comply with sections 871-879 of this tide. 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 20
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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 suirender 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 afiidavit of the president, vice president, secretary, assistant secretary, or ti'easurer to that effect. (c) Mere retirement from doing business in the Canal Zone without fiUng 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 coi-poration has been revoked or surrendered, process against the corporation may be served upon the executive secretaiy of the Canal Zone Govemment 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. 27120—550 21
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JIVERSITY OF FLORIDA 3 1262 08507 9423
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