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Digitized by the Internet Archive
in 2009 with funding from
University of Florida, George A. Smathers Libraries
http://www.archive.org/details/annualreportofin 1971 cana
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CANAL ZONE GOVERNME
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ANNUAL REPORT`
OF
INSURANCE BUSINESS
transacted in the
CANAL ZONE
DURING
THE CALENDAR
YEAR
1971
Including Laws Concerning Licensing
Of Insurance Companies
CANAL ZONE GOVERNMENT
OFFICE OF THE GOVERNOR
BALBOA HEIGHTS, May 17, 1972.
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 1971.
Respectfully,
J. PATRICK CONLEY,
Executive Secretary.
The following companies were authorized to transact business in the Canal
Zone during the year 1971.
Aetna Casualty and Surety Company ----------------Hartford, Conn.
American-Amicable Life Insurance Company ---------Birmingham, Ala.
American Capitol Insurance Company ----------------Houston, Tex.
American Continental Life Insurance ----------------- Phoenix, Ariz.
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, Il.
Atlantic Southern Insurance Co. of Puerto Rico ---------- San Juan, P.R.
Bankers Life Insurance Company of America- -----------Dallas, Tex.
Beneficial National Life Insurance Company ----------New York, N.Y.
Citizens Standard Life Insurance Company -------Corpus Christi, Tex.
Colonial Insurance Company of Panama- ------------Panama, R. of P.
Commercial Insurance Company1 -------------------- Newark, N.J.
Compafnia General de Seguros, S.A. -----------------Panama, R. of P.
Compafnia Interamericana de Seguros, S.A._ -------- Panama, R. of P.
Compafiia Internacional de Seguros, S.A.- -----------Panama, R. of P.
Compaflia Istmefia de Seguros, S.A. -------- -------Panama, R. of P.
1Commercial Insurance Company discontinued doing business in the Canal Zone effective
December 31, 1971.
Compafiia Nacional de Seguros, S.A. -----------Panama, R. of P.
Continental Casualty Company ---------------------Chicago, Ill.
Continental Insurance Company- ------------------New York, N.Y.
Equitable Life Assurance Society of the United States2.... New York, N.Y.
Executive Fund Life Insurance Co. ------------------ Omaha, Nebr.
Fidelity and Casualty Company of New York ---------New York, N.Y.
Fidelity and Deposit Company- -------------------Baltimore, Md.
Fidelity and Guaranty Life Insurance Company --------Baltimore, Md.
Firemen's Insurance Company of Newark3 --------------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.
Jackson National Life Insurance Company -------- ----Jackson, Mich.
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.
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 --------------Los Angeles, 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 ----------- Fort Worth, Tex.
2Equitable Life Assurance Society of the United States discontinued doing business in the
Canal Zone effective March 29, 1971.
3Firemen's Insurance Company of Newark discontinued doing business in the Canal Zone
effective December 31, 1971.
AETNA CASUALTY AND SURETY COMPANY
(No transactions in Canal Zone during 1971)
AMERICAN EMPLOYERS' INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
AMERICAN HOME ASSURANCE COMPANY
Net
Premiums
Fire _------ ----------------------- $70,460.02
Motor Vehicle-_ ---------------------- 313,221.90
Workmen's compensation -------- ------42,261.63
Miscellaneous -----------------------------38,118.62
Total -------------------------- $464,062.17
Premium tax paid in Canal Zone- ------------ $6,960.93
AMERICAN MOTORISTS INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
COLONIAL INSURANCE COMPANY OF PANAMA
Liability other than auto (B.I.)
Auto liability (B.I.) __----_ ---------------
Auto property damage -------------------
Automobile and motor vehicle
Auto comprehensive
Auto collision
Fire
Burglary and theft
Miscellaneous
Total ---------
Premium tax paid in Canal Zone ------
Net
Premiums
$522.00
53,575.25
31,566.85
16,414.09
6,322.76
33,315.29
1,196.67
827.00
244.80
$143,984.71
$2,159.77
Losses
Paid
$935.53
63,963.15
7,909.17
3,740.10
$76,547.95
Losses
Paid
$0.00
2,358.80
18,954.84
1,589.66
3,339.41
12,548.05
0.00
0.00
0.00
$38,790.76
COMMERCIAL INSURANCE COMPANY
Net
Premiums
Workmen's compensation-_ --------------- $25,224.22
Miscellaneous _----------------------- ---- 1,376.20
Total -------------------------- $26,600.42
Premium tax paid in Canal Zone --------- $399.01
COMPAR1IA GENERAL DE SEGUROS, S.A.
Net
Fire -------------------------------
Surety_ _-_-__-___-----
Liability other than auto
Workmlnen'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
Premiums
$1,070.34
6,920.20
240.30
5,069.08
389.53
632.72
431.88
471.14
124.50
73.55
$15,423.24
$231.35
COMPAR1IA INTERAMERICANA DE SEGUROS, S.A.
Net
Premiums
Miscellaneous --- ----------- ---------- $2,056.20
Workmen's compensation- ----- -----------14,269.01
Fire -------------------------------1,545.04
Automobile -------------- ----------- 21,472.94
Total -------------------------- $39,343.19
Premium tax paid in Canal Zone ---------- $590.15
COMPAMIA INTERNATIONAL DE SEGUROS, S.A.
Net
Premiums
Miscellaneous--------------------------- $4,778.00
Fire -------------------------- 327.00
Surety --------- --------------------- 23,000.00
Automobile -------------------------- 9,221.00
Total -------------------------- $37,326.00
Premium tax paid in Canal Zone --------------- $559.90
Losses
Paid
$29,148.47
6,032.27
$35,180.74
Losses
Paid
$0.00
0.00
0.00
1,919.00
0.00
0.00
0.00
0.00
0.00
0.00
$1,919.00
Losses
Paid
$0.00
1,562.00
0.00
1,218.17
$2,780.17
Losses
Paid
$0.00
0.00
0.00
0.00
$0.00
COMPARIA ISTMEIA DE SEGUROS, S.A.
(No transactions in Canal Zone during 1971)
COMPAR1IA NATIONAL DE SEGUROS, S.A.
(No transactions in Canal Zone during 1971)
CONTINENTAL CASUALTY COMPANY
Net
Premiums
Accident and health ----------------------- $882.06
Group accident and health ----------------- 6,682.85
Total-- ------------------------ $7,564.91
Premium tax paid in Canal Zone ------------- $113.47
Losses
Paid
$33.00
1,581.75
$1,614.75
CONTINENTAL INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
FIDELITY AND CASUALTY COMPANY OF NEW YORK
(No transactions in Canal Zone during 1971)
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
Net
Premiums
Surety ------------------------$782.00
Total ---------------------$782.00
Premium tax paid in Canal Zone ------------- $11.73
FIREMEN'S INSURANCE COMPANY
Fire_ (----------------------------(Cr.)
Automobile and motor vehicle
Miscellaneous _----------------------
Workmen's compensation
Total-------------- (Cr.)
Premium tax paid in Canal Zone
OF NEWARK
Net
Premiums
$16,166.00
209,31
49.83
1,126.04
$14,780.82
$0.00
Losses
Paid
$189.45
$189.45
Losses
Paid
$6,036.77
60,536.95
25,080.44
793.62
$92,447.78
GENERAL INSURANCE COMPANY OF AMERICA
(No transactions in Canal Zone during 1971)
GREAT AMERICAN INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
HARTFORD ACCIDENT AND IDEMNITY COMPANY
Net
Premiums
Workmen's compensation --------------- $164.00
Liability other than auto (B.I.) --------------- 783.00
Fire -- --------- --------- 38.00
Auto liability (B.I.) ( ------------------(Cr.) 96.20
Miscellaneous -------------------------- 421.00
Auto physical damage -------- ------------ 0.00
Group accident and health ----------------- 25.00
Total ---------- ------------- $1,334.80
Premium tax paid in Canal Zone ------------- $20.02
Losses
Paid
$273.00
0.00
0.00
174.15
0.00
2,144.92
0.00
$2,592.07
INSURANCE COMPANY OF NORTH AMERICA
Net
Premiums
Fidelity ---------------------------------$2,997.00
Miscellaneous --------------------- (Cr.) 1,057.88
Total --------------------------$1,939.12
Premium tax paid in Canal Zone
$29.09
INTERNATIONAL SERVICE INSURANCE COMPANY
Net
Premiums
Auto liability ------------------------ $18,235.50
Auto physical damage -------------------- 28,240.25
Total -------------------------- $46,475.75
Premium tax paid in Canal Zone ----------
Losses
Paid
$22,267.54
16,628.66
$38,896.20
$697.14
THE LIBERTY MUTUAL INSURANCE COMPANY
Health and accident
Workmen's compensation
Liability other than auto (B.I.)
Auto liability (B.I. )
Auto physical damage
Total
Premium tax paid in Canal Zone -_---------
Net
Premiums
$103.00
1,168.00
93.00
477.00
246.00
$2,087.00
$31.31
Losses
Paid
(Cr.) $46.00
200.00
3,508.00
0.00
(Cr.) 19.00
$3,643.00
MARYLAND CASUALTY COMPANY
Accident and health ------
Group accident and health- --------- ------
Auto liability ___ -
Liability other than auto- - - - - - - - - -
Fidelity- ----------------------------
Surety-------------- --------------
Glass------------------------------
Burglary and theft--------- ---------
Inland marine----------------------
Workmen's compensation -_- -------
Auto physical damage --------------_---
Fire ------------------------------
Miscellaneous ------------ -------
Total -------
Premium tax paid in Canal Zone -_---------
Net
Premiums
$2,292.97
1,624.15
72,961.50
11,269.51
23,813.00
61,472.00
50.00
24,446.00
8,509.00
34,086.74
60,739.50
4,215.00
537.00
$306,016.37
$4,590.25
Losses
Paid
$911.60
133.00
144,470.97
299.75
(Cr.) 713.00
0.00
88.00
3,266.81
848.72
35,196.31
26,256.54
0.00
0.00
$210,758.70
Losses
Paid
$0.00
0.00
$0.00
MUTUAL OF OMAHA INSURANCE COMPANY
Net
Premiums
Group accident and health ------- ----------$4,832,490.42
Individual and health _- --------------- (Cr.) 101,785.68
Total -----------------------------$4,730,704.74
Premium tax paid in Canal Zone ------------- $70,960.57
NATIONAL SURETY CORPORATION
(No transactions in Canal Zone during 1971)
NATIONAL UNION FIRE INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
PANAMA INSURANCE COMPANY
Net
Premiums
Workmen's compensation ----------------- $69,895.01
Liability other than auto ----------------- 16,364.63
Fire ----------------- ------- 1,405.39
Inland Marine --------------------1,076.76
Surety ----------------------------------- 5,371.62
Automobile -----------------------10,343.37
Miscellaneous ----------- -------19,632.43
Total -------------------------- $124,089.21
Premium tax paid in Canal Zone ------------- $1,861.34
Losses
Paid
$3,381,310.55
299,188.84
$3,680,499.39
Losses
Paid
$43,668.91
407.75
0.00
15.00
175,887.74
1,288.47
0.00
$221,267.87
RELIANCE INSURANCE COMPANY
Fire_ ( C------------------------------(Cr.)
Miscellaneous ( --------------------(Cr.)
Total ( Cr.)
Premium tax paid in Canal Zone
Net
Premiums
$27.00
38.00
$65.00
$0.00
ROYAL INDEMNITY COMPANY
Liability other than auto (B.I. )
Auto liability (B.I.) -----------------(Cr.)
Surety -------------------- ----
Total -. ----------------( ------- (Cr.)
Premium tax paid in Canal Zone
Net
Premiums
$66.32
16,683.00
0.00
$16,616.68
$0.00
Losses
Paid
$0.00
0.00
28,544.16
$28,544.16
SEABOARD SURETY COMPANY
(No transactions in Canal Zone during 1971)
Losses
Paid
$0.00
0.00
$0.00
TRANSAMERICA INSURANCE COMPANY
Net
Premiums
Auto physical damage ------------------ $0.00
Total -------------------------- $0.00
Premium tax paid in Canal Zone_ ------------- $0.00
TRAVELERS INDEMNITY COMPANY
Net
Premiums
Liability other than auto (B.I.)- -----------$48.00
Auto physical damage -------------------- 284.00
Surety _- _--------------------------- 10,530.00
Total ---------------------------- $10,862.00
Premium tax paid in Canal Zone- ------------ $162.93
UNITED STATES FIDELITY AND GUARANTY COMPANY
Net
Premiums
Auto collision ---------------------------- $54,765.00 $
Fire- ---- ------------------------- 9,303.00
Inland marine-_ ---------------------------- 115.00
Accident and health ---- ----------------- 584.92
Workmen's compensation ----------------- 23,329.00
Liability other than auto (B.I.)- ------------- 5,836.00 (C
Auto liability (B.I.) -------------------- 106,616.00
Auto physical damage ----------------------- 31,638.00
Fidelity------------ -------------- 8,458.00
Surety ------------------------ ----- 805.00 (Cr.) 2
Burglary and theft --------------------- 13,067.00
Miscellaneous _-- ------------------- 1,122.00
Total ------------------------ $255,638.92 $10
Premium tax paid in Canal Zone- ------------ $3,834.58
AMERICAN-AMICABLE LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1970 ------------
Policies issued during 1971 ----------------
Total -------------------- --
Ceased to be in force during 1971 ---
Policies in force December 31, 1971
Losses and claims:
Unpaid December 31, 1970-
Incurred during 1971
Total _------------------------------
Settled during 1971
Unpaid December 31, 1971 .
Number
14
0
14
0
14
0
0
0
0
0
Amount
$107,702.00
0.00
$107,702.00
0.00
$107,702.00
$0.00
0.00
$0.00
0.00
$0.00
Losses
Paid
$98.22
$98.22
Losses
Paid
$0.00
0.00
0.00
$0.00
Losses
Paid
41,585.96
4,100.00
0.00
0.00
6,120.27
r.) 46.50
51,108.32
14,019.58
573.30
'0,423.34
3,021.50
452.09
0,511.18
GRoUP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance -----------------------------
Accident and Health
Total --------------------------------
Premium tax paid in Canal Zone
AMERICAN CAPITOL INSURANCE COMPANY
ORDINARY
Number
$1,929.35
0.00
$1,929.35
$28.94
Amount
Policies in force December 31, 1970 ----------- 1,338 $8,957,105.00
Policies issued during 1971 ---------------------- 70 570,510.00
Total_ ------------------------------- 1,408 $9,527,615.00
Ceased to be in force during 1971 ---------------616 6,093,454.00
Policies in force December 31, 1971 ----------- 792 $3,434,161.00
Losses and claims:
Unpaid December 31, 1970 --------------- 2 $6,150.34
Incurred during 1971-------------- 2 4,761.70
Total ----------- --------------- 4 $10,912.04
Settled during 1971 -------------------- 4 10,912.04
Unpaid December 31, 1971 ------------ 0 $0.00
GRoup-None
Net premiums collected in Canal Zone during 1971:
Life Insurance --------------------------------- $130,765.09
Accident and Health ------------------------- 7,734.49
Total ---------------------------------$138,499.58
Premium tax paid in Canal Zone ------------------$2,077.49
AMERICAN CONTINENTAL LIFE INSURANCE COMPANY
ORDINARY
Number Amount
Policies in force December 31, 1970- ----------- 1 $24,000.00
Policies issued during 1971 --------------- 0 0.00
Total---------------------------- 1 $24,000.00
Ceased to be in force during 1971 ---------------_ 0 0.00
Policies in force December 31, 1971 ------------- 1 $24,000.00
Losses and claims:
Unpaid December 31, 1970 -- -------- 0 $0.00
Incurred during 1971 ---0 0.00
Total ------------------------------ 0 $0.00
Settled during 1971 ----------------- 0 0.00
Unpaid December 31, 1971 ----__ __.. 0 $0.00
GRoup-None
Net premiums collected in Canal Zone during 1971:
Life Insurance -----------_--- --- ----
Accident and Health- --_-------- ------
Total ------------------------------.
Premium tax paid in Canal Zone
$727.06
20.00
$747.06
$10.91
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY
OF NEW YORK
ORDINARY
Policies in force December 31, 1970- _---------
Policies issued during 1971 -_----
Total ---------------------------
Ceased to be in force during 1971 ----
Policies in force December 31, 1971
Losses and claims:
Unpaid December 31, 1970---------
Incurred during 1971 --------------------
Total -------------------------
Settled during 1971 ------------------
Unpaid December 31, 1971 ------ ----
GROUP
Number
1
0
1
0
1
0
0
0
0
Number
Amount
$100,000.00
0.0O
$100,000.00
0.00
$100,000.00
$0.00
0.00
$0.00
0.00
$0.00
Amount
Policies in force December 31, 1970 ------------- 1 $406,143.00
Policies issued during 1971 ---------------------- 0 0.00
Total---------------------------- 1 $406,143.00
Ceased to be in force during 1971 --------------- 0 (38,237.00)
Policies in force December 31, 1971 ------------- 1 $444,380.00
Losses and claims:
Unpaid December 31, 1970 --------------- 0 $0.00
Incurred during 1971------------------- 0 0.00
Total -------------------------------- $0.00
Settled during 1971 ------------- 0 0.00
Unpaid December 31, 1971-- 0 $0.00
Net premiums collected in Canal Zone during 1971:
Life Insurance -----------------------------$4,555.61
Accident and Health ----------------------------- 0.00
Total --------------------------------- $4,555.61
Premium tax paid in Canal Zone -------------------- $68.33
ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO
(No transactions in Canal Zone during 1971)
10
)
BANKERS LIFE INSURANCE COMPANY OF AMERICA
Numbe
Policies in force December 31, 1970- ------------ 891
Policies issued during 1971 __--_-------------- 20
Total --------------------------------911
Ceased to be in force during 1971 ------- --- 87
Policies in force December 31, 1971 824
Losses and claims:
Unpaid December 31, 1970 _--------- 2
Incurred during 1971 _------------------- 8
Total -------------------------- 10
Settled during 1971 _----___-------- 6
Unpaid December 31, 1971 _------------- 4
GROUP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance---- -------------------------
Accident and Health _------------------------
Total -------_--------------------------
Premium tax paid in Canal Zone -------------------
r
Amount
$3,564,347.00
93,500.00
$3,657,847.00
336,985.00
$3,320,862.00
$12,500.00
13,553.00
$26,053.00
11,053.00
$15,000.00
$106,964.26
0.00
$106,964.26
$1,604.46
BENEFICIAL NATIONAL LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
CITIZENS STANDARD LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1970
Policies issued during 1971 _____
Total ---------------------------
Ceased to be in force during 1971 ...... ..- .
Policies in force December 31, 1971 -------------.
Losses and claims:
Unpaid December 31, 1970
Incurred during 1971 __
Total----------------------------
Settled during 1971 -
Unpaid December 31, 1971 -------------
Number
1,492
12
1,504
166
1,338
0
Amount
$5,319.463.00
14,359.00
$5,333,822.00
627,330.00
$4,706,492.00
$0.00
4 22,908.00
4 $22,908.00
4
0
GROUP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance
Accident and Health
Total ----- --------
Premium tax paid in Canal Zone
22,90S.00
$0.00
$147,617.29
48,336.02
$195,953.31
$2,939.30
EXECUTIVE FUND LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1970- ------------
Policies issued during 1971 --------------
Total -----------------------------
Ceased to be in force during 1971
Policies in force December 31, 1971
Losses and claims:
Unpaid December 31, 1970---------------
Incurred during 1971
Total- _--------------------------
Settled during 1971 ------------------
Unpaid December 31, 1971 -
Number
61
0
61
61
0
0
0
0
0
0
GRoUP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance
Accident and Health
Total
Premium tax paid in Canal Zone
Amount
$313,733.00
0.00
$313,733.00
313,733.00
$0.00
$0.00
652.72
$652.72
652.72
$0.00
$14,446.14
0.00
$14,446.14
$216.69
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Policies in force December 31, 1970
Policies issued during 1971
Total
Ceased to be in force during 1971
Policies in force December 31, 1971
Losses and claims:
Unpaid December 31, 1970
Incurred during 1971
Total
Settled during 1971 ----.-------
Unpaid December 31, 1971 _
Number
1,160
35
1,195
126
1,069
0
26
26
26
0
Amount
$8,971,434.00
468,000.00
$9,439,434.00
867,203.00
$8,572,231.00
$0.00
74,352.73
$74,352.73
74,352.73
$0.00
GROUP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance -------------------------- $209,566.95
Accident and Health ------------------------i10.00
Total _------------------------------ $209,576.95
Premium tax paid in Canal Zone --------------------$3,143.65
JACKSON NATIONAL LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1970
Policies issued during 1971
Total _----------------------------
Ceased to be in force during 1971
Policies in force December 31, 1971
Losses and claims:
Unpaid December 31, 1970
Incurred during 1971 -_ ---------------
Total _---------------------------
Settled during 1971 ---------------------
Unpaid December 31, 1971 _-----
GROUP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance------ ------------------
Accident and Health
Total
Premium tax paid in Canal Zone
LINCOLN NATIONAL LIFE INSURANCE
ORDINARY
Policies in force December 31, 1970
Policies issued during 1971
Total
Ceased to be in force during 1971 ----- --
Policies in force December 31, 1971
Losses and claims:
Unpaid December 31, 1970-
Incurred during 1971
Total ---------------------------
Settled during 1971 --------..-..- .-
Unpaid December 31, 1971 ------
13
Number
0
2
2
0
2
0
0
0
0
0
COMPAI
Number
531
4
535
47
488
0
7
7
7
0
Amount
$0.00
43,650.00
$43,650.00
0.00
$43,050.00
$0.00
0.00
$0.00
0.00
$0.00
$358.00
0.00
$358.00
$5.37
NY
Amount
$3,552,540.00
33,729.00
$3,586,269.00
251,345.00
$3,334,924.00
$0.00
39,782.00
$39,782.00
39,782.00
$0.00
GROUP
Policies in force December 31, 1970------------ 0
Policies issued during 1971--------------- 0
Total---------------------------- 0
Ceased to be in force during 1971 -------------- 0
Policies in force December 31, 1971------------ 0
Losses and claims:
Unpaid December 31, 1970-------------- 0
Incurred during 1971----------------- 0
Total---------------------------- 0
Settled during 1971----------------- 0
Unpaid December 31, 1971 _------- 0
Net premiums collected in Canal Zone during 1971:
Life Insurance ---------- -----
Accident and Health
Total _-----------------------
Premium tax paid in Canal Zone -----------
PAN-AMERICAN LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1970- ------------ 112
Policies issued during 1971---------------- 6
Total ------------------------------118
Ceased to be in force during 1971 --------------- 11
Policies in force December 31, 1971 -------------- 107
Losses and claims:
Unpaid December 31, 1970-------------- 0
Incurred during 1971---------------- 0
Total ---------------------------- 0
Settled during 1971 _-------------------- 0
Unpaid December 31, 1971 .. 0
GROUP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance --------------------------
Accident and Health ----- -------------------
Total- _---------------------------------
Premium tax paid in Canal Zone
$21,460.00
0.00
$21,460.00
300.00
$21,160.00
$0.00
0.00
$0.00
0.00
$0.00
$81,949.22
713.04
$82,662.31
$1,239.93
Amount
$1,179,447.00
120,000.00
$1,299,447.00
116,457.00
$1,182,990.00
$0.00
0.00
$0.00
0.00
$0.00
$39,536.33
0.00
$39,536.33
$593.04
PENINSULAR LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
UNITED BENEFIT LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1970
Policies issued during 1971
Total --------------------------
Ceased to be in force during 1971
Policies in force December 31, 1971
Losses and claims:
Unpaid December 31, 1970-
Incurred during 1971
Total --------------------
Settled during 1971----- -----
Unpaid December 31, 1971 --
Number
527
63
590
2
588
1
2
3
2
1
Amount
$3,120,449.00
909,107.00
$4,029,556.00
(-) 316,139.00
$4,345,695.00
$2,000.00
5,227.88
$7,227.88
5,227.88
$2,000.00
GROUP
Policies in force December 31, 1970
Policies issued during 1971
Total _----------------------------
Ceased to be in force during 1971
Policies in force December 31, 1971
Losses and claims:
Unpaid December 31, 1970
Incurred during 1971
Total ---------------------
Settled during 1971
2
1
3
2
1
2
112
114
110
Unpaid December 31, 1971 _------------ 4
Net premiums collected in Canal Zone during 1971:
Life Insurance- ----------------------
Accident and Health
Total
Premium tax paid in Canal Zone
$139,341,738.00
128,339,900.00
$267,681,638.00
140,187,088.00
$127,494,550.00
$3,250.00
464,750.00
$468,000.00
435,000.00
$33,000.00
$762,932.31
70,126.06
$833,058.37
$12,495.88
UNITED SERVICES LIFE INSURANCE
ORDINARY
COMPANY
Number
Policies in force December 31, 1970 ------------ 209
Policies issued during 1971 --------------------- 236
Total -------------------------------- 445
Ceased to be in force during 1971 ------ ---------109
Policies in force December 31, 1971 ----------- 336
Losses and claims:
Unpaid December 31, 1970------------- 0
Incurred during 1971----------- 0
Total----------------------- 0
Settled during 1971__-- 0
Unpaid December 31, 1971 0
GROUP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance
Accident and Health
Total --------------------
Premium tax paid in Canal Zone- ------------------
Amount
$2,362,510.00
2,486,500.00
$4,849,010.00
1,138,482.00
$3,710,528.00
$0.00
0.00
$0.00
0.00
$0.00
$58,371.55
0.00
$58,371.55
$875.57
UNITED STATES LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1970 ------ ---
Policies issued during 1971
Total- -------------
Ceased to be in force during 1971 __
Policies in force December 31, 1971
Losses and claims:
Unpaid December 31, 1970
Incurred during 1971 ---- --
Total ----------------
Settled during 1971 __-
Unpaid December 31, 1971 -------------
Number
18
0
18
4
14
0
0
0
0
0
Amount
$308,485.00
23.00
$308,508.00
160,959.00
$147,549.00
$0.00
0.00
$0.00
0.00
$0.00
GROUP
Policies in force December 31, 1970------------
Policies issued during 1971 -------------------
Total ------------------------------
Ceased to be in force during 1971
1
0
1
0
Policies in force December 31, 1971----------- 1
Losses and claims:
Unpaid December 31, 1970---------- --- 0
Incurred during 1971 ------------------- 1
Total -------_ 1--------------------- 1
Settled during 1971 _----------------------- 1
Unpaid December 31, 1971 ------------ 0
Net premiums collected in Canal Zone during 1971:
Life Insurance
Accident and Health
Total --------------------
Premium tax paid in Canal Zone
$209,000.00
0.00
$209,000.00
194,000.00
$15,000.00
$0.00
1,000.00
$1,000.00
1,000.00
$0.00
$9,078.17
5,952.48
$15,030.65
$225.46
WABASH LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
WORLD SERVICE LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1970 ------------
Policies issued during 1971
Total ---------------------------
Ceased to be in force during 1971
Policies in force December 31, 1971
Losses and claims:
Unpaid December 31, 1970
Incurred during 1971
Total ----------
Settled during 1971
Unpaid December 31, 1971 ----
Number
61
6
67
1
66
0
0
0
0
0
GROUP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance ------------------------
Accident and Health_ ------ --
Total -----------_--
Premium tax paid in Canal Zone ----------- --
Amount
$565,098.00
52,000.00
$617,098.00
7,800.00
$609,298.00
$0.00
0.00
$0.00
0.00
$0.00
$7,587.06
0.00
$7,587.06
$113.81
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)- (-Cr.)
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
$0.00
370,882.61
6,712.29
88,512.17
235,718.77
32,037.99
121,147.75
38,340.00
124.50
35,268.00
73,367.46
50.00
4,840,822.42
97,849.18
9,700.76
35,222.76
67,240.20
0.00
0.00
108,880.82
216,592.73
$6,182,772.05
$93,213.54
Losses
Paid
$0.00
128,596.40
3,339.41
54,134.01
220,379.78
18,954.84
59,128.92
6,288.31
0.00
(Cr.) 139.70
11,072.30
88.00
3,383,025.30
300,087.44
863.72
4,169.00
35,304.90
0.00
0.00
184,198.01
126,790.75
$4,536,281.39
LIFE INSURANCE COMPANIES
ORDINARY
Policies in force December 31, 1970
Policies issued during 1971
Total -------------------
Ceased to be in force during 1971
Policies in force December 31, 1971
Losses and claims:
Unpaid December 31, 1970
Incurred during 1971 ------- ------------
Total -----
Settled during 1971
Unpaid December 31, 1971
Number
6,416
454
6,870
1,230
5,640
5
49
54
49
5
Amount
$38,446.313.00
4,791,378.00
$43,237,691.00
9,597,609.00
$33,640,082.00
$20,650.34
161,238.03
$181,888.37
164,888.37
$17,000.00
GROUPr
Policies in force December 31, 1970 ------------
Policies issued during 1971 -------------------
Total ---------------------------
Ceased to be in force during 1971 ---------------
Policies in force December 31, 1971
Losses and claims:
Unpaid December 31, 1970---------------
Incurred during 1971 -------------------
Total ----------------------------
Settled during 1971 __------------
Unpaid December 31, 1971
Net premiums collected in Canal Zone during 1971:
Number
4
1
5
2
3
2
113
115
111
4
Life Insurance- ----------------------------
Accident and Health ------------------------
Total --------------------------------
Premium tax paid in Canal Zone -------------- ---
Amount
$139,978,341.00
128,339,900.00
$268,318,241.00
140,343,151.00
$127,975,090.00
$3,250.00
465,750.00
$469,000.00
436,000.00
$33,000.00
$1,576,384.39
132,892.14
$1,709,276.53
$25,638.83
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, 1971.
Value of
property
involved
Panama Canal Company ----------------- $18,576,750.45
Canal Zone Government- ---------------- 2,478,491.57
Other U.S. Government ----------------- 108,000.00
U.S. Armed Forces- ------------------ 10,067,405.05
Ships in Canal waters ------------------ 79,215,503.01
Private property other than above- ---------- 3,917,315.58
Total- ----------------------- $114,363,465.66
Complete figures unavailable.
Amount of
damage
by fire
$15,059.88
1,772.00
10.00
63,037.40
33,021.00"
26,884.87
$139,785.15
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;
20
(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%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
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.
40316-550
23
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) ------------- (Cr.)
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, 1970-____________ 6,416
Policies issued during 1971___ _______ 454
Total ---- -------------------- 6,870
Ceased to be in force during 1971 _ _____ 1,230
Policies in force December 31, 1971__---------_ 5,640
Losses and claims:
Unpaid December 31, 1970_----- ------__- 5
Incurred during 1971 ____-------------- 49
Total _____________--------------_ 54
Settled during 1971_ _____ ___ 49
Unpaid December 31, 1971 -_______ 5
Amount
$38,446.313.00
4,791,378.00
$43,237,691.00
9,597,609.00
$33,640,082.00
$20,650.34
161,238.03
$181,888.37
164,888.37
$17,000.00
Net
Premiums
$0.00
370,882.61
6,712.29
88,512.17
235,718.77
32,037.99
121,147.75
38,340.00
124.50
35,268.00
73,367.46
50.00
4,840,822.42
97,849.18
9,700.76
35,222.76
67,240.20
0.00
0.00
108,880.82
216,592.73
$6,182,772.05
$93,213.54
Losses
Paid
$0.00
128,596.40
3,339.41
54,134.01
220,379.78
18,954.84
59,128.92
6,288.31
0.00
(Cr.) 139.70
11,072.30
88.00
3,383,025.30
300,087.44
863.72
4,169.00
35,304.90
0.00
0.00
184,198.01
126,790.75
$4,536,281.39
SEC. 879. Penalties far 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.
ANNUAL REPORT---
OF
INSURANCE BUSINESS
transacted in the
CANAL ZONE
DURING THE CALENDAR YEAR
1971
Including Laws Concerning Licensing
Of Insurance Companies
GRouP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance- --------- ------------------
Accident and Health __--------- ------------
Total ---------------------------
Premium tax paid in Canal Zone------_--------- ----
AMERICAN CAPITOL INSURANCE COMPANY
ORDINARY
Number
$1,929.35
0.00
$1,929.35
$28.94
Amount
Policies in force December 31, 1970---- -------- 1,338 $8,957,105.00
Policies issued during 1971_ ____ ____--------- 70 570,510.00
Total------_----- ---------------- 1,408 $9,527,615.00
Ceased to be in force during 1971 _---_--------- 616 6,093,454.00
Policies in force December 31, 1971 __ --------- 792 $3,434,161.00
Losses and claims:
Unpaid December 31, 1970-------------- 2 $6,150.34
Incurred during 1971 --------------- 2 4,761.70
Total---------- ----------------- 4 $10,912.04
Settled during 1971 --------- ---- 4 10,912.04
Unpaid December 31, 1971__----------- 0 $0.00
GRouP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance ____- ------------------- ----- $130,765.09
Accident and Health-__ __ ----- ------------ 7,734.49
Total --__------------------------- $138,499.58
Premium tax paid in Canal Zone------------------- $2,077.49
AMERICAN CONTINENTAL LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1970 ----------
Policies issued during 1971___________
Total_ --------------------------
Ceased to be in force during 1971 _______
Policies in force December 31, 1971____- __
Losses and claims:
Unpaid December 31, 1970 -----__-_-----
Incurred during 1971___________
Total----------------------------
Settled during 1971 -___---_-_- _-.--__-
Unpaid December 31, 1971 ____ _
Number
1
0
0
1
0
1
0
0
0
0
Amount
$24,000.00
0.00
$24,000.00
0.00
$24,000.00
$0.00
0.00
$0.00
0.00
$0.00
COMMERCIAL INSURANCE COMPANY
Net
Premiums
Workmen's compensation- ----------------- $25,224.22
Miscellaneous _ --------------------- 1,376.20
Total _--__-------------------- $26,600.42
Premium tax paid in Canal Zone ------------$399.01
COMPANIA GENERAL DE SEGUROS, S.A.
Net
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 __-___
Premiums
$1,070.34
6,920.20
240.30
5,069.08
389.53
632.72
431.88
471.14
124.50
73.55
$15,423.24
$231.35
COMPANIA INTERAMERICANA DE SEGUROS, S.A.
Net
Premiums
Miscellaneous -----___ $2,056.20
Workmen's compensation ------------------14,269.01
Fire ________--------------------- 1,545.04
Automobile-__ -------------------_ 21,472.94
Total ------- --------------__- $39,343.19
Premium tax paid in Canal Zone -__ ------- $590.15
COMPANIA INTERNATIONAL DE SEGUROS, S.A.
Net
Premiums
Miscellaneous _- --- ----- $4,778.00
Fire_ ------ ------------ -----_ 327.00
Surety ---- --------- --------_____23,000.00
Automobile ----------------------_- 9,221.00
Total - -- _____ -_----------- $37,326.00
Premium tax paid in Canal Zone ------------ $559.90
COMPANIA ISTMENA DE SEGUROS, S.A.
(No transactions in Canal Zone during 1971)
COMPANIA NATIONAL DE SEGUROS, S.A.
(No transactions in Canal Zone during 1971)
Losses
Paid
$29,148.47
6,032.27
$35,180.74
Losses
Paid
$0.00
0.00
0.00
1,919.00
0.00
0.00
0.00
0.00
0.00
0.00
$1,919.00
Losses
Paid
$0.00
1,562.00
0.00
1,218.17
$2,780.17
Losses
Paid
$0.00
0.00
0.00
0.00
$0.00
UNIVERSITY OF FLORIDA
3 1262 04728 2883 I
UNITED SERVICES LIFE INSURANCE COMPANY
ORDINARY
Number Amount
Policies in force December 31, 1970_--__--------- 209 $2,362,510.00
Policies issued during 1971 --------- ---- 236 2,486,500.00
Total------------- --------------- 445 $4,849,010.00
Ceased to be in force during 1971 ----- - - 109 1,138,482.00
Policies in force December 31, 1971---------- 336 $3,710,528.00
Losses and claims:
Unpaid December 31, 1970--------------- 0 $0.00
Incurred during 1971 __-- -------- ---- 0 0.00
Total------ ---------------------- 0 $0.00
Settled during 1971 ------ 0 0.00
Unpaid December 31, 1971_. _----- 0 $0.00
GRouP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance -------- --------------------- $58,371.55
Accident and Health---------- ----------- ---. 0.00
Total--------------------------------- $58,371.55
Premium tax paid in Canal Zone ____------_____ $875.57
UNITED STATES LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1970------------ 18
Policies issued during 1971 ------------------- 0
Total -- __ ----- -------------- --- 18
Ceased to be in force during 1971 ___ 4
Policies in force December 31, 1971____ - 14
Losses and claims:
Unpaid December 31, 1970_--------- -- 0
Incurred during 1971____-_-- __------- 0
Total-________------------------- 0
Settled during 1971 -_____- -------- 0
Unpaid December 31, 1971 __ ------- 0
Amount
$308,485.00
23.00
$308,508.00
160,959.00
$147,549.00
$0.00
0.00
$0.00
0.00
$0.00
EXECUTIVE FUND LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1970 --------- 61
Policies issued during 1971 ------------------- 0
Total-------------- -------------- 61
Ceased to be in force during 1971 ___ -- 61
Policies in force December 31, 1971 _____- 0
Losses and claims:
Unpaid December 31, 1970_-------------- 0
Incurred during 1971 _____- _-- _---_- 0
Total -------------------------- 0
Settled during 1971_____ --- --.--.--- 0
Unpaid December 31, 1971 ..__ ---.. 0
GROUP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance -----------------------------
Accident and Health -------------------------
Total__________------ -----------------
Premium tax paid in Canal Zone_---__ ---------------
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Policies in force December 31, 1970_ __--------
Policies issued during 1971 ________ _
Total___________________ -
Ceased to be in force during 1971 -__
Policies in force December 31, 1971__
Losses and claims:
Unpaid December 31, 1970 -------------
Incurred during 1971____ __
Total-______________-_- __--- .----
Settled during 1971 __ __ -
Unpaid December 31, 1971 ----_-_
Number
1,160
35
1,195
126
1,069
0
26
26
26
0
Amount
$313,733.00
0.00
$313,733.00
313,733.00
$0.00
80.00
652.72
$652.72
652.72
$0.00
$14,446.14
0.00
$14,446.14
$216.69
Amount
$8,971,434.00
468,000.00
$9,439,434.00
867,203.00
$8,572,231.00
$0.00
74,352.73
$74,352.73
74,352.73
$0.00
(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.
40316-550
(2) A duly certified copy of the last annual statement of the insurance
company to an authorized official in the State or country where the company
is organized;
(3) A deposit with the executive secretary of the Canal Zone Government
of $10,000 in cash or current marketable securities, which shall be held in
trust by the executive secretary for the account of the company, to satisfy
any judgment that may be rendered against the company, under insurance
policies that it may issue.
SEC. 874. Annual statement and license tax for insurance companies.-
An insurance company licensed pursuant to this chapter shall file with the
executive secretary of the Canal Zone Government before March 1 of each
year a verified statement showing the business transacted within the Canal
Zone by the company during the previous calendar year and a duly certified
copy of its annual report to an authorized official of the State or country in
which the company is organized. Upon a showing of good cause therefore,
the executive secretary may extend the time for filing the statement for a
period not exceeding two months after March 1.
An insurance company licensed pursuant to this chapter shall pay before
March 1 of each year, in lieu of all other taxes except the annual fee provided
for by section 876 of this title, a license tax equal to 1 percent of its net
premium receipts in the Canal Zone for the proceeding calendar year.
SEC. 875. Issuance of license.-Upon compliance by a corporation with
the conditions prescribed by sections 872-874 of this title, and if the Governor
is satisfied that the business desired to be transacted is proper, legitimate and
permissible under the laws of the Canal Zone, and not in conflict with the
policy of administering the Canal Zone as an adjunct of the Panama Canal
he may issue a license to do business in the Canal Zone.
SEC. 876. Continuance after first license period.-The right of a corpora-
tion to continue to do business for the calendar year, and the successive
calendar years, after the calendar year during which the original license
was issued, shall be contingent upon: (1) Compliance with the provisions
of this chapter applicable to corporations licensed under it;
(2) Payment of a license fee of $10, payable in advance, on January 1
of each year; and
(3) Designation of a new process agent before March 1, if the process
agent previously designated has ceased during a preceding calendar year
to reside within the Canal Zone.
SEC. 877. Revocation of license.-The Governor may revoke a license
issued pursuant to this chapter if, upon examination, he is satisfied that the
operations of the corporation are conducted in an illegal manner, or in a
manner contrary to public policy or to the policy of administering the Canal
Zone as an adjunct of the Panama Canal.
SEC. 878. Loss of benefit of statute of limitations.-Corporations doing
business in the Canal Zone which fail to comply with this chapter are not
entitled to the benefit of the laws of the Canal Zone limiting the time for
the commencement of civil actions.
CONTINENTAL CASUALTY COMPANY
Net
Premiums
Accident and health --------------------- $882.06
Group accident and health ---------------- 6,682.85
Total __--_-------- ------------ $7,564.91
Premium tax paid in Canal Zone------------- $113.47
CONTINENTAL INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
FIDELITY AND CASUALTY COMPANY OF NEW YORK
(No transactions in Canal Zone during 1971)
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
Net
Premiums
Surety--- -------------------------- $782.00
Total -------------------------- $782.00
Premium tax paid in Canal Zone ------------- $11.73
FIREMEN'S INSURANCE COMPANY OF NEWARK
Net
Premiums
Fire_ --------------------------(Cr.) $16,166.00
Automobile and motor vehicle --------------- 209,31
Miscellaneous_____--------------------- 49.83
Workmen's compensation_--------------- -- 1,126.04
Total- --------------------(Cr.) $14,780.82
Premium tax paid in Canal Zone ------------ $0.00
GENERAL INSURANCE COMPANY OF AMERICA
(No transactions in Canal Zone during 1971)
GREAT AMERICAN INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
HARTFORD ACCIDENT AND IDEMNITY COMPANY
Net
Premiums
Workmen's compensation ------ ------- $164.00
Liability other than auto (B.I.)_ ------------- 783.00
Fire-- ---------- ------------ 38.00
Auto liability (B.I.) -__- ___ _- -- Cr.) 96.20
Miscellaneous---_ -- ----------------- 421.00
Auto physical damage ----------------- 0.00
Group accident and health________- 25.00
Total-------------__ -------- $1,334.80
Premium tax paid in Canal Zone -----------_ $20.02
Losses
Paid
$189.45
$189.45
Losses
Paid
$6,036.77
60,536.95
25,080.44
793.62
$92,447.78
Losses
Paid
$273.00
0.00
0.00
174.15
0.00
2,144.92
0.00
$2,592.07
Losses
Paid
$33.00
1,581.75
$1,614.75
GRouP
Number
Policies in force December 31, 1970------------ 4
Policies issued during 1971 _---___ --------- 1
Total---- -------- --------------- 5
Ceased to be in force during 1971_----------- 2
Policies in force December 31, 1971_------------ 3
Losses and claims:
Unpaid December 31, 1970-___----------- 2
Incurred during 1971 _______________-__ 113
Total---------------------------- 115
Settled during 1971 --_---- ___ ----111
Unpaid December 31, 1971 ----__.._ 4
Net premiums collected in Canal Zone during 1971:
Life Insurance-------------_---________
Accident and Health -------------
Total --------______________
Premium tax paid in Canal Zone ------------______ ___
Amount
$139,978,341.00
128,339,900.00
$268,318,241.00
140,343,151.00
$127,975,090.00
$3,250.00
465,750.00
$469,000.00
436,000.00
$33,000.00
$1,576,384.39
132,892.14
$1,709,276.53
$25,638.83
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, 1971.
Value of
property
involved
Panama Canal Company ---------------_ $18,576,750.45
Canal Zone Government ----_---_-------_ 2,478,491.57
Other U.S. Government --------_____ 108,000.00
U.S. Armed Forces- ------------------ 10,067,405.05
Ships in Canal waters_ -------------------79,215,503.01
Private property other than above ---------_ 3,917,315.58
Total -_ _---------_-- ______ $114,363,465.66
o Complete figures unavailable.
Amount of
damage
by fire
$15,059.88
1,772.00
10.00
63,037.40
33,021.000
26,884.87
$139,785.15
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;
GROUP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance______ _________
Accident and Health--_-_--- __ ------
Total ------------- _________
Premium tax paid in Canal Zone --_____ ______
JACKSON NATIONAL LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1970 _ _ -_ 0
Policies issued during 1971 _______________ 2
Total ____ 2
Ceased to be in force during 1971 _ __ 0
Policies in force December 31, 1971________ 2
Losses and claims:
Unpaid December 31, 1970 _----------------- 0
Incurred during 1971_____________ 0
Total _-_ -___- --____- __- 0
Settled during 1971__________________ 0
Unpaid December 31, 1971 __. _____. _____ 0
GRouP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance _-_____________-
Accident and Health _________
Total________________________________
Premium tax paid in Canal Zone_ _------- __------ _
LINCOLN NATIONAL LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1970_______
Policies issued during 1971 _________
Total _ ____---_--________
Ceased to be in force during 1971 ________
Policies in force December 31, 1971 _______
Losses and claims:
Unpaid December 31, 1970_________
Incurred during 1971______________
Total -------___________
Settled during 1971 _____ .___.._. ..
Unpaid December 31, 1971 _----_- .___-.
Number
531
4
535
47
488
$3
$C
3$
Amount
$0.00
43,650.00
$43,650.00
0.00
$43,050.00
$0.00
0.00
$0.00
0.00
$0.00
$358.00
0.00
$358.00
$5.37
Amount
3,552,540.00
33,729.00
3,586,269.00
251,345.00
3,334,924.00
0 $0.00
7 39,782.00
7 $39,782.00
7 39,782.00
0 $0.00
$209,566.95
10.00
$209,576.95
$3,143.65
Compafia Nacional de Seguros, S.A. _-------------_Panama, R. of P.
Continental Casualty Company_ __-------------- Chicago, Ill.
Continental Insurance Company_ ----------_ --_-- New York, N.Y.
Equitable Life Assurance Society of the United States2._ _New York, N.Y.
Executive Fund Life Insurance Co. ----------------- Omaha, Nebr.
Fidelity and Casualty Company of New York ________-New York, N.Y.
Fidelity and Deposit Company-_____ __________ _---Baltimore, Md.
Fidelity and Guaranty Life Insurance Company----___ Baltimore, Md.
Firemen's Insurance Company of Newark3_ _-__ .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.
Jackson National Life Insurance Company___________ _Jackson, Mich.
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.
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 ______ Los Angeles, 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_ _Fort Worth, Tex.
2Equitable Life Assurance Society of the United States discontinued doing business in the
Canal Zone effective March 29, 1971.
3Firemen's Insurance Company of Newark discontinued doing business in the Canal Zone
effective December 31, 1971.
GnouP
Policies in force December 31, 1970 _--_---------
Policies issued during 1971 _------------- ----
Total -- --------------------------
Ceased to be in force during 1971 _--------------
Policies in force December 31, 1971 _- ---------
Losses and claims:
Unpaid December 31, 1970_ -------------
Incurred during 1971 ___--
1
0
1
0
1
0
Total ------------ ----------- 1
Settled during 1971 _------------- ----- 1
Unpaid December 31, 1971 - - - 0
Net premiums collected in Canal Zone during 1971:
Life Insurance_------_--- ------------------
Accident and Health __-_-_-_-----. --------
Total _________----- ------------------
Premium tax paid in Canal Zone-------------------
WABASH LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
WORLD SERVICE LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1970 --------___- 61
Policies issued during 1971_-- __- -- 6
Total-- ------------------------ 67
Ceased to be in force during 1971 ____ _ 1
Policies in force December 31, 1971____ --- 66
Losses and claims:
Unpaid December 31, 1970---__- --------- 0
Incurred during 1971__________ 0
Total --------- ------------------ 0
Settled during 1971_-------------------- 0
Unpaid December 31, 1971 __----------_---- 0
GROUP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance ----------------------------
Accident and Health_______ ______
Total -______________--_
Premium tax paid in Canal Zone---------------__
$209,000.00
0.00
$209,000.00
194,000.00
$15,000.00
$0.00
1,000.00
$1,000.00
1,000.00
$0.00
$9,078.17
5,952.48
$15,030.65
$225.46
Amount
$565,098.00
52,000.00
$617,098.00
7,800.00
$609,298.00
$0.00
0.00
$0.00
0.00
$0.00
$7,587.06
0.00
$7,587.06
$113.81
INSURANCE COMPANY OF NORTH AMERICA
Net Losses
Premiums Paid
Fidelity--------- --------------------- $2,997.00 $0.00
Miscellaneous --------------------- -(Cr.) 1,057.88 0.00
Total-------------------------- $1,939.12 $0.00
Premium tax paid in Canal Zone _------- ---- $29.09
INTERNATIONAL SERVICE INSURANCE COMPANY
Net Losses
Premiums Paid
Auto liability _-- ------------------ $18,235.50 $22,267.54
Auto physical damage-------------------- 28,240.25 16,628.66
Total ------------------------- $46,475.75 $38,896.20
Premium tax paid in Canal Zone------------- $697.14
THE LIBERTY MUTUAL INSURANCE COMPANY
Net Losses
Premiums Paid
Health and accident-_------------------- $103.00 (Cr.) $46.00
Workmen's compensation------------------ 1,168.00 200.00
Liability other than auto (B.I.) --------------- 93.00 3,508.00
Auto liability (B.I.)-) ------------------ 477.00 0.00
Auto physical damage_____--------------- 246.00 (Cr.) 19.00
Total __----------- ------------ $2,087.00 $3,643.00
Premium tax paid in Canal Zone_ -------- $31.31
MARYLAND CASUALTY COMPANY
Accident and health-------------- -
Group accident and health------ ---
Auto liability--------------------------
Liability other than auto _-----------------
Fidelity __--------------------------
Surety------- ---------------------
Glass ------------------------------
Burglary and theft----------------------
Inland marine--------------------------
Workmen's compensation- -----------------
Auto physical damage_----------------- -
Fire ------------------------------
Miscellaneous ---------------------
Total--------------------------
Premium tax paid in Canal Zone ------
Net
Premiums
$2,292.97
1,624.15
72,961.50
11,269.51
23,813.00
61,472.00
50.00
24,446.00
8,509.00
34,086.74
60,739.50
4,215.00
537.00
$306,016.37
$4,590.25
Losses
Paid
$911.60
133.00
144,470.97
299.75
(Cr.) 713.00
0.00
88.00
3,266.81
848.72
35,196.31
26,256.54
0.00
0.00
$210,758.70
MUTUAL OF OMAIIA INSURANCE COMPANY
Net Losses
Premiums Paid
Group accident and health_---------------- $4,832,490.42 $3,381,310.55
Individual and health_ ---------------- (Cr.) 101,785.68 299,188.84
Total- ------------------------- $4,730,704.74 $3,680,499.39
Premium tax paid in Canal Zone ------------- $70,960.57
NATIONAL SURETY CORPORATION
(No transactions in Canal Zone during 1971)
NATIONAL UNION FIRE INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
PANAMA INSURANCE COMPANY
Net Losses
Premiums Paid
Workmen's compensation ------_ ----------- $69,895.01 $43,668.91
Liability other than auto- _- --------------- 16,364.63 407.75
Fire------------------ ----------- 1,405.39 0.00
Inland Marine---------- --------------- 1,076.76 15.00
Surety------------- ----------------- 5,371.62 175,887.74
Automobile--------------------------- 10,343.37 1,288.47
Miscellaneous __ ------------- 19,632.43 0.00
Total-------------------------- $124,089.21 $221,267.87
Premium tax paid in Canal Zone------------- $1,861.34
RELIANCE INSURANCE COMPANY
Net Losses
Premiums Paid
Fire --------------------------(Cr.) $27.00 $0.00
Miscellaneous -------------------( Cr.) 38.00 0.00
Total __----- --------(Cr.) $65.00 $0.00
Premium tax paid in Canal Zone -------------- $0.00
ROYAL INDEMNITY COMPANY
Net Losses
Premiums Paid
Liability other than auto (B.I.) ------------ $66.32 $0.00
Auto liability (B.I.) ----_--_------_ (Cr.) 16,683.00 0.00
Surety----------------------------- 0.00 28,544.16
Total_ __------------ (Cr.) $16,616.68 $28,544.16
Premium tax paid in Canal Zone ------------- $0.00
SEABOARD SURETY COMPANY
(No transactions in Canal Zone during 1971)
AETNA CASUALTY AND SURETY COMPANY
(No transactions in Canal Zone during 1971)
AMERICAN EMPLOYERS' INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
AMERICAN HOME ASSURANCE COMPANY
Net
Premiums
Fire ___------ ---------------- $70,460.02
Motor Vehicle ------------------------ 313,221.90
Workmen's compensation ----- ------------ 42,261.63
Miscellaneous --- -------------- 38,118.62
Total -_ --------------- $464,062.17
Premium tax paid in Canal Zone ------------ $6,960.93
AMERICAN MOTORISTS INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
COLONIAL INSURANCE COMPANY OF PANAMA
Net
Premiums
Liability other than auto (B.I.) --- ------------$522.00
Auto liability (B.I.) -------- --------- 53,575.25
Auto property damage ---_------- ------ 31,566.85
Automobile and motor vehicle ___----------- 16,414.09
Auto comprehensive ---------------------6,322.76
Auto collision -----. __----------------_ 33,315.29
Fire_____________________________- 1,196.67
Burglary and theft----------------------- 827.00
Miscellaneous ---------------_ _---244.80
Total_______________ $143,984.71
Premium tax paid in Canal Zone ------------_ $2,159.77
Losses
Paid
$935.53
63,963.15
7,909.17
3,740.10
$76,547.95
Losses
Paid
$0.00
2,358.80
18,954.84
1,589.66
3,339.41
12,548.05
0.00
0.00
0.00
$38,790.76
GROUP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance_-------------_ ___________
Accident and Health -------_-______________
Total---_-_------ _________ .___-
Premium tax paid in Canal Zone --------_______
$727.06
20.00
$747.06
$10.91
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY
OF NEW YORK
ORDINARY
Policies in force December 31, 1970-____________
Policies issued during 1971 -_-----_-_________-
Total --- -----____---
Ceased to be in force during 1971 __- --___
Policies in force December 31, 1971 ---
Losses and claims:
Unpaid December 31, 1970-- --__ --
Incurred during 1971 _--
Total _------------ ----------
Settled during 1971_ ----_----- --
Unpaid December 31, 1971 -
GBouP
Policies in force December 31, 1970 -----------
Policies issued during 1971 -------------------
Total _---_----------------------
Ceased to be in force during 1971 _..- - -
Policies in force December 31, 1971
Losses and claims:
Unpaid December 31, 1970 _____ --
Incurred during 1971 ----------------
Total--------------
Settled during 1971 ___ -------
Unpaid December 31, 1971 _
Net premiums collected in Canal Zone during 1971:
Number
1
0
1
0
1
0
0
0
0
0
Nt nl ber
1
0
1
0
1
0
0
0
0
0
Amount
$100,000.00
0.00
$100,000.00
0.00
$100,000.00
$0.00
0.00
$0.00
0.00
$0.00
Amount
$406,143.00
0.00
$406,143.00
(38,237.00)
$444,380.00
$0.00
0.00
$0.00
0.00
$0.00
Life Insurance_ ---------- _---------- ---$4,555.61
Accident and Health_----------------------__- 0.00
Total-----_--------------------------- $4,555.61
Premium tax paid in Canal Zone- ----------------____ 68.33
ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO
(No transactions in Canal Zone during 1971)
CANAL ZONE GOVERNMENT
OFFICE OF THE GOVERNOR
BALBOA HEIGHTS, May 17, 1972.
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 1971.
Respectfully,
J. PATRICK CONLEY,
Executive Secretary.
The following companies were authorized to transact business in the Canal
Zone during the year 1971.
Aetna Casualty and Surety Company --------- ---- Hartford, Conn.
American-Amicable Life Insurance Company---------Birmingham, Ala.
American Capitol Insurance Company _-------------- Houston, Tex.
American Continental Life Insurance __- ------- Phoenix, Ariz.
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, 11.
Atlantic Southern Insurance Co. of Puerto Rico_ ---------San Juan, P.R.
Bankers Life Insurance Company of America ___________ Dallas, Tex.
Beneficial National Life Insurance Company -----------New York, N.Y.
Citizens Standard Life Insurance Company -------Corpus Christi, Tex.
Colonial Insurance Company of Panama -----------Panama, R. of P.
Commercial Insurance Company' ------------- -_ Newark, N.J.
Compaiiia General de Seguros, S.A. ----------------Panama, R. of P.
Compaiifa Interamericana de Seguros, S.A.--------- Panama, R. of P.
Compafiia Internacional de Seguros, S.A.------------ Panama, R. of P.
Compaiiia Istmefia de Seguros, S.A. __------------ Panama, R. of P.
ICommercial Insurance Company discontinued doing business in the Canal Zone effective
December 31, 1971.
GROUP
Policies in force December 31, 1970 ----------
Policies issued during 1971 _-___------- ---
Total__________----------------
Ceased to be in force during 1971 ______-
Policies in force December 31, 1971_______
Losses and claims:
Unpaid December 31, 1970_ -------
Incurred during 1971 _- --------------
Total- --------------------------
Settled during 1971__ _________
Unpaid December 31, 1971__ -_- ---
Net premiums collected in Canal Zone during 1971:
0 $21,460.00
0 0.00
0 $21,460.00
0 300.00
0 $21,160.00
0
0
0
0
0
Life Insurance .---------------------..-----
Accident and Health----- ----------
Total- ----------------------------
Premium tax paid in Canal Zone -------------____-
PAN-AMERICAN LIFE INSURANCE COMPANY
ORDL\ARY
Policies in force December 31, 1970 _________
Policies issued during 1971 ____------ -
Total __-----------------------
Ceased to be in force during 1971 -------_ --_
Policies in force December 31, 1971- ___________-
Losses and claims:
Unpaid December 31, 1970___________----
Incurred during 1971 __________---- -----
Total __-------------------------
Settled during 1971 ..-_------ -- -
Unpaid December 31, 1971 __ __...-. ---
GROUP-None
Net premiums collected in Canal Zone during 1971:
Number
112
6
118
11
107
0
0
0
0
0
Life Insurance-----------------------------
Accident and Health _____--------------------
Total ..----- --------------------------
Premium tax paid in Canal Zone-----------_--- -----
$0.00
0.00
$0.00
0.00
$0.00
$81,949.22
713.04
$82,662.31
$1,239.93
Amount
$1,179,447.00
120,000.00
$1,299,447.00
116,457.00
$1,182,990.00
So0.00co
0.00
$0.00
0.00
$0.00
$39,536.33
0.00
$39,536.33
$593.04
PENINSULAR LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
UNITED BENEFIT LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1970 _____
Policies issued during 1971_______________
Total __--_ ____------ _
Ceased to be in force during 1971 _ ______
Policies in force December 31, 1971 ______
Losses and claims:
Unpaid December 31, 1970 __________
Incurred during 1971 ---- _____
Total -______________
Settled during 1971 ___-------------
Unpaid December 31, 1971__- _---
GROUP
Policies in force December 31, 1970 ------------- 2
Policies issued during 1971_-- ---- ------------- 1
Total -_-. _--- ----------------- 3
Ceased to be in force during 1971 _________ 2
Policies in force December 31, 1971--- ---------- 1
Losses and claims:
Unpaid December 31, 1970- _--------_--- 2
Incurred during 1971_-- ----_-------_ --- 112
Total --__- __-------- -----_- 114
Settled during 1971____ _____ ___ 110
Unpaid December 31, 1971 --------------- 4
Net premiums collected in Canal Zone during 1971:
Life Insurance-------------_ ________
Accident and Health -------------------------
Total --- __________--__________-
Premium tax paid in Canal Zone ____________
Number Amount
527 $3,120,449.00
63 909,107.00
590 $4,029,556.00
2 (-) 316,139.00
588 $4,345,695.00
1 $2,000.00
2 5,227.88
3 $7,227.88
2 5,227.88
1 $2,000.00
$139,341,738.00
128,339,900.00
$267,681,638.00
140,187,088.00
$127,494,550.00
$3,250.00
464,750.00
$468,000.00
435,000.00
$33,000.00
$762,932.31
70,126.06
$833,058.37
$12,495.88
BANKERS LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Number Amount
Policies in force December 31, 1970 -_______-_- 891 $3,564,347.00
Policies issued during 1971 _---------- 20 93,500.00
Total- -------- ----------------- 911 $3,657,847.00
Ceased to be in force during 1971 ---------- 87 336,985.00
Policies in force December 31, 1971 ____--- -- 824 $3,320,862.00
Losses and claims:
Unpaid December 31, 1970 ---_---------- 2 $12,500.00
Incurred during 1971 __----- -- ---- 8 13,553.00
Total---------------------------- 10 $26,053.00
Settled during 1971 ------- ----...----- 6 11,053.00
Unpaid December 31, 1971 __ ____ __---- 4 $15,000.00
GROUP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance---------- ------------------ $106,964.26
Accident and Health_------------ ------------ 0.00
Total ------- ------------------------- $106,964.26
Premium tax paid in Canal Zone_----------------- $1,604.46
BENEFICIAL NATIONAL LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1971)
CITIZENS STANDARD LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1970_______
Policies issued during 1971__________
Total-----------------
Ceased to be in force during 1971 ___ .__.
Policies in force December 31, 1971 -------------
Losses and claims:
Unpaid December 31, 1970 ___-_ --
Incurred during 1971 ----_-
Total______________________
Settled during 1971 _______. -
Unpaid December 31, 1971__ _ _-_ --
GROUP-None
Net premiums collected in Canal Zone during 1971:
Life Insurance- -_ _____ _
Nui
1,4
1,5
1
1,3
Accident and Health -------_-_-- -
Total ___________________________
Premium tax paid in Canal Zone -----__ __
nber Amount
92 $5,319.463.00
12 14,359.00
04 $5,333,822.00
66 627,330.00
33S $4,706,492.00
0 $0.00
4 22,908.00
4 $22,908.00
4 22,908.00
0 $0.00
$147,617.29
48,336.02
$195,953.31
$2,939.30
TRANSAMERICA INSURANCE COMPANY
Net
Premiums
Auto physical damage _----- ----- ----- $0.00
Total-------------------------- $0.00
Premium tax paid in Canal Zone -------------- $0.00
TRAVELERS INDEMNITY COMPANY
Net
Premiums
Liability other than auto (B.I.) --------------- $48.00
Auto physical damage--- ------_-------- 284.00
Surety.------- _--------------------- 10,530.00
Total ------------------------- $10,862.00
Premium tax paid in Canal Zone------------ $162.93
UNITED STATES FIDELITY AND GUARANTY COMPANY
Net
Premiums
Auto collision ------------------------ $54,765.00 $4
Fire _--------- --------------------- 9,303.00
Inland marine ------------------------- 115.00
Accident and health_ ---- ------------ 584.92
Workmen's compensation- ---------------- 23,329.00
Liability other than auto (B.I.)-------------_- 5,836.00 (C
Auto liability (B.I.) --------------------- 106,616.00
Auto physical damage ---------- -------- 31,638.00 1
Fidelity---------------------------- 8,458.00
Surety ----------------------------- 805.00 (Cr.) 2
Burglary and theft__ -------------------- 13,067.00
Miscellaneous ____-- -------------- --- 1,122.00
Total-------------------------- $255,638.92 $10
Premium tax paid in Canal Zone-____________ $3,834.58
AMERICAN-AMICABLE LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1970---- -------- 14
Policies issued during 1971 ------ ------------- 0
Total______------- --------------------- 14
Ceased to be in force during 1971 --____ - 0
Policies in force December 31, 1971_---__------- 14
Losses and claims:
Unpaid December 31, 1970-______-_-__--- 0
Incurred during 1971------------------- 0
Total _____------------------- 00
Settled during 1971__ __------------ -- 0
Unpaid December 31, 1971_- -.---- 0
Losses
Paid
$98.22
$98.22
Losses
Paid
$0.00
0.00
0.00
$0.00
Losses
Paid
1,585.96
4,100.00
0.00
0.00
6,120.27
:r.) 46.50
i1,108.32
14,019.58
573.30
!0,423.34
3,021.50
452.09
0,511.18
Amount
$107,702.00
0.00
$107,702.00
0.00
$107,702.00
$0.00
0.00
$0.00
0.00
$0.00
|
|
PAGE 1
^z/.9'y'7/ X CANAL ZONE GOVERNMENT ANNUAL RE OF INSURANCE BUSINESS transacted in the CANAL ZONE DURING THE CALENDAR YEAR 1971 Including Laws Concerning Licensing Of Insurance Companies
PAGE 2
Digitized by the Internet Archive in 2009 with funding from University of Florida, George A. Smathers Libraries http://www.archive.org/details/annualreportofin1971cana
PAGE 3
CANAL ZONE GOVERNMENt^ \% ANNUAL REPORT OF INSURANCE BUSINESS transacted in the CANAL ZONE DURING THE CALENDAR YEAR 1971 Including Laws Concerning Licensing Of Insurance Companies
PAGE 5
CANAL ZONE GOVERNMENT OFFICE OF THE GOVERNOR Balboa Heights, May 17, 1972. Governor of The Canal Zone, Balboa Heights, C.Z. Sir: Tliere is submitted herewith a report of insurance business transacted in die Canal Zone during the calendar year 1971. Respectfully, J. Patrick Conley, Executive Secretary. The following companies were authorized to transact business in the Canal Zone during the year 1971. Aetna Casualty and Surety Company Hartford, Conn. American-Amicable Life Insm-ance Company Birmingham, Ala. American Capitol Insurance Company Houston, T^c. American Continental Life Insurance Phoenix, Ariz. 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. Atlantic Southern Insmance Co. of Puerto Rico San Juan, P.R. Bankers Life Insurance Company of America Dallas, Tex. Beneficial National Life Insurance Company New York, N.Y. Citizens Standard Life Insurance Company Corpus Christi, Tex. Colonial Insm-ance Company of Panama Panama, R. of P. Commercial Insm-ance Company^ Newark, N.J. Compania General de Seguros, S.A Panama, R. of P. Compafiia Interamericana de Seguros, S.A Panama, R. of P. Compania Intemacional de Seguros, S.A Panama, R. of P. Compafiia Istmeiia de Seguros, S.A Panama, R. of P. 1 Commercial Insurance Company discontinued doing business in the Canal Zone efifective December 31, 1971. I:
PAGE 6
Compania Nacional de Seguros, S.A Panama, R. of P. Continental Casualty Company Chicago, 111. Continental Insm^ance Company New York, N.Y. Equitable Life Assmance Society of the United States^ New York, N.Y. Executive Fund Life Insurance Co Omaha, Nebr. Fidelity and Casualty Company of New York New York, N.Y. Fidelity and Deposit Company Baltimore, Md. Fidelity and Guaranty Life Insurance Company Baltimore, Md. Firemen's Insurance Company of Newark^ Newark, N.J. General Insurance Company of America Seattle, Wash. Gibraltar Life Insurance Company of America Dallas, Tex. Great American Insurance Company New York, N.Y. Hartford Accident and Indemnity Company Hartford, Corm. Insurance Company of North America Philadelphia, Pa. International Service Insurance Company Fort Worth, Tex. Jackson National Life Insurance Company Jackson, Mich. 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. Panama Insurance Company, Inc Panama, R. of P. Pan-American Life Insurance Company New Orleans, La. Peninsular Life Insvu-ance Company Jacksonville, Fla. Reliance Insiu-ance Company Philadelphia, Pa. Royal Indemnity Company New York, N.Y. Seaboard Surety Company New York, N.Y. Transamerica Insurance Company Los Angeles, 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 Guarant}' Company Baltimore, Md. United States Life Insiurance Company in the City of New YorkNew York, N.Y. Wabash Life Insurance Co Indianapolis, Ind. World Sci-\dce Life Insurance Company Fort Worth, Tex. 2Equitable Life Assurance Society of the United States discontinued doing business in the Canal Zone effective March 29, 1971. 3Firemen's Insurance Company of Newark discontinued doing business in the Canal Zone effective December 31, 1971.
PAGE 7
AETNA CASUALTY AND SURETY COMPANY (No transactions in Canal Zone during 1971) AMERICAN EMPLOYERS' INSURANCE COMPANY (No transactions in Canal Zone during 1971) AMERICAN HOME ASSURANCE COMPANY Net Losses Premittins Paid Fire ^ $70,460.02 $935.53 Motor Vehicle 313,221.90 63,963.15 Workmen's compensation 42,261.63 7,909.17 MisceUaneous 38,118.62 3,740.10 Total $464,062.17 $76,547.95 Premium tax paid in Canal Zone $6,960.93 AMERICAN MOTORISTS INSURANCE COMPANY (No transactions in Canal Zone during 1971) COLONIAL INSURANCE COMPANY OF PANAMA Net Losses Premiums Paid Liability other than auto (B.I.) $522.00 $0.00 Auto liability (B.I.) 53,575.25 2,358.80 Auto property damage 31,566.85 18,954.84 Automobile and motor vehicle 16,414.09 1,589.66 Auto comprehensive 6,322.76 3,339.41 Auto collision 33,315.29 12,548.05 Fire 1,196.67 0.00 Burglary and theft 827.00 0.00 Miscellaneous 244.80 0.00 Total $143,984.71 $38,790.76 Premium tax paid in Canal Zone $2,159.77
PAGE 8
COMMERCIAL INSURANCE COMPANY Net Premiums Workmen's compensation $25,224.22 Miscellaneous 1,376.20 Total $26,600.42 Premium tax paid in Canal Zone $399.01 COMPANIA GENERAL DE SEGUROS, S.A. Net Premiums Fire $1,070.34 Surety 6,920.20 Liability other than auto 240.30 Workmen's compensation 5,069.08 Auto comprehensive 389.53 Auto liability (B.I.) 632.72 Auto collision 431.88 Auto property damage 471.14 Extended coverage 124.50 Hospital and medical 73.55 Total $15,423.24 Premium tax paid in Canal Zone $231.35 COMPANIA INTERAMERICANA DE SEGUROS, S.A. Net Preiniums Miscellaneous $2,056.20 Workmen's compensation 14,269.01 Fire 1,545.04 Automobile 21,472.94 Total $39,343.19 Premium tax paid in Canal Zone $590.15 COMPANIA INTERNACIONAL DE SEGUROS, S.A. Net Premiums Miscellaneous $4,778.00 Fire 327.00 Smety 23,000.00 Automobile 9,221.00 Total $37,326.00 Premium tax paid in Canal Zone $559.90 COMPANIA ISTME5JA DE SEGUROS, S.A. (No transactions in Cannl Zone during 1971) COMPAlSJIA NACIONAL DE SEGUROS, S.A. (No transactions in Canal Zone during 1971) 4 Losses Paid $29,148.47 6,032.27 $35,180.74 Losses Paid $0.00 0.00 0.00 1,919.00 0.00 0.00 0.00 0.00 0.00 0.00 $1,919.00 Losses Paid $0.00 1,562.00 0.00 1,218.17 $2,780.17 Losses Paid $0.00 0.00 0.00 0.00 $0.00
PAGE 9
CONTINENTAL CASUALTY COMPANY Net Premiums Accident and health $882.06 Group accident and health 6,682.85 Total $7,564.91 Premium tax paid in Canal Zone $113.47 CONTINENTAL INSURANCE COMPANY (No transactions in Canal Zone during 1971) FIDELITY AND CASUALTY COMPANY OF NEW YORK (No transactions in Canal Zone during 1971) FIDELITY AND DEPOSIT COMPANY OF MARYLAND Net Premiums Surety $782.00 Total $782.00 Premimn tax paid in Canal Zone $11.73 FIREMEN'S INSURANCE COMPANY OF NEWARK Net Premiums Fire (Cr.) $16,166.00 Automobile and motor vehicle 209,31 Miscellaneous 49.83 Workmen's compensation 1,126.04 Total (Cr.) $14,780.82 Premium tax paid in Canal Zone $0.00 GENERAL INSURANCE COMPANY OF AMERICA (No transactions in Canal Zone during 1971) GREAT AMERICAN INSURANCE COMPANY (No transactions in Canal Zone during 1971) HARTFORD ACCIDENT AND IDEMNITY COMPANY Net Premiums Workmen's compensation $164.00 Liability other than auto (B.I.) 783.00 Fire 38.00 Auto liability (B.I.) (Cr.) 96.20 Miscellaneous 421.00 Auto physical damage 0.00 Group accident and health 25.00 Total $1,334.80 Premium tax paid in Canal Zone $20.02 5 Losses Paid $33.00 1,581.75 $1,614.75 Losses Paid $189.45 $189.45 Losses Paid $6,036.77 60,536.95 25,080.44 793.62 $92,447.78 Losses Paid $273.00 0.00 0.00 174.15 0.00 2,144.92 0.00 $2,592.07
PAGE 10
INSURANCE COMPANY OF NORTH AMERICA Net Losses Premiums Paid Fidelity$2,997.00 $0.00 Misceflaneous (Or.) 1,057.88 0-00 Total $1,939.12 $0.00 Premium tax paid in Canal Zone $29.09 INTERNATIONAL SERVICE INSURANCE COMPANY Net Premiums Auto liability $18,235.50 Auto physical damage 28,240.25 Total $46,475.75 Premium tax paid in Canal Zone $697.14 Losses Paid $22,267.54 16,628.66 $38,896.20 THE LIBERTY MUTUAL INSURANCE COMPANY Health and accident Workmen's compensation Liability other than auto (B.I.) Auto liability ( B.I. ) Auto physical damage Total $2,087.00 Premium tax paid in Canal Zone $31.31 Net
PAGE 11
MUTUAL OF OMAHA INSURANCE COMPANY Net Losses Premiums Paid Group accident and health $4,832,490.42 $3,381,310.55 Individual and health ( Cr. ) 101,785.68 299,188.84 Total $4,730,704.74 $3,680,499.39 Premium tax paid in Canal Zone $70,960.57 NATIONAL SURETY CORPORATION (No tiansactions in Canal Zone during 1971) NATIONAL UNION FIRE INSURANCE COMPANY (No transactions in Canal Zone during 1971) PANAMA INSURANCE COMPANY Net Losses Premiums Paid Workmen's compensation $69,895.01 $43,668.91 Liability other than auto 1 6,364.63 407.75 Fire 1,405.39 0.00 Inland Marine 1,076.76 15.00 Surety 5,371.62 175,887.74 Automobile 10,343.37 1,288.47 Miscellaneous 19,632.43 0.00 Total $124,089.21 $221,267.87 Premium tax paid in Canal Zone $1,861.34 RELIANCE INSURANCE COMPANY .Vet Losses Premiums Paid Fire (Cr.) $27.00 $0.00 Miscellaneous (Cr.) 38.00 0.00 Total (Cr.) $65.00 $0.00 Premium tax paid in Canal Zone $0.00 ROYAL INDEMNITY COMPANY Net Losses Premiums Paid Liability other than auto (B.I.) $66.32 $0.00 Auto habiEtv (B.I.) (Cr.) 16,683.00 0.00 Surety 0.00 28,544.16 Total (Cr.) $16,616.68 $28,544.16 Premiiun tax paid in Canal Zone $0.00 SEABOARD SURETY COMPANY (No transactions in Canal Zone during 1971) 7
PAGE 12
TRANSAMERICA INSURANCE COMPANY Net Losses Premiums Paid Auto physical damage $0.00 $98.22 Total $0.00 $98.22 Premium tax paid in Canal Zone $0.00 TRAVELERS INDEMNITY COMPANY Net Losses Premiums Paid Liability other than auto (B.I.) $48.00 $0.00 Auto physical damage 284.00 0.00 Suretv' 10,530.00 0.00 Total $10,862.00 $0.00 Premium tax paid in Canal Zone $162.93 UNITED STATES FIDELITY AND GUARANTY COMPANY Net Losses PTemiums Paid Auto collision $54,765.00 $41,585.96 Fire 9,303.00 4,100.00 Inland marine 115.00 0.00 Accident and health 584.92 0.00 Workmen's compensation 23,329.00 6,120.27 LiabiHty other than auto (B.I.) 5,836.00 (Cr.) 46.50 Auto liability (B.I.) 106,616.00 51.108.32 Auto physical damage 31,638.00 14,019.58 Fidelity 8,458.00 573.30 Surety 805.00 (Cr.) 20,423.34 Burglary and theft 13,067.00 3,021 .50 Miscellaneous 1,122.00 452.09 Total $255,638.92 $100,511.18 Premium tax paid in Canal Zone $3,834.58 AMERICAN-AMICABLE LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1970 14 $107,702.00 Policies issued during 1971 0.00 Total 14 $107,702.00 Ceased to be in force during 1971 0.00 Policies in force December 31, 1971 14 $107,702.00 Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 0.00 Total $0.00 Settled during 1971 0.00 Unpaid December 31, 1971 $0.00 8
PAGE 13
Group— None Net premiums collected in Canal Zone during 1971 : Life Insurance $1,929.35 Accident and Health 0.00 Total $1,929.35 Premium tax paid in Canal Zone $28.94 AMERICAN CAPITOL INSURANCE COMPANY Ordinaby Number Amount Policies in force December 31, 1970 1,338 $8,957,105.00 Policies issued during 1971 70 570,510.00 Total 1,408 $9,527,615.00 Ceased to be in force during 1971 616 6,093,454.00 Policies in force December 31, 1971 792 $3,434,161.00 Losses and claims: Unpaid December 31, 1970 2 $6,150.34 Incurred during 1971 2 4,761.70 Total 4 $10,912.04 Settled during 1971 4 10,912.04 Unpaid December 31, 1971 $0.00 Group— None Net premiums collected in Canal Zone during 1971 : Life Insurance $130,765.09 Accident and Health 7,734.49 Total $138,499.58 Premium tax paid in Canal Zone $2,077.49 AMERICAN CONTINENTAL LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1970 1 $24,000.00 Policies issued during 1971 0.00 Total 1 $24,000.00 Ceased to be in force during 1971 0.00 Policies in force December 31, 1971 1 $24,000.00 Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 0.00 Total $0.00 Settled dvu-ing 1971 0.00 Unpaid December 31, 1971 $0.00 9
PAGE 14
Group— Nwie Net premiums collected in Caiial Zone diaring 1971 : Life Insurance $727.06 Accident and Health 20.00 Total $747.06 Premiimi tax paid in Canal Zone $10.91 AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY OF NEW YORK Ordinary Number Amount Policies in force December 31, 1970 1 $100,000.00 Policies issued during 1971 O.OG Total 1 $100,000.00 Ceased to be in force during 1971 0.00 Policies in force December 31, 1971 1 ^100,000.00 Ixasses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 0.00 Total $0.00 Settled during 1971 0.00 Unpaid December 31, 1971 $0.00 Group Numher Amount Policies in force December 31, 1970 1 $406,143.00 Policies issued during 1971 0.00 Total 1 $406,143.00 Ceased to be in force during 1971 (38,237.00) Policies in force December 31, 1971 I $444,380.00 Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 0.00 Total $0.00 Settled during 1971 0.00 Unpaid December 31, 1971 $0.00 Net premiums collected in Canal Zone during 1971: Life Insurance $4,555.61 Accident and Health 0.00 Total $4,555.61 Premium tax paid in Canal Zone $68.33 ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO (No transactions in Canal Zone during 1971 ) 10
PAGE 15
BANKERS LIFE INSURANCE COMPANY OF AMERICA Ordinaky Nuviber Amount Policies in force December 31, 1970 891 $3,564,347.00 Policies issued during 1971 20 93,500.00 Total 911 $3,657,847.00 Ceased to be in force during 1971 87 336,985.00 Policies in force December 31, 1971 824 $3,320,862.00 Losses and claims: Unpaid December 31, 1970 2 $12,500.00 Incurred during 1971 8 13,553.00 Total 10 $26,053.00 Setded during 1971 6 11,053.00 Unpaid December 31, 1971 4 $15,000.00 Group— None Net premiums collected in Canal Zone during 1971: Life Insurance $106,964.26 Accident and Health 0.00 Total $106,964.26 Premium tax paid in Canal Zone $1,604.46 BENEFICIAL NATIONAL LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1971) CITIZENS STANDARD LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1970 1,492 $5,319,463.00 Policies issued during 1971 12 14,359.00 Total 1,504 $5,333,822.00 Ceased to be in force during 1971 166 627,330.00 Policies in force December 31, 1971 1,338 $4,706,492.00 Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 4 22,908.00 Total 4 $22,908.00 Settled during 1971 4 22,908.00 Unpaid December 31, 1971 $0.00 Group— None Net premiums collected in Canal Zone during 1971: Life Insurance $147,617.29 Accident and Health 48,336.02 Total $195,953.31 Premium tax paid in Canal Zone $2,939.30 11
PAGE 16
EXECUTIVE FUND LIFE INSURANCE COMPANY ( No transactions in Canal Zone during 1971 ) FIDELITY AND GUARANTY LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1970 61 $313,733.00 Policies issued during 1971 0.00 Total 61 $313,733.00 Ceased to be in force during 1971 61 313,733.00 Policies in force December 31, 1971 -. $0.00 Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 652.72 Total $632.72 Settled during 1971 652.72 Unpaid December 31, 1971 $0.00 Groxjp— None Net premiums collected in Canal Zone during 1971 : Life Insurance $14,446.14 Accident and Health 0.00 Total $14,446.14 Premium tax paid in Canal Zone $216.69 THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA Ordinary Number Amount Policies in force December 31, 1970 1,160 $8,971,434.00 Policies issued during 1971 35 468,000.00 Total 1,195 $9,439,434.00 Ceased to be in force during 1971 126 867,203.00 Policies in force December 31, 1971 1,069 $8,572,231.00 Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 26 74,352.73 Total 26 $74,352.73 Settled during 1971 26 74,352.73 Unpaid December 31, 1971 $0.00 12
PAGE 17
Group— None Net premiums collected in Canal Zone during 1971: Life Insurance $209,566.95 Accident and Health iO.OO Total $209,576.95 Premium tax paid in Canal Zone $3,143.65 JACKSON NATIONAL LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1970 $0.00 Policies issued during 1971 2 43,650.00 Total 2 $43,650.00 Ceased to be in force during 1971 0.00 Policies in force December 31, 1971 2 $43,050.00 Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 0.00 Total $0.00 Settled during 1971 0.00 Unpaid December 31, 1971 $0.00 Group— None Net premiums collected in Canal Zone during 1971: Life Insurance $358.00 Accident and Health 0.00 Total $358.00 Premium tax paid in Canal Zone $5.37 LINCOLN NATIONAL LIFE INSURANCE COMPANY Ordinary Number Amount Polioies in force December 31, 1970 531 $3,552,540.00 Policies issued during 1971 4 33,729.00 Total 535 $3,586,269.00 Ceased to be in force during 1971 47 251,345.00 Pohcies in force December 31, 1971 488 $3,334,924.00 Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 7 39,782.00 Total 7 $39,782.00 Settled during 1971 . 7 39,782.00 Unpaid December 31, 1971 $0.00 13
PAGE 18
Group Policies in force December 31, 1970 $21,460.00 Policies issued during 1971 0.00 Total $21,460.00 Ceased to be in force during 1971 300.00 Policies in force December 31, 1971 $21,160.00 Losses and claims; Unpaid December 31, 1970 $0.00 Incurred during 1971 0.00 Total $0.00 Settled during 1971 0.00 Unpaid December 31, 1971 $0.00 Net premiums collected in Canal Zone during 1971 : Life Insurance $81,949.22 Accident and Health 713.04 Total $82,662.31 Premium tax paid in Canal Zone $1,239.93 PAN-AMERICAN LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1970 112 $1,179,447.00 Policies issued during 1971 6 120,000.00 Total 118 $1,299,447.00 Ceased to be in force during 1971 11 116,457.00 Policies in force December 31, 1971 107 $1,182,990.00 Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 0.00 Total $0.00 Settled during 1971 0.00 Unpaid December 31, 1971 $0.00 Group— None Net premiums collected in Canal Zone during 1971 : Life Insurance $39,536.33 Accident and Health 0-00 Total $39,536.33 Premium tax paid in Canal Zone $593.04 14
PAGE 19
PENINSULAR LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1971) UNITED BENEFIT LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1970 527 83,120,449.00 Policies issued during 1971 63 909,107.00 Total 590 $4,029,556.00 Ceased to be in force diu-ing 1971 2 (-) 316,139.00 Policies in force December 31, 1971 588 $4,345,695.00 Losses and claims: Unpaid December 31, 1970 1 $2,000.00 Incurred during 1971 2 5,227.88 Total 3 $7,227.88 Setded during 1971 2 5,227.88 Unpaid December 31, 1971 1 $2,000.00 Group Policies in force December 31, 1970 2 $139,341,738.00 Policies issued during 1971 1 128,339,900.00 Total 3 $267,681,638.00 Ceased to be in force during 1971 2 140,187,088.00 Policies in force December 31, 1971 1 $127,494,550.00 Losses and claims: Unpaid December 31, 1970 2 $3,250.00 Incurred during 1971 112 464,750.00 Total 114 $468,000.00 Settled during 1971 110 435,000.00 Unpaid December 31, 1971 4 $33,000.00 Net premiums collected in Canal Zk>ne during 1971: Life Insurance $762,932.31 Accident and Health 70,126.06 Total $833,058.37 Premium tax paid in Canal Zone $12,495.88 15
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UNITED SERVICES LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1970 209 $2,362,510.00 Policies issued during 1971 236 2,486,500.00 Total 445 $4,849,010.00 Ceased to be in force during 1971 109 1,138,482.00 Policies in force December 31, 1971 336 $3,710,528.00 Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 0.00 Total $0.00 Settled during 1971 0.00 Unpaid December 31, 1971 $0.00 Group— None Net premiums collected in Canal Zone during 1971: Life Insurance $58,371.55 Accident and Health O.CO Total $58,371.55 Premium tax paid in Canal Zone $875.57 UNITED STATES LIFE INSURANCE COMPANY Ordinary Number Policies in force December 31, 1970 18 Policies issued during 1971 Total 18 Ceased to be in force during 1971 4 Policies in force December 31, 1971 14 Losses and claims: Unpaid December 31, 1970 Incurred during 1971 Total Settled during 1971 Unpaid December 31, 1971 Amount $308,485.00 23.00 $308,508.00 160,959.00 $147,549.00 $0.00 0.00 $0.00 0.00 $0.00 16
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Group Policies in force December 31, 1970 1 Policies issued during 1971 Total 1 Ceased to be in force during 1971 Policies in force December 31, 1971 1 Losses and claims: Unpaid December 31, 1970 Incun-ed during 1971 1 Total 1 Settled during 1971 1 Unpaid December 31, 1971 Net premiums collected in Canal Zone during 1971 : Life Insurance Accident and Health Total Premium tax paid in Canal Zone WABASH LIFE INSURANCE COMPANY (\o transactions in Canal Zone during 1971) WORLD SERVICE LIFE INSURANCE COMPANY Ordinary Number Policies in force December 31, 1970 61 Policies issued during 1971 6 Total 67 Ceased to be in force during 1971 1 Policies in force December 31, 1971 66 Losses and claims: Unpaid December 31, 1970 Incurred during 1971 Total Setded during 1971 Unpaid December 31, 1971 Group— None Net premiums collected in Canal Zone during 1971 : Life Insurance Accident and Health Total Premium tax paid in Canal Zone $209,000.00 0.00 $209,000.00 194,000.00 $15,000.00 $0.00 1,000.00 $1,000.00 1,000.00 $0.00 $9,078.17 5,952.48 $15,030.65 $225.46 Amount $565,098.00 52,000.00 $617,098.00 7,800.00 $609,298.00 $0.00 0.00 $0.00 0.00 $0.00 $7,587.06 0.00 $7,587.06 $113.81 17
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RECAPITULATION MISCELLANEOUS COMPANIES Net Losses Premiums Paid Accident $0.00 $0.00 Automobile and motor vehicle 370,882.61 128,596.40 Auto comprehensive 6,712.29 3,339.41 Auto collision 88,512.17 54,134.01 Auto liability (B.I.) 235.718.77 220,379.78 Auto property damage 32,037.99 18,954.84 Auto physical damage 121,147.75 59,128.92 Burglary and theft 38,340.00 6,288.31 Extended coverage 124.50 0.00 Fidelity 35,268.00 (Cr.) 139.70 Fire 73,367.46 11,072.30 Glass 50.00 88.00 Group accident and health 4,840,822.42 3,383,025.30 Health and accident (includes hospital and medical) (Cr.) 97,849.18 300,087.44 Inland marine 9.700.76 863.72 Liability other than auto 35,222.76 4,169.00 Miscellaneous 67,240.20 .35,304.90 Ocean Marine 0.00 0.00 Property damage other than auto 0.00 0.00 Surety 108,880.82 184,198.01 Workmen's compensation 216,592.73 126,790.75 Total $6,182,772.05 $4,536,281.39 Premium taxes paid in Canal Zone $93,213.54 LIFE INSURANCE COMPANIES Ordinary Number Amount PoUcies in force December 31, 1970 6,416 $38,446,313.00 Pohcies issued during 1971 454 4,791,378.00 Total 6,870 $43,237,691.00 Ceased to be in force during 1971 1,230 9,597,609.00 Policies in force December 31, 1971 5,640 $33,640,082.00 Losses and claims: Unpaid December 31, 1970 5 $20,650.34 Incurred during 1971 49 161,238.03 Total 54" $181,888.37 Settled during 1971 49 164,888.37 Unpaid December 31, 1971 5 $17,000.00 18
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Group Number Amount Policies in force December 31, 1970 4 $139,978,341.00 Policies issued during 1971 1 128,339,900.00 Total 5 $268,318,241.00 Ceased to be in force during 1971 2 140,343,151.00 Policies in force December 31, 1971 3 $127,975,090.00 Losses and claims: Unpaid December 31, 1970 2 $3,250.00 Incurred during 1971 113 465,750.00 Total 115 $469,000.00 Settled during 1971 . 111 436,000.00 Unpaid December 31, 1971 4 $33,000.00 Net premiums collected in Canal Zone during 1971: Life Insurance $1,576,384.39 Accident and Health 132,892.14 Total $1,709,276.53 Premium tax paid in Canal Zone $25,638.83 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, 1971. Value of Amount of property damage involved by fire Panama Canal Company $18,576,750.45 $15,059.88 Canal Zone Government 2,478,491.57 1,772.00 Other U.S. Government 108,000.00 10.00 U.S. Armed Forces 10,067,405.05 63,037.40 Ships in Canal waters 79,215,503.01* 33,021.00' Private property other than above 3,917,315.58 26,884.87 Total $114,363,465.66 $139,785.15 " Complete figures unavailable. The following is an extract from Title 2 of the Canal Zone Code, as revised eflFective January 2, 1963, pertaining to the licensing of foreign corporations under which insurance companies are authorized to do business in the Canal Zone. 19
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CANAL ZONE CODE-TiUe 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 imtil 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 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 wdthin 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 Covernment, 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 Hcense 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 companv is authorized to tiMnsact business in the State or countiy under whose laws the company is organized; 20
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(2) A duly certified copy of the last annual statement of the insurance company to an authorized official in the State or coxmtry 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 Covernment before March 1 of each year a verified statement showing the business transacted within the Canal Zone by the company during the previous calendar year and a duly certified copy of its annual report to an authorized official of the State or country in which the company is organized. Upon a showing of good cause therefor, the executive secretary may extend the time for filing the statement for a period not exceeding two months after March 1. An insurance company licensed pursuant to this chapter shall pa\' 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 IVz percent of its net premium receipts in the Canal Zone for the preceeding calendai' 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 desiied to be transacted is proper, legitimate and permissible under the laws of the Canal Zone, and not in conflict with the policy of administering the Canal Zone as an adjunct of the Panama Canal he may issue a license to do business in the Canal Zone. Sec. 876. Continuance after first license period.— The right of a corporation to continue to do business for the calendar year, and the successive calendar years, after the calendar year during which the original hcense was issued, shall be contingent upon: (1) Compliance with the provisions of this chapter applicable to corporations licensed imder 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. Revocatioii of liceiise.-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 —Corporsiiions 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. 21
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Sec. 879. Penalties for violation; validity of cantracts.— {a.) A corporation which does business in tlie Canal Zone without having complied with this chapter shall be fined not more than $500. (b) Whoever acts as an ofiicer of, or agent for, a corporation which has not complied with this chapter, shall be fined not more than $100 or imprisoned in jail not more than 30 days, or both. (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 tiiis title. Sec. 881. Surrender of license to do business.— {^) A corporation hcensed 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 tieasurer, 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 Ucense has been lost or destroyed, if such is tlie 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 Coveniment; (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 certfficate of surrender of license does not revoke the appointment of any agent for the ser\'ice 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. 22
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(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. 40316—550 23
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