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CANAL ZONE GOVERNMENT
ANNUAL REPORT
OF
INSURANCE
BUSINESS
in the
AL
ZONE
THE CALENDAR YEAR
1972
Including Laws Concerning Licensing
Of Insurance Companies
CANAL ZONE GOVERNMENT
ANNUAL REPORT
OF
INSURANCE BUSINESS
transacted in the
CANAL ZONE
DURING
THE CALENDAR
YEAR
1972
Including Laws Concerning Licensing
Of Insurance Companies
Digitized by the Internet Archive
in 2009 with funding from
University of Florida, George A. Smathers Libraries
http://www.archive.org/details/annualreportofin1972cana
CANAL ZONE GOVERNMENT
OFFICE OF THE GOVERNOR
BALBOA HEIGHTS, June 1, 1973.
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 1972.
Respectfully,
J. PATRICK CONLEY,
Executive Secretary.
The following companies were authorized to transact business in the Canal
Zone during the year 1972.
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, Ill.
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.
Compafnia General de Seguros, S.A.--_ --------------Panama, R. of P.
Compafiia Interamericana de Seguros, S.A. ----------Panama, R. of P.
Compafila Internacional de Seguros, S.A. ------------Panama, R. of P.
Compafia Istmefia de Seguros, S.A. -----------------Panama, R. of P.
Compafnia Nacional de Seguros, S.A. ----------------Panama, R. of P.
Continental Casualty Company ----------------------_ Chicago, Ill.
Continental Insurance Company -------------------_New York, N.Y.
Executive Fund Life Insurance Co. ---------------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.
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 Surety Corporation2 __ ------------------------Chicago, Ill.
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.
1National Surety Corporation (New York) merged into Fireman's Fund Insurance Company
of Illinois effective December 31, 1972, with Fireman's Fund being the surviving corporation.
Simultaneously, Fireman's Fund changed its name to National Surety Corporation, an Illinois
corporation.
2National Surety Corporation (formerly Fireman's Fund Insurance Company of Illinois)
licensed to do business in the Canal Zone October 6, 1972. See note 1 above.
AETNA CASUALTY AND SURETY COMPANY
(No transactions in Canal Zone during 1972)
AMERICAN EMPLOYERS' INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
AMERICAN HOME ASSURANCE COMPANY
Net
Premiums
Fire -- ---------------------------- $24,236.58
Motor Vehicle- -_---------------------- 320,892.76
Workmen's compensation ------------------ 56,699.54
Miscellaneous _------------------------ 35,749.28
Total_ ---------------------------- $437,578.16
Premium tax paid in Canal Zone_ --------------$6,563.67
Losses
Paid
$31,671.32
126,547.15
29,927.28
8,701.86
$196,847.61
AMERICAN MOTORISTS INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
COLONIAL INSURANCE COMPANY
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 -
Surety -----_
Total -------
Premium tax paid in Canal Zone -----------
OF PANAMA
Net
Premiums
$518.50
58,464.94
33,138.02
16,296.53
6,547.91
36,343.87
2,080.33
1,189.57
786.40
264.70
$155,630.77
$2,334.46
Losses
Paid
$0.00
6,048.49
22,581.62
1,055.93
2,752.79
20,252.43
0.00
100.00
0.00
0.00
$52,791.26
COMPASIA GENERAL DE SEGUROS, S.A.
Fire ---------------------------
Surety ---_----------------
Liability other than auto
Workmen's compensation
Auto comprehensive
Auto liability (B.I.)- -_
Auto collision _
Auto property damage
Extended coverage
Hospital and medical- -
Total-
Premium tax paid in Canal Zone
Net
Premiums
$1,026.40
5,135.85
495.89
2,991.51
186.32
513.85
499.50
318.71
86.18
83.00
$11,337.21
$170.06
COMPARIA INTERAMERICANA DE SEGUROS, S.A.
Net
Premiums
Automobile -------------- ---------- $8,948.11
Fire ------------------------- 1,258.00
Liability other than auto -------------------7,773.06
Miscellaneous -- ----------------------- 2,223.40
Surety- 4,085.25
Workmen's compensation- --------- 44,863.57
Total -- --- -------- ------ $69,151.39
Premium tax paid in Canal Zone -------.----- $1,037.27
COMPAMIA INTERNATIONAL DE SEGUROS, S.A.
Net
Premiums
Fire_ -- -----------------------------$881.00
Surety --------------- -----------17,369.00
Automobile -------------------- 15,570.00
Total ---------------- ----- $33,820.00
Premium tax paid in Canal Zone ------------ $507.30
Losses
Paid
$655.77
0.00
5,347.65
0.00
0.00
35,645.15
$41,648.57
Losses
Paid
$0.00
0.00
0.00
$0.00
COMPAMIA ISTMEFA DE SEGUROS, S.A.
(No transactions in Canal Zone during 1972)
COMPANIA NATIONAL DE SEGUROS, S.A.
(No transactions in Canal Zone during 1972)
Losses
Paid
$0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
$10.00
CONTINENTAL CASUALTY COMPANY
Net
Premiums
Auto physical damage --------------$0.00
Accident and health ---------------------563.04
Group accident and health -------- --------8,623.64
Total- -- -----------------------$9,186.68
Premium tax paid in Canal Zone ------------$137.80
CONTINENTAL INSURANCE COMPANY
Fire __-_-_ ------ ------------------
Miscellaneous
Workmen's compensation
Auto liability- ( Cr.)
Surety __ -
Total --------------------
Premium tax paid in Canal Zone
FIDELITY AND CASUALTY COMPANY
Miscellaneous
Total ---------- --
Premium tax paid in Canal Zone
Net
Premiums
$38.00
33.28
1,327.00
2.00
10.00
$1,406.28
$21.09
OF NEW YORK
Net
Premiums
$539.00
$539.00
$8.09
Losses
Paid
$420.65
0.00
1,580.00
$2,000.65
Looes
Paid
$0.00
0.00
0.00
0.00
0.00
$0.00
Losses
Paid
$0.00
$0.00
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
(No transactions in Canal Zone during 1972)
GENERAL INSURANCE COMPANY OF AMERICA
(No transactions in Canal Zone during 1972)
GREAT AMERICAN INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
HARTFORD ACCIDENT AND INDEMNITY COMPANY
Net
Premiums
Workmen's compensation --------------- $181.00
Liability other than auto (B.I.)------- ((Cr.) 318.00
Fire --------- ---------------------- 39.00
Auto liability (B.I.) --------------------- 31.60
Miscellaneous ( Cr.) 43.00
Auto physical damage --------------------- 87.00
Inland marine ------------------------- 25.00
Total ---- ---_ $2.60
Premium tax paid in Canal Zone ------------- $0.00
Losses
Paid
$160.00
0.00
0.00
1,490.54
0.00
675.00
0.00
$2,325.54
INSURANCE COMPANY OF NORTH AMERICA
Net
Premiums
Miscellaneous _---------- ------------ $1,397.00
Total _-_---------- ---------- $1,397.00
Premium tax paid in Canal Zone ------------- $20.96
INTERNATIONAL SERVICE INSURANCE COMPANY
Net
Premiums
Auto liability -------------------------- $18,482.50
Auto physical damage ----------------- 25,364.30
Total_ --------------------------$43,846.80
Premium tax paid in Canal Zone -- -------------$657.70
THE LIBERTY MUTUAL INSURANCE
Health and accident
Liability other than auto (B.I.) --
Auto liability (B.I.) ------
Total --------
Premium tax paid in Canal Zone -----------
COMPANY
Net
Premiums
$121.00
208.00
4.00
$333.00
$5.00
Losses
Paid
$0.00
$0.00
Losses
Paid
$11,304.95
17,124.30
$28,429.25
Losses
Paid
$0.00
0.00
0.00
$0.00
MARYLAND CASUALTY COMPANY
Accident only _____
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
$994.96
1,877.69
2,456.75
77,700.50
14,115.40
1,947.00
43,544.00
50.00
5,750.00
7,891.00
70,579.01
53,761.50
6,327.50
903.50
$287,898.81
$4,318.48
Losses
Paid
$398.50
1,973.78
173.20
23,022.70
813.13
1,545.20
0.00
0.00
4,277.43
390.00
46,339.64
23,819.24
0.00
0.00
$102,752.82
MUTUAL OF OMAHA INSURANCE COMPANY
Net Losses
Premiums Paid
Group accident and health ------------ -- $5,001,616.30 $4,573,477.99
Individual and health- -- --- ---------- 254,778.53 809,239.64
Total ------- ------------------- $5,256,394.83 $5,382,717.63
Premium tax paid in Canal Zone ------------ $78,845.92
NATIONAL SURETY CORPORATION (New York)
(No transactions in Canal Zone during 1972)
NATIONAL SURETY CORPORATION (Illinois)
(No transactions in Canal Zone during 1972)
NATIONAL UNION FIRE INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
PANAMA INSURANCE COMPANY
Workmen's compensation -----------------
Liability other than auto
Fire
Surety- _
Automobile ---------------------------
Miscellaneous ---------
Total
Premium tax paid in Canal Zone-------------
Net
Premiums
$67,295.35
11,659.59
1,887.00
6,127.88
13,422.17
3,335.10
$103,727.09
$1,555.91
Losses
Paid
$53,467.71
8,021.48
0.00
(Cr.) 10,967.69
983.66
7,715.40
$59,220.57
RELIANCE INSURANCE COMPANY
Fire ( ----------------------------(Cr.)
Miscellaneous ( -- --------------------(Cr.)
Inland marine
Total -------------
Premium tax paid in Canal Zone
Net
Premiums
$11.00
37.79
146.00
$97.21
$1.46
ROYAL INDEMNITY COMPANY
Fire ------------------------------
Miscellaneous -------
Workmen's compensation
Liability other than auto
Auto liability ( --------------------(Cr.)
Surety------------------------ ( Cr.)
Total- ----------------------- (Cr.)
Premium tax paid in Canal Zone ------------
Net
Premiums
$94.00
43.00
354.00
53.81
132.00
1,618.00
$1,205.19
$0.00
Losses
Paid
(Cr.) $5,723.83
0.00
0.00
0.00
0.00
(Cr.) 24,016.39
(Cr.) $29,740.22
Losses
Paid
$0.00
0.00
0.00
$0.00
SEABOARD SURETY COMPANY
(No transactions in Canal Zone during 1972)
TRANSAMERICA INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
TRAVELERS INDEMNITY COMPANY
SL ^ - - - - - - - - - - - - - - -
Total -------
Premium tax paid in Canal Zone
Net
Premiums
$9,223.00
$9,223.00
$138.35
UNITED STATES FIDELITY AND GUARANTY COMPANY
Auto collision -- ---------- --
Fire .._---------------- -------
Inland marine --------
kccident and health
Workmen's compensation --- --
Liability other than auto (B.I.)-
Auto liability (B.I.)
Auto physical damage
Fidelity ___-_
Surety _- -- -
Burglary and theft
Miscellaneous --- --- -- _-----------
Glass
Total
Premium tax paid in Canal Zone
Net
Premiums
$57,057.00
15,460.00
208.00
1,367.86
23,352.00
8,555.00
122,501.00
32,799.00
5,767.00
940.00
9,833.00
57,818.00
20.00
$335,677.86
$5,035.17
Losses
Paid
$47,568.61
0.00
50.00
314.28
5,928.94
750.00
32,026.19
7,241.49
0.00
0.00
5,036.19
59.82
0.00
$98,975.52
AMERICAN-AMICABLE LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1971 -------------
Policies issued during 1972 _--------------------
Total
Ceased to be in force during 1972 -----------_ _----
Policies in force December 31, 1972
Losses and claims:
Unpaid December 31, 1971
Incurred during 1972 -------------------
Total--------_ --------------------
Settled during 1972
Unpaid December 31, 1972 ----------------
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
$0.00
$0.00
GROUP-None
Net premiums collected in Canal Zone during 1972:
Life Insurance -----------------------------
Accident and Health ------- ----------------
Total- _- ------------------------------
Premium tax paid in Canal Zone --------------------
AMERICAN CAPITOL INSURANCE COMPANY
ORDINARY
Number
$1,962.02
0.00
$1,962.02
$29.43
Amount
Policies in force December 31, 1971 ------------- 792 $3,434,161.00
Policies issued during 1972 ------------------- 126 44,930.00
Total _-- --------------------------918 $3,479,091.00
Ceased to be in force during 1972 --------------- 97 267,784.00
Policies in force December 31, 1972 ------------- 821 $3,211,307.00
Losses and claims:
Unpaid December 31, 1971 --------------- 0 $0.00
Incurred during 1972 ------------------- 5 33,012.38
Total ------------------------ 5 $33,012.38
Settled during 1972 -------------------- 3 12,900.00
Unpaid December 31, 1972 ----------------_ 2 $20,112.38
GRouP-None
Net premiums collected in Canal Zone during 1972:
Life Insurance ------------------ ------- $101,756.16
Accident and Health- ------------------------- 6,880.79
Total --------------------------$108,636.95
Premium tax paid in Canal Zone -------------------- $1,629.55
AMERICAN CONTINENTAL LIFE INSURANCE COMPANY
ORDINARY
Number Amount
Policies in force December 31, 1971 ------------- 1 $24,000.00
Policies issued during 1972_ ----------------0 0.00
Total _---------------------------- 1 $24,000.00
Ceased to be in force during 1972 --------------- 0 0.00
Policies in force December 31 1972 -------------1 $24,000.00
Losses and claims:
Unpaid December 31, 1971 -
Incurred during 1972 --------------------
Total _--------------------------
Settled during 1972
Unpaid December 31, 1972 ----------------
9
0
0
0
0
0
$0.00
0.00
$0.00
0.00
$0.00
GROUP-None
Net premiums collected in Canal Zone during 1972:
Life Insurance ----------------------------- $727.06
Accident and Health ---------------------------------- 48.00
Total --------------------------------- $775.06
Premium tax paid in Canal Zone ----------- --------- $11.63
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY
OF NEW YORK
(Figures unavailable)
ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO
(No transactions in Canal Zone during 1972)
BANKERS LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Policies in force December 31, 1971
Policies issued during 1972. _. ... .--.-- -----
Total ---------------------------
Ceased to be in force during 1972
Policies in force December 31, 1972
Losses and claims:
Unpaid December 31, 1971
Incurred during 1972
Total
Settled during 1972
Unpaid December 31, 1972
Number
824
0
824
80
744
4
4
8
6
2
GROUP-None
Net premiums collected in Canal Zone during 1972:
Life Insurance ----------------------------.
Accident and Health
Total ---------------------------------
Premium tax paid in Canal Zone
Amount
$3,320,862.00
0.00
$3,320,862.00
234,410.00
$3,086,452.00
$15,000.00
10,308.00
$25.308.00
12,808.00
$12,500.00
$99,085.61
0.00
$99,085.61
$1,486.28
BENEFICIAL NATIONAL LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
EXECUTIVE FUND LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
CITIZENS STANDARD LIFE INSURANCE
ORDINARY
COMIC
Number
Policies in force December 31, 1971 _----------- 1,338
Policies issued during 1972 ------------------ 0
Total ------------------------------- 1,338
Ceased to be in force during 1972 ------------------ 187
Policies in force December 31, 1972 ------------- 1,151
Losses and claims:
Unpaid December 31, 1971-------------- 0
Incurred during 1972------ ----------- 5
Total---------------------------- 5
Settled during 1972--------------------- 5
Unpaid December 31, 1972- ---------------- 0
GRoup-None
Net premiums collected in Canal Zone during 1972:
Life Insurance --------
Accident and Health
Total .
Premium tax paid in Canal Zone ---------
?ANY
$4
$4
$4
Amount
,706,492.00
0.00
),706,492.00
655,621.00
),050,871.00
$0.00
15,314.00
$15,314.00
15,314.00
$0.00
$133,676.08
41,674.07
$175,350.15
$2,630.25
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1971
Policies issued during 1972------------------
Total -------------.
Ceased to be in force during 1972
Policies in force December 31, 1972
Losses and claims:
Unpaid December 31, 1971
Incurred during 1972_ ------------------
Total _----------------------------
Settled during 1972_ _-- --
Unpaid December 31, 1972 ----------------
Number
0
0
0
0
0
0
0
0
0
0
Amount
$0.00
0.00
$0.00
0.00
$0.00
$0.00
0.00
$0.00
0.00
$0.00
GROUP-None
Net premiums collected in Canal Zone during 1972:
Life Insurance ------------------------------- $21,873.22
Accident and Health ---------------------------------0.00
Total_ ------------------------------------ $21,873.22
Premium tax paid in Canal Zone ------- ------------- $328.10
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Number Amount
Policies in force December 31, 1971 -------------1,069 $8,572,231.00
Policies issued during 1972 ------------------- 68 1,327,150.00
Total ---_ -- -------------------- 1,137 $9,899,381.00
Ceased to be in force during 1972 ---------------103 1,003,979.00
Policies in force December 31, 1972 ------------- 1,034 $8,895,402.00
Losses and claims:
Unpaid December 31, 1971 --- _
Incurred during 1972_ _
Total -------------------------
Settled during 1972 --_
Unpaid December 31, 1972 __ ___
0
22
22
22
0
GROUP-None
Net premiums collected in Canal Zone during 1972:
Life Insurance- _---------------------------
Accident and Health
Total _--------------------
Premium tax paid in Canal Zone
JACKSON NATIONAL LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1971
Policies issued during 1972 ....
Total -------- ---- -
Ceased to be in force during 1972
Policies in force December 31, 1972_
Losses and claims:
Unpaid December 31, 1971
Incurred during 1972 _- _- _-----------
Total _- - ----------------------
Settled during 1972 _-_ _- -- -- ---------
Unpaid December 31, 1972 _- _--- --------
12
Number
2
0
2
0
2
0
0
0
0
0
$0.00
92,929.35
$92,929.35
92,929.35
$0.00
$203,813.89
0.00
$203,813.89
$3,057.21
Amount
$43,650.00
0.00
$43,650.00
0.00
$43,650.00
$0.00
0.00
$0.00
0.00
$0.00
GROUP-None
Net premiums collected in Canal Zone during 1972:
Life Insurance ----
Accident and Health __-________
Total ---------- ____ ____
Premium tax paid iri Canal Zone --------_________-
LINCOLN NATIONAL LIFE INSURANCE
ORDINARY
Policies in force December 31, 1971
Policies issued during 1972 ____
Total -------_-_-_____-
Ceased to be in force during 1972
Policies in force December 31, 1972
Losses and claims:
Unpaid December 31, 1971- -.
Incurred during 1972 ------------------
Total ------------------------------
Settled during 1972 --------------------
Unpaid December 31, 1972
GROUP
COMPANY
Number
488 $3
0
488 $:
58
430 $
0
5
5
5
0
Amount
3,334,924.00
0.00
3,334,924.00
360,273.00
2,974,651.00
$0.00
42,012.00
$42,012.00
42,012.00
$0.00
Policies in force December 31, 1971------------ 0
Policies issued during 1972 __- ------ --- ----- 0
Total ---- ---------------------- 0
Ceased to be in force during 1972 --------------- 0
Policies in force December 31, 1972------------ 0
Losses and claims:
Unpaid December 31, 1971 ---- -- 0
Incurred during 1972----------------- 0
Total ----------------------- 0
Settled during 1972_--------------- 0
Unpaid December 31, 1972----------------- 0
Net premiums collected in Canal Zone during 1972:
Life Insurance --------------------- -----
Accident and Health ----------
Total --------------------------------
Premium tax paid in Canal Zone
$21,160.00
0.00
$21,160.00
(1,074.00)
$22,234.00
$0.00
0.00
$0.00
0.00
$0.00
$72,530.35
478.69
$73,009.04
$1,095.14
$756.97
0.00
$756.97
$11.35
PAN-AMERICAN LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1971 ----------- 107
Policies issued during 1972 -------------- 7
Total ----- -------- ----------- 114
Ceased to be in force during 1972_ ----------- 11
Policies in force December 31, 1972 ------------- 103
Losses and claims:
Unpaid December 31, 1971 0
Incurred during 1972--- 0-
Total _------- ------------------- 0
Settled during 1972 -------------------- 0
Unpaid December 31, 1972_ ---------------- 0
GRoup-None
Net premiums collected in Canal Zone during 1972:
Life Insurance ----
Accident and Health -----
Total _----------------------------------
Premium tax paid in Canal Zone- -------------------
Amount
$1,182,990.00
127,500.00
$1,310,490.00
95,399.00
$1,215,091.00
$0.00
0.00
$0.00
0.00
$0.00
$39,641.73
0.00
$39,641.73
$594.63
PENINSULAR LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
UNITED BENEFIT LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1971
Policies issued during 1972 -------------------
Total ---------------------------
Ceased to be in force during 1972 ---------------
Policies in force December 31, 1972
Losses and claims:
Unpaid December 31, 1971
Incurred during 1972 --------------
Total --------------------------
Settled during 1972_
Unpaid December 31, 1972
Number
588
32
620
116
504
1
1
2
1
1
Amount
$4,345,695.00
280,032.00
$4,625,727.00
1,330,099.00
$3,295,628.00
$2,000.00
3,000.00
$5,000.00
3,000.00
$2,000.00
GROUP
Policies in force December 31, 1971
Policies issued during 1972 ..--
Total _-------------
Ceased to be in force during 1972
Policies in force December 31, 1972
Losses and claims:
Unpaid Decembei 31, 1971-- -- ---
Incurred during 1972
Total _------__-
Settled during 1972
Unpaid December 31, 1972
Net premiums collected in Canal Zone during 1972:
Life Insurance ------- ------- ------ ----
Accident and Health --------
Total -------------------- -- -_________
Premium tax paid in Canal Zone -------
1
0
1
0
1
4
138
142
136
6
UNITED SERVICES LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1971 ------ -----
Policies issued during 1972 ---------------------
Total ------------- ------
Ceased to be in force during 1972 ----------------
Policies in force December 31, 1972
Losses and claims:
Unpaid December 31, 1971 _.
Incurred during 1972 _
Total ---------------
Settled during 1972_
Unpaid December 31, 1972
GROUP
Policies in force December 31, 1971 -----------
*Policies issued during 1972 ___
Total ---------------------------
Ceased to be in force during 1972----------- -----
Policies in force December 31, 1972
Number
336
168
504
112
392
0
0
0
0
0
Number
0
7
7
0
7
$127,494,550.00
0.00
$127,494,550.00
(-) 597,200.00
$128,091,750.00
$33,000.00
692,000.00
$725,000.00
680,000.00
$45,000.00
$769,753.61
73.972.20
$843,725.81
$12,655.88
Amount
$3,710,528.00
2,013,000.00
$5,723,528.00
1,333,500.00
$4,390,028.00
$0.00
0.00
$0.00
0.00
$0.00
Amount
$0.00
74,343.00
$74,343.00
0.00
$74,343.00
Losses and claims:
Unpaid December 31, 1971--------------- 0
Incurred during 1972 -- ------------------- 0
Total _---------------------------- 0
Settled during 1972 -------------------- 0
Unpaid December 31, 1972-------------- 0
Net premiums collected in Canal Zone during 1972:
Life Insurance----------------- ------------..
Accident and Health __
Total -----------------
Premium tax paid in Canal Zone -------_
*Increase due to new residents.
$0.00
0.00
$0.00
0.00
$0.00
$79,818.18
0.00
$79,818.18
$1,197.27
UNITED STATES LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1971
Policies issued during 1972 __--------
Total ----_------ ------ -----
Ceased to be in force during 1972
Policies in force December 31, 1972
Losses and claims:
Unpaid December 31, 1971 -------------
Incurred during 1972
Total ------------
Settled during 1972 ---- ------------
Unpaid December 31, 1972 -----------..--
Number
14
0
14
3
11
0
1
1
1
0
Amount
$147,549.00
23.00
$147,572.00
20,000.00
$127,572.00
$0.00
5,000.00
$5,000.00
5,000C00
$0.00
GROUP
Policies in force December 31, 1971
Policies issued during 1972 _-------------------
Total-__ -------------------------
Ceased to be in force during 1972
Policies in force December 31, 1972 -------------
Losses and claims:
Unpaid December 31, 1971 ---------------
Incurred during 1972 -------------------
Total ------------------------------
1
0
1
0
1
$15,000.00
0.00
$15,000.00
(-) 165,212.00
$180,212.00
0 $0.00
0 0.00
0 $0.00
Settled during 1972 -------------------- 0
Unpaid December 31, 1972 ---------------- 0
Net premiums collected in Canal Zone during 1972:
Life Insurance
Accident and Health
Total
Premium tax paid in Canal Zone- ---------- -- ---
WABASH LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
WORLD SERVICE LIFE INSURANCE COMPANY
ORDINARY
Number
0.00
$0.00
$7,586.07
29.70
$7,615.77
$114.24
Amount
$609,298.00
64,849.00
$674,147.00
614,698.00
$59,449.00
$0.00
2,500.00
$2,500.00
2,500.00
$0.00
$0.00
53,259.00
$53,259.00
0.00
$53,259.00
$0.00
0.00
$0.00
0.00
$0.00
$1,584.66
0.00
$1,584.66
$23.77
Policies in force December 31, 1971 ------------- 66
Policies issued during 1972 -------------------- 5
Total___--- __------------------ 71
Ceased to be in force during 1972 ---------------67
Policies in force December 31, 1972------------ 4
Losses and claims:
Unpaid December 31, 1971 -- ------- 0
Incurred during 1972 1
Total - -----_--------- 1
Settled during 1972 1
Unpaid December 31, 1972 ---------------- 0
GROUP
Policies in force December 31, 1971------------ 0
Policies issued during 1972 _- .-------------- 0
Total _---- ----__ --------------- 0
Ceased to be in force during 1972-------------- 0
Policies in force December 31, 1972------------ 0
Losses and claims:
Unpaid December 31, 1971 ------------- 0
Incurred during 1972 _ _ ------------ 0
Total- -_-------------------------- 0
Settled during 1972_ _-- ------------- 0
Unpaid December 31, 1972_ ____----------- 0
Net premiums collected in Canal Zone during 1972:
Life Insurance ----------------------------
Accident and Health
Total _---------------------------------
Premium tax paid in Canal Zone --------------------
17
RECAPITULATION
MISCELLANEOUS COMPANIES
Accident
Automobile and motor vehicle
Auto comprehensive - - -
Auto collision - -
Auto liability (B.I.)
Auto property damage- - - - - - - - -
Auto physical damage- -- --------------
Burglary and theft- -- - - ------
Extended coverage ---------- - - - - -
Fidelity---------------------
Fire-------- ---------------------
Glass----.------------------------
Group accident and health - - - - -
Health and accident (includes
hospital and medical)
Inland marine
Liability other than auto .
Miscellaneous _
Ocean Marine -------- -
Property damage other than auto
Surety- - - -
Workmen's compensation
Total- -----
Premium taxes paid in Canal Zone
Net
Premiums
$994.96
375,129.57
6,734.23
93,900.37
277,564.39
33,543.73
111,924.80
16,772.57
86.18
7,714.00
53,316.81
70.00
5,012,696.69
258,791.12
8,270.00
43,061.25
102,747.17
0.00
0.00
85,081.68
267,642.98
$6,756,042.50
$101,358.69
Losses
Paid
$398.50
129,242.51
50,321.40
20,252.43
73,892.87
22,581.62
49,280.68
9,413.62
0.00
1,545.20
25,947.49
0.00
4,575,231.19
811,527.70
440.00
14,932.26
16,477.08
0.00
0.00
(Cr.)34,984.08
171,478.73
$5,937,979.20
LIFE INSURANCE COMPANIES
ORDINARY
Policies in force December 31, 1971
Policies issued during 1972 -- ---
Total --__-_ ----------
Ceased to be in force during 1972
Policies in force December 31, 1972
Losses and claims:
Unpaid December 31, 1971
Incurred during 1972 _-
Total ---------- -- ---
Settled during 1972_ _
Unpaid December 31, 1972 --
Number
5,639
406
6,045
834
5,211
5
44
49
44
5
Amount
$33,540,082.00
3,857,484.00
$37,397,566.00
5,915,763.00
$31,481,803.00
$17,000.00
204,075.73
$221,075.73
186,463.35
$34,612.38
GRouP
Policies in force December 31, 1971 ____ ----
Policies issued during 1972 _----------------
Total
Ceased to be in force during 1972- _-----
Policies in force December 31, 1972
Losses and claims:
Unpaid December 31, 1971
Incurred during 1972 ____
Total ------------------
Settled during 1972 --_----
Unpaid December 31, 1972_
Net premiums collected in Canal Zone during 1972:
Nu mber
2
7
9
0
9
4
138
142
136
6
Life Insurance
Accident and Health- ------------------------
Total ---------------------------------
Premium tax paid in Canal Zone
Amount
$127,530,710.00
127,602.00
$127,658,312.00
(763,486.00)
$128,421,798.00
$33,000.00
692,000.00
$725,000.00
680,000.00
$45,000.00
$1,534,565.61
123,083.45
$1,657,649.06
$24,864.73
The following is an extract from Title 2 of the Canal Zone Code, as revised
effective January 2, 1963, pertaining to the licensing of foreign corporations
under which insurance companies are authorized to do business in the
Canal Zone.
CANAL ZONE CODE-Title 2, Chapter 61
SEC. 871. Corporation; joint stock company.-As used in this chapter,
"corporation" includes joint stock companies.
SEC. 872. Application for license to do business; service of process;
filing fee.-(a) A corporation organized under the laws of a State of the
United States or of a foreign country may not do business in the Canal Zone
or maintain an office therein until it has filed with the executive secretary of
the Canal Zone Government:
(1) An application for a license setting forth:
A. The name of the corporation;
B. The names of its officers and directors; and
C. The general nature of the business in which it desires to
engage in the Canal Zone;
(2) A copy, duly certified by the officer authorized by law to certify
it, of the:
A. Articles of incorporation;
B. Charter; or
C. Statutory, executive, or governmental acts creating the
corporation, when it has been so created;
(3) An affidavit sworn by an authorized officer of the corporation
stating the amount of its authorized capital stock at or within 60 days
prior to the filing.
(4) A designation of a person residing within the Canal Zone upon
whom process issued under any law of the Canal Zone may be served,
and his place of business or residence, and a certified copy of the minutes
of the board of directors of the corporation authorizing the designation.
(b) Process served on the person designated by the corporation or, if he
can not be found at the place designated, or if a person is not designated,
on the executive secretary of the Canal Zone Government, is a valid service
on the corporation. When the executive secretary is served with process he
shall without delay communicate the same to the corporation concerned at
its last known address. A default judgment may not be entered against the
corporation in an action in which process is served on the executive secretary
until at least 60 days after the date of the service.
(c) A corporation licensed pursuant to this chapter shall also file with
the executive secretary any change in the provisions of its original articles
of incorporation.
(d) With the application for license there shall also be paid $10, which
shall cover the filing fee and annual license fee for the remainder of the
calendar year during which the license is issued.
SEC. 873. Additional requirements for insurance companies.-In addition
to the other requirements of this chapter, an insurance company organized
under the laws of a State of the United States or of a foreign country shall
file the following documents: (1) A certificate of an authorized official,
showing that the company is authorized to transact business in the State or
country under whose laws the company is organized;
(2) A duly certified copy of the last annual statement of the insurance
company to an authorized official in the State or country where the company
is organized;
(3) A deposit with the executive secretary of the Canal Zone Government
of $10,000 in cash or current marketable securities, which shall be held in
trust by the executive secretary for the account of the company, to satisfy
any judgment that may be rendered against the company, under insurance
policies that it may issue.
SEC. 874. Annual statement and license tax for insurance companies.-
An insurance company licensed pursuant to this chapter shall file with the
executive secretary of the Canal Zone Government before March 1 of each
year a verified statement showing the business transacted within the Canal
Zone by the company during the previous calendar year and a duly certified
copv 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 I.
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 12 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;
21.
(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.
45151-550
22
CANAL ZONE GOVERNMENT
ANNUAL REPORT
OF
INSURANCE BUSINESS
transacted in the
CANAL ZONE
DURING THE CALENDAR YEAR
1972
Including Laws Concerning Licensing
Of Insurance Companies
EXECUTIVE FUND LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
CITIZENS STANDARD LIFE INSURANCE COMPANY
ORDINARY
Number Amount
Policies in force December 31, 1971 ------------- 1,338 $4,706,492.00
Policies issued during 1972 ------------------- 0 0.00
Total _----------------- -------- 1,338 $4,706,492.00
Ceased to be in force during 1972 ---------------187 655,621.00
Policies in force December 31, 1972 _-- ------- 1,151 $4,050,871.00
Losses and claims:
Unpaid December 31, 1971 _- ------ --- 0 $0.00
Incurred during 1972 ----------------- 5 15,314.00
Total---------------------------- 5 $15,314.00
Settled during 1972 ----_ _5 15,314.00
Unpaid December 31, 1972 ----------------__ 0 $0.00
GRoUP-None
Net premiums collected in Canal Zone during 1972:
Life Insurance_ ------__--_______________
Accident and Health ._______ _________
Total_ ----------- _______________
Premium tax paid in Canal Zone_ --- ___ _____
$133,676.08
41,674.07
$175,350.15
$2,630.25
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY
ORDINARY
Num
Policies in force December 31, 1971_______
Policies issued during 1972 --_________ -- _____
Total____________________________
Ceased to be in force during 1972 --____
Policies in force December 31, 1972 ______
Losses and claims:
Unpaid December 31, 1971 _________ __
Incurred during 1972 _________-_-------
Total______________--_-----------
Settled during 1972 ---- -------
Unpaid December 31, 1972 -----------
ber Amount
0 $0.00
0 0.00
0 $0.00
0 0.00
0 $0.00
0 $0.00
0 0.00
0 $0.00
0 0.00
O $0.00
Policies in force December 31, 1971_______
Policies issued during 1972_- --- ---.
Total --_____-_____
Ceased to be in force during 1972 ______ __
Policies in force December 31, 1972 ______
Losses and claims:
Unpaid December 31, 1971 --__ ___.
Incurred during 1972_________
Nu mber Amount
2 $127,530,710.00
7 127,602.00
9 $127,658,312.00
0 (763,486.00)
9 $128,421,798.00
4
138
Total -_--- _________ 142
Settled during 1972- ________ 136
Unpaid December 31, 1972 _______ 6
Net premiums collected in Canal Zone during 1972:
Life Insurance..______ _______
Accident and Health--------____ _-
Total_ -------------------------------
Premium tax paid in Canal Zone ---------__ _
$33,000.00
692,000.00
$725,000.00
680,000.00
$45,000.00
$1,534,565.61
123,083.45
$1,657,649.06
$24,864.73
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
CONTINENTAL CASUALTY COMPANY
Net
Premiums
Auto physical damage _------------- ---- $0.00
Accident and health __------------------- 563.04
Group accident and health_ ----------------- 8,623.64
Total------_________ -----_-__- $9,186.68
Premium tax paid in Canal Zone------ ----- $137.80
CONTINENTAL INSURANCE COMPANY
Fire _----------------
Miscellaneous ___________--__---_ ___
Workmen's compensation____ _____
Auto liability ---------------------Cr.)
Surety---------------___-_______
Total_ ________
Premium tax paid in Canal Zone _______
FIDELITY AND CASUALTY COMPANY
Miscellaneous _____________
Total_ ----------______-____
Premium tax paid in Canal Zone ----------_
Net
Premiums
$38.00
33.28
1,327.00
2.00
10.00
$1,406.28
$21.09
OF NEW YORK
Net
Premiums
$539.00
$539.00
$8.09
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
(No transactions in Canal Zone during 1972)
GENERAL INSURANCE COMPANY OF AMERICA
(No transactions in Canal Zone during 1972)
GREAT AMERICAN INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
HARTFORD ACCIDENT AND INDEMNITY COMPANY
Net
Premiums
Workmen's compensation ----------------- $181.00
Liability other than auto (B.I.) ________ (Cr.) 318.00
Fire ____________----------------__ 39.00
Auto liability (B.I.) ___________________ 31.60
Miscellaneous ------- (Cr.) 43.00
Auto physical damage -------------------- 87.00
Inland marine -------------------------- 25.00
Total -_----_____._______ $2.60
Premium tax paid in Canal Zone ------------- $0.00
Losses
Paid
$420.65
0.00
1,580.00
$2,000.65
Lonp$s
Paid
$0.00
0.00
0.00
0.00
0.00
$0.00
Losses
Paid
$0.00
$0.00
Losses
Paid
$160.00
0.00
0.00
1,490.54
0.00
675.00
0.00
$2,325.54
INSURANCE COMPANY OF NORTH AMERICA
Net
Premiums
Miscellaneous_ __ _-- $1,397.00
Total______--- __----__-- _______ $1,397.00
Premium tax paid in Canal Zone- --- __ $20.96
INTERNATIONAL SERVICE INSURANCE COMPANY
Net
Premiums
Auto liability -------------------------$18,482.50
Auto physical damage_ ---------__----_ 25,364.30
Total__________________________ $43,846.80
Premium tax paid in Canal Zone_ ----------_ $657.70
THE LIBERTY MUTUAL INSURANCE COMPANY
Net
Premiums
Health and accident_____ ----------------- $121.00
Liability other than auto (B.I.)_______________ 208.00
Auto liability (B..) ________ -------------4.00
Total. ______ ------------------$333.00
Premium tax paid in Canal Zone -------____ $5.00
MARYLAND CASUALTY COMPANY
Accident only_____________ ____
Accident and health___________
Group accident and health --_-_____
Auto liability____
Liability other than auto ___________
Fidelity___________________________
Surety --------------- - __
Class-----------------------------
Burglary and theft -----_ ---- _-- --
Inland marine______---__ -____-
Workmen's compensation ------___----__
Auto physical damage --- -___- ___ __--
Fire _______________________________
Miscellaneous ___---- _______
Net
Premiums
$994.96
1,877.69
2,456.75
77,700.50
14,115.40
1,947.00
43,544.00
50.00
5,750.00
7,891.00
70,579.01
53,761.50
6,327.50
903.50
Total__________________________ $287,898.81
Premium tax paid in Canal Zone _____--_-__- $4,318.48
Losses
Paid
$0.00
$0.00
Losses
Paid
$11,304.95
17,124.30
$28,429.25
Losses
Paid
$0.00
0.00
0.00
$0.00
Losses
Paid
$398.50
1,973.78
173.20
23,022.70
813.13
1,545.20
0.00
0.00
4,277.43
390.00
46,339.64
23,819.24
0.00
0.00
$102,752.82
2.
CANAL ZONE GOVERNMENT
ANNUALL REPORT
OF
INSURANCE BUSINESS
.ansacted in the
I AL ZONE
THE CALENDAR YEAR
1972
Including Laws Concerning Licensing
Of Insurance Companies
I -
GROUP
Policies in force December 31, 1971-__---------- 1 $1
Policies issued during 1972 _..----------- 0
Total__________-__- -_--_-_-_-- 1 $1
Ceased to be in force during 1972_ _____________ 0 (-
Policies in force December 31, 1972 ___________ 1 $1
Losses and claims:
Unpaid Decembex 31, t971 __ _________ 4
Incurred during 1972 ______________ 138
Total-__-__-_________--_________ 142
Settled during 1972 ---_______ 136
Unpaid December 31, 1972 _______________ 6
Net premiums collected in Canal Zone during 1972:
Life Insurance ---------------_-_- _-
Accident and Health-________________________
Total _________________
Premium tax paid in Canal Zone_ -- -_______-
UNITED SERVICES LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1971_____________ 336
Policies issued during 1972_ ----------------- 168
Total ________-------- -- ----_-- 504
Ceased to be in force during 1972_ _________ 112
Policies in force December 31, 1972_____________ 392
Losses and claims:
Unpaid December 31, 1971 ..--- --_--__--- 0
Incurred during 1972 __________________ 0
Total -__________________________ 0
Settled during 1972 __________________ 0
Unpaid December 31, 1972_____----------_ 0
GROUP
Policies in force December 31, 1971_______
*Policies issued during 1972 ___________
Total __ __-------------
Ceased to be in force during 1972 __ - - - -
Policies in force December 31, 1972________
Number
0
7
7
0
7
27,494,550.00
0.00
27,494,550.00
) 597,200.00
28,091,750.00
$33,000.00
692,000.00
$725,000.00
680,000.00
$45,000.00
$769,753.61
73.972.20
$843,725.81
$12,655.88
Amount
$3,710,528.00
2,013,000.00
$5,723,528.00
1,333,500.00
$4,390,028.00
$0.00
0.00
$0.00
0.00
$0.00
Amount
$0.00
74,343.00
$74,343.00
0.00
$74,343.00
Settled during 1972_ ____ _____ 0 0.00
Unpaid December 31, 1972_ ------_ 0 $0.00
Net premiums collected in Canal Zone during 1972:
Life Insurance ----_____-____________ ----- $7,586.07
Accident and Health -----___________________ 29.70
Total- _---________ ____-____________ $7,615.77
Premium tax paid in Canal Zone- -- - - - - ------ $114.24
WABASH LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
WORLD SERVICE LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1971 ____________
Policies issued during 1972 ___.--_______
Total________------ ------------
Ceased to be in force during 1972_ ________
Policies in force December 31, 1972 _________
Losses and claims:
Unpaid December 31, 1971 _______________
Incurred during 1972___ _______
Total ---_------ _______
Settled during 1972 _____________
Unpaid December 31, 1972_ _ _ _ _
GROUP
Number
66
5
71
67
4
0
1
1
1
0
Policies in force December 31, 1971____---------- 0
Policies issued during 1972_-------------------- 0
Total ____-------- ---_------- 0
Ceased to be in force during 1972 --------------- 0
Policies in force December 31, 1972____------ 0
Losses and claims:
Unpaid December 31, 1971 -------------- 0
Incurred during 1972 ___--- ----------- 0
Total------_----- -- ------------ 0
Settled during 1972 -------- ------ 0
Unpaid December 31, 1972 - -- ---- 0
Net premiums collected in Canal Zone during 1972:
Life Insurance -----------------------------
Accident and Health _------------
Total ______________-_-___----------
Premium tax paid in Canal Zone -------------------
Amount
$609,298.00
64,849.00
$674,147.00
614,698.00
$59,449.00
$0.00
2,500.00
$2,500.00
2,500.00
$0.00
$0.00
53,259.00
$53,259.00
0.00
$53,259.00
$0.00
0.00
$0.00
0.00
$0.00
$1,584.66
0.00
$1,584.66
$23.77
for by section 876 of this title, a license tax equal to 1Vz 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;
MUTUAL OF OMAHA INSURANCE COMPANY
Net Losses
Premiums Paid
Group accident and health ______---------$5,001,616.30 $4,573,477.99
Individual and health_ _-- ______ 254,778.53 809,239.64
Total ___--------------- $5,256,394.83 $5,382,717.63
Premium tax paid in Canal Zone -__--------_ $78,845.92
NATIONAL SURETY CORPORATION (New York)
(No transactions in Canal Zone during 1972)
NATIONAL SURETY CORPORATION (Illinois)
(No transactions in Canal Zone during 1972)
NATIONAL UNION FIRE INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
PANAMA INSURANCE COMPANY
Workmen's compensation----------------_-
Liability other than auto - -------_______
Fire------------------------------
Surety ------------ ___-_-_-
Automobile -----___---_______________-
Miscellaneous _-- _- ----_ -
Total-_________________________
Premium tax paid in Canal Zone ---------
Fire_ ___--__-----_------------ (Cr.)
Miscellaneous ------------ (Cr.)
Inland marine ---- ---_________
Total __________________________
Premium tax paid in Canal Zone- ___---
ROYAL INDEMNITY COMPANY
Pre
Fire ____ _____ ________
Miscellaneous___ ____________ _
Workmen's compensation_________________
Liability other than auto --__- ______
Auto liability _----------------------Cr.)
Surety ----------------------_(Cr.) 1,
Total-_ ___-----------(__ Cr.) $1,
Premium tax paid in Canal Zone_______
7
Net
Premiums
$67,295.35
11,659.59
1,887.00
6,127.88 (Cr
13,422.17
3,335.10
$103,727.09
$1,555.91
$11.00
37.79
146.00
$97.21
$1.46
Losses
Paid
$53,467.71
8,021.48
0.00
.) 10,967.69
983.66
7,715.40
$59,220.57
Losses
Paid
$0.00
0.00
0.00
$0.00
Net Losses
miums Paid
$94.00 (Cr.) $5,723.83
43.00 0.00
354.00 0.00
53.81 0.00
132.00 0.00
618.00 (Cr.) 24,016.39
205.19 (Cr.) $29,740.22
$0.00
RELIANCE INSURANCE COMPANY
Net
Premiums
GRoup-None
Net premiums collected in Canal Zone during 1972:
Life Insurance __------ --------------------
Accident and Health _-----_------------------
Total --- -----------------------------
Premium tax paid in Canal Zone________ ----
AMERICAN CAPITOL INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1971 ____________
Policies issued during 1972 ------------------
Total ____-________-__--- ----
Ceased to be in force during 1972_ _________
Policies in force December 31, 1972 ______
Losses and claims:
Unpaid December 31, 1971__ ______
Incurred during 1972__________
Total ______________________
Settled during 1972 ________
Unpaid December 31, 1972 __ ___________
Number
792
126
918
97
821
0
5
5
3
2
GRouP-None
Net premiums collected in Canal Zone during 1972:
Life Insurance______ _________
Accident and Health __________________
Total ---------------------____
Premium tax paid in Canal Zone ____________
AMERICAN CONTINENTAL LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1971 ..
Policies issued during 1972
Total _______ __----___-----------
Ceased to be in force (luring 1972 ___ ____
Policies in force December 31, 1972____________
Losses and claims:
Unpaid December 31, 1971 ____- __--
Incurred during 1972 __-- -- ---
Total__----------- --- -----------
Settled during 1972_ _________
Unpaid December 31, 1972_ - - -
Number
1
0
1
0
1
0
0
0
0
0
$1,962.02
0.00
$1,962.02
$29.43
Amount
$3,434,161.00
44,930.00
$3,479,091.00
267,784.00
$3,211,307.00
$0.00
33,012.38
$33,012.38
12,900.00
$20,112.38
$101,756.16
6,880.79
$108,636.95
$1,629.55
Amount
$24,000.00
0.00
$24,000.00
0.00
$24,000.00
$0.00
0.00
$0.00
0.00
$0.00
C. Statutory, executive, or governmental acts creating the
corporation, when it has been so created;
(3) An affidavit sworn by an authorized officer of the corporation
stating the amount of its authorized capital stock at or within 60 days
prior to the filing.
(4) A designation of a person residing within the Canal Zone upon
whom process issued under any law of the Canal Zone may be served,
and his place of business or residence, and a certified copy of the minutes
of the board of directors of the corporation authorizing the designation.
(b) Process served on the person designated by the corporation or, if he
can not be found at the place designated, or if a person is not designated,
on the executive secretary of the Canal Zone Government, is a valid service
on the corporation. When the executive secretary is served with process he
shall without delay communicate the same to the corporation concerned at
its last known address. A default judgment may not be entered against the
corporation in an action in which process is served on the executive secretary
until at least 60 days after the date of the service.
(c) A corporation licensed pursuant to this chapter shall also file with
the executive secretary any change in the provisions of its original articles
of incorporation.
(d) With the application for license there shall also be paid $10, which
shall cover the filing fee and annual license fee for the remainder of the
calendar year during which the license is issued.
SEC. 873. Additional requirements for insurance companies.-In addition
to the other requirements of this chapter, an insurance company organized
under the laws of a State of the United States or of a foreign country shall
file the following documents: (1) A certificate of an authorized official,
showing that the company is authorized to transact business in the State or
country under whose laws the company is organized;
(2) A duly certified copy of the last annual statement of the insurance
company to an authorized official in the State or country where the company
is organized;
(3) A deposit with the executive secretary of the Canal Zone Government
of $10,000 in cash or current marketable securities, which shall be held in
trust by the executive secretary for the account of the company, to satisfy
any judgment that may be rendered against the company, under insurance
policies that it may issue.
SEC. 874. Annual statement and license tax for insurance companies.-
An insurance company licensed pursuant to this chapter shall file with the
executive secretary of the Canal Zone Government before March 1 of each
year a verified statement showing the business transacted within the Canal
Zone by the company during the previous calendar year and a duly certified
copv 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
CANAL ZONE GOVERNMENT
OFFICE OF THE GOVERNOR
BALBOA HEIGHTS, June 1, 1973.
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 1972.
Respectfully,
J. PATRICK CONLEY,
Executive Secretary.
The following companies were authorized to transact business in the Canal
Zone during the year 1972.
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, Ill.
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.
Compania General de Seguros, S.A._-__------------ Panama, R. of P.
Compania Interamericana de Seguros, S.A.--------- Panama, R. of P.
Compafiia Internacional de Seguros, S.A.----------- Panama, R. of P.
Compafiia Istmefa de Seguros, S.A. -------------- Panama, R. of P.
PAN-AMERICAN LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1971 ------------- 107
Policies issued during 1972_------------------- 7
Total________-------------------- 114
Ceased to be in force during 1972_ ____----------- 11
Policies in force December 31, 1972 -------_____ 103
Losses and claims:
Unpaid December 31, 1971 __-___..-..____ 0
Incurred during 1972 __________--______ 0
Total-----______________________. 0
Settled during 1972__ ---________ _____ 0
Unpaid December 31, 1972_ ______--------- 0
GRouP-None
Net premiums collected in Canal Zone during 1972:
Life Insurance _______ _______________
Accident and Health_______________________
Total-____________ ______________ _,--__
Premium tax paid in Canal Zone --------___________
Amount
$1,182,990.00
127,500.00
$1,310,490.00
95,399.00
$1,215,091.00
$0.00
0.00
$0.00
0.00
$0.00
$39,641.73
0.00
$39,641.73
$594.63
PENINSULAR LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
UNITED BENEFIT LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1971 ----_-------- 588
Policies issued during 1972 ------------. ----- 32
Total-- _-_------------- --------- 620
Ceased to be in force during 1972_ - - - - 116
Policies in force December 31, 1972_____________ 504
Losses and claims:
Unpaid December 31, 1971 -__ - - - - 1
Incurred during 1972-- ------- 1
Total--- --_______________________ 2
Settled during 1972_ ___--------------- 1
Unpaid December 31, 1972_ __- --_------ 1
Amount
$4,345,695.00
280,032.00
$4,625,727.00
1,330,099.00
$3,295,628.00
$2,000.00
3,000.00
$5,000.00
3,000.00
$2,000.00
SEABOARD SURETY COMPANY
(No transactions in Canal Zone during 1972)
TRANSAMERICA INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
TRAVELERS INDEMNITY COMPANY
Net
Premiums
Suret __________________________ $9,223.00
Total ______ -------------------$9,223.00
Premium tax paid in Canal Zone ____________ $138.35
UNITED STATES FIDELITY AND GUARANTY COMPANY
Auto collision______ ____ __
Fire _________________________
Inland marine ______________
Accident and health __ __________ _______
Workmen's compensation_________________
Liability other than auto (B.I.)_______
Auto liability (B.I.)____________
Auto physical damage ____________
Fidelity-___________________________
Surety--_____________---__________
Burglary and theft- -- ----------- ------
Miscellaneous ________ ____
G(;lass_ ____ ___ _________ ____
Net
Premiums
$57,057.00
15,460.00
208.00
1,367.86
23,352.00
8,555.00
122,501.00
32,799.00
5,767.00
940.00
9,833.00
57,818.00
20.00
Total-_________________________ $335,677.86
Premium tax paid in Canal Zone------------- $5,035.17
AMERICAN-AMICABLE LIFE INSURANCE COMPANY
ORDINARY
$
Losses
Paid
$0.00
$0.00
Losses
Paid
47,568.61
0.00
50.00
314.28
5,928.94
750.00
32,026.19
7,241.49
0.00
0.00
5,036.19
59.82
0.00
98,975.52
Policies in force December 31, 1971 -______ _--
Policies issued during 1972 ___________
Total ____________________
Ceased to be in force during 1972_ ____--
Policies in force December 31, 1972___ ____
Losses and claims:
Unpaid December 31, 1971 ___ __-
Incurred during 1972 ___________
Total ____-__________
Settled during 1972 ____ _______
Unpaid December 31, 1972_ _________
Number Amount
14 $107,702.00
0 0.00
14 $107,702.00
0 0.00
14 $107,702.00
0 $0.00
0 0.00
0 $0.00
0 0.00
0 $0.00
GROUP-None
Net premiums collected in Canal Zone during 1972:
Life Insurance ----____-_ _________ ----_ $756.97
Accident and Health ----___________________ 0.00
Total ---------____--________________- $756.97
Premium tax paid in Canal Zone- _--______ $11.35
LINCOLN NATIONAL LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1971 ______
Policies issued during 1972 ___________
Total ---- -_______________
Ceased to be in force during 1972_ _---
Policies in force December 31, 1972 ____________
Losses and claims:
Unpaid December 31, 1971 _______
Incurred during 1972_ ________ _- -
Total _----- -------__
Settled during 1972 -- --- _____
Unpaid December 31, 1972 ___ --
GROUP
Number Amount
488 $3,334,924.00
0 0.00
488 $3,334,924.00
58 360,273.00
430 $2,974,651.00
0
5
5
5
0
Policies in force December 31, 1971______ 0
Policies issued during 1972_ _---------------- 0
Total ____________________________ 0
Ceased to be in force during 1972 _ _ _ 0
Policies in force December 31, 1972____________ 0
Losses and claims:
Unpaid December 31, 1971 -----_____- 0
Incurred during 1972 _______________---- 0
Total---------------------------- 0
Settled during 1972__________________- 0
Unpaid December 31, 1972_ _______________ 0
Net premiums collected in Canal Zone during 1972:
Life Insurance ------------------------
Accident and Health- -- --__________
Total -- --------------
Premium tax paid in Canal Zone __ ________
$0.00
42,012.00
$42,012.00
42,012.00
$0.00
$21,160.00
0.00
$21,160.00
(1,074.00)
$22,234.00
$0.00
0.00
$0.00
0.00
$0.00
$72,530.35
478.69
$73,009.04
$1,095.14
GnouP-None
Net premiums collected in Canal Zone during 1972:
Life Insurance -----------------------------
Accident and Health -------------------------
Total ___-------_-- -----
Premium tax paid in Canal Zone_----_-__--
$21,873.22
0.00
$21,873.22
$328.10
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Number
Policies in force December 31, 1971_____________ 1,069 $8
Policies issued during 1972 _--_______________ 68
Total --------------------------_ 1,137 $!
Ceased to be in force during 1972 ____ ___ 103
Policies in force December 31, 1972 __________ 1,034 $1
Losses and claims:
Unpaid December 31, 1971 __ ___ __ ____- 0
Incurred during 1972 _________________ 22
Total- ---------_ -- -_________ 22
Settled during 1972 --__-- _____________ 22
Unpaid December 31, 1972 _ _ __ 0
GnoUP-None
Net premiums collected in Canal Zone during 1972:
Life Insurance-------------------
Accident and Health______________
Total ----------------
Premium tax paid in Canal Zone___________
JACKSON NATIONAL LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1971 ____________
Policies issued during 1972_ -_____________
Total-____--________ _______
Ceased to be in force during 1972 __ _ _ _
Policies in force December 31, 1972____________
Losses and claims:
Unpaid December 31, 1971 __ ________--
Incurred during 1972 ------------
Total ---------------------
Settled during 1972 ---_ -------------
Unpaid December 31, 1972 _ ----- --
Number
2
0
2
0
2
0 $0.00
0 0.00
0 $0.00
0 0.00
0 $0.00
Amount
8,572,231.00
1,327,150.00
9,899,381.00
1,003,979.00
3,895,402.00
$0.00
92,929.35
$92,929.35
92,929.35
$0.00
$203,813.89
0.00
$203,813.89
$3,057.21
Amount
$43,650.00
0.00
$43,650.00
0.00
$43,650.00
Compafiia Nacional de Seguros, S.A.---___________ Panama, R. of P.
Continental Casualty Company ______________________ Chicago, Ill.
Continental Insurance Company_-------------_ New York, N.Y.
Executive Fund Life Insurance Co.------------_______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.
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 Surety Corporation2 _ _________ Chicago, Ill.
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, Calir.
Travelers Indemnity Company_ --------------- Hartford, Conn.
United Benefit Life Insurance Company____________ _O-maha, 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.
1National Surety Corporation (New York) merged into Fireman's Fund Insurance Company
of Illinois effective December 31, 1972, with Fireman's Fund being the surviving corporation.
Simultaneously, Fireman's Fund changed its name to National Surety Corporation, an Illinois
corporation.
2National Surety Corporation (formerly Fireman's Fund Insurance Company of Illinois)
licensed to do business in the Canal Zone October 6, 1972. See note 1 above.
GRouP-None
Net premiums collected in Canal Zone during 1972:
Life Insurance------------------------
Accident and Health_--_ _________ ----
Total_ -------------------___
Premium tax paid in Canal Zone-______________ _____
$727.06
48.00
$775.06
$11.63
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY
OF NEW YORK
(Figures unavailable)
ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO
(No transactions in Canal Zone during 1972)
BANKERS LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Policies in force December 31, 1971_
Policies issued during 1972__-- _-------
Total -__--_---------_-----
Ceased to be in force during 1972 _______
Policies in force December 31, 1972________
Losses and claims:
Unpaid December 31, 1971________
Incurred during 1972 __ ___ ____
Total ---_----------_
Settled during 1972 __________
Unpaid December 31, 1972_ _______
GRoup-None
Net premiums collected in Canal Zone during 1972:
Number
824
0
824
80
744
4
4
8
6
2
Life Insurance--------------------------
Accident and Health -____________
Total ----_ --------------
Premium tax paid in Canal Zone -------------- _____
Amount
$3,320,862.00
0.00
$3,320,862.00
234,410.00
$3,086,452.00
$15,000.00
10,308.00
$25.308.00
12,808.00
$12,500.00
$99,085.61
0.00
$99,085.61
$1.486.28
BENEFICIAL NATIONAL LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
RECAPITULATION
MISCELLANEOUS COMPANIES
Accident_ _ _ ____ ________
Automobile and motor vehicle __________ _
Auto comprehensive ----------- -__--__
Auto collision ---------- -----________
Auto liability (B.I.)---------_ ---- -
Auto property damage___--________-___-
Auto physical damage --_----____--____
Burglary and theft ---_--___________ _
Extended coverage__________ _________
Fidelity _____________ -- _------__
Fire _--------------------------
Glass---------------------------
Group accident and health_______________
Health and accident (includes
hospital and medical)_______ _
Inland marine --------- ------
Liability other than auto____ _____
Miscellaneous_-_ -----------
Ocean Marine_____ ______
Property damage other than auto __________
Surety -____________________
Workmen's compensation____ ____
Total_____________
Premium taxes paid in Canal Zone _____ .__
LIFE INSURANCE COMPANIES
ORDINARY
Number
Policies in force December 31, 1971 --------_- 5,639
Policies issued during 1972 ____ __ ------ 406
Total ________----------------_ 6,045
Ceased to be in force during 1972_ -------___ ---- 834
Policies in force December 31, 1972-____________ 5,211
Losses and claims:
Unpaid December 31, 1971______---------- 5
Incurred during 1972 --__ ______________ 44
Total ____________-----------___ 49
Settled during 1972_ ____________----___ 44
Unpaid December 31, 1972 --------------- 5
Amount
$33,540,082.00
3,857,484.00
$37,397,566.00
5,915,763.00
$31,481,803.00
$17,000.00
204,075.73
$221,075.73
186,463.35
$34,612.38
Net
Premiums
$994.96
375,129.57
6,734.23
93,900.37
277,564.39
33,543.73
111,924.80
16,772.57
86.18
7,714.00
53,316.81
70.00
5,012,696.69
258,791.12
8,270.00
43,061.25
102,747.17
0.00
0.00
85,081.6S
267,642.98
$6,756,042.50
$101,358.69
Losses
Paid
$398.50
129,242.51
50,321.40
20,252.43
73,892.87
22,581.62
49,280.68
9,413.62
0.00
1,545.20
25,947.49
0.00
4,575,231.19
811,527.70
440.00
14,932.26
16,477.08
0.00
0.00
(Cr.)34,984.08
171,478.73
$5,937,979.20
COMPAMIA GENERAL DE SEGUROS, S.A.
Fire __ _______________
Surety _-- _- _____________
Liability other than auto __.
Workmen's compensation__________
Auto comprehensive___________
Auto liability (B.I.) _____________________
Auto collision______ _______
Auto property damage ------__- ____
Extended coverage ---_____
Hospital and medical- - - -
Total_____________
Premium tax paid in Canal Zone ---------_
Net
Premiums
$1,026.40
5,135.85
495.89
2,991.51
186.32
513.85
499.50
318.71
86.18
83.00
$11,337.21
$170.06
COMPARIA INTERAMERICANA DE SEGUROS, S.A.
Net
Premiums
Automobile ______ _______________ $8,948.11
Fire ------ ------ --------------- 1,258.00
Liability other than auto __------------_ 7,773.06
Miscellaneous ___ ------_ __- -__-_ 2,223.40
Surety -_____________________________ 4,085.25
Workmen's compensation_____ _____ -------44,863.57
Total ------------------------_ $69,151.39
Premium tax paid in Canal Zone-___--------_ $1,037.27
COMPANIA INTERNATIONAL DE SEGUROS, S.A.
Net
Premiums
Fire __--- ------------------------_ $881.00
Suroty _____________ _________ 17,369.00
Automobile _____---------------------- 15,570.00
Total --_-------------------- $33,820.00
Premium tax paid in Canal Zone _---__ ----_ $507.30
Losses
Paid
$0.00
0.00
0.00
10.00
0.00
0.00
0.00
0.00
0.00
0.00
$10.00
Losses
Paid
$655.77
0.00
5,347.05
0.00
0.00
35,645.15
$41,648.57
Losses
Paid
$0.00
0.00
0.00
$0.00
COMPARIA ISTMENA DE SEGUROS, S.A.
(No transactions in Canal Zone during 1972)
COMPANIA NATIONAL DE SEGUROS, S.A.
(No transactions in Canal Zone during 1972)
UNIVERSITY OF FLORIDA
II 121 ll I 04121 III
3 1262 04728 2875
AETNA CASUALTY AND SURETY COMPANY
(No transactions in Canal Zone during 1972)
AMERICAN EMPLOYERS' INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
AMERICAN HOME ASSURANCE COMPANY
Net
Premiums
Fire---------------------- --------- $24,236.58
Motor Vehicle _-------------------------320,892.76
Workmen's compensation ------------------56,699.54
Miscellaneous___ ------------------- 35,749.28
Total------ ------------_-_--- _$437,578.16
Premium tax paid in Canal Zone- ------------ $6,563.67
AMERICAN MOTORISTS INSURANCE COMPANY
(No transactions in Canal Zone during 1972)
COLONIAL INSURANCE COMPANY OF PANAMA
Liability other than auto (B.1.) _- _____ -_
Auto liability (B.I.) _----------_
Auto property damage _________
Automobile and motor vehicle________
Auto comprehensive______________
Auto collision- --_____________________
Fire--____------------------___
Burglary and theft -__ ________ __
Miscellaneous __ ___________________
Surety_ -------------------______-__
Total -________________________
Premium tax paid in Canal Zone _______
Net
Premiums
$518.50
58,464.94
33,138.02
16,296.53
6,547.91
36,343.87
2,080.33
1,189.57
786.40
264.70
$155,630.77
$2,334.46
Losses
Paid
$31,671.32
126,547.15
29,927.28
8,701.86
$196,847.61
Losses
Paid
$0.00
6,048.49
22,581.62
1,055.93
2,752.79
20,252.43
0.00
100.00
0.00
0.00
$52,791.26
Losses and claims:
Unpaid December 31, 1971_ ___-- ---- 0
Incurred during 1972_ _-- ----------- --- 0
Total_ _-_--_-------------------- 0
Settled during 1972 __ _- ------------ 0
Unpaid December 31, 1972_---_ _--_----------- 0
Net premiums collected in Canal Zone during 1972:
Life Insurance _-_______ _____.
Accident and Health -----------__
Total -------- _______ ____
Premium tax paid in Canal Zone_______________
Increase due to new residents.
UNITED STATES LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1971______ 14
Policies issued during 1972 ______-------------- 0
Total --------- ------------------ 14
Ceased to be in force during 1972 ___ -___ 3
Policies in force December 31, 1972_______ 11
Losses and claims:
Unpaid December 31, 1971-__________-- -- 0
Incurred during 1972__ _______ -___---- 1
Total------------- 1
Settled during 1972_____------------ 1
Unpaid December 31, 1972_ --- - - -..- 0
GROUP
Policies in force December 31, 1971 __--- ---
Policies issued during 1972_------------- ----
Total ---------- ---------------
Ceased to be in force during 1972 ______ -
Policies in force December 31, 1972_ __---------
Losses and claims:
Unpaid December 31, 1971 __-----------
Incurred during 1972 __ -
Total----------------------------
1
0
1
0
1
0
0
0
$15,000.00
0.00
$15,000.00
(-) 165,212.00
$180,212.00
$0.00
0.00
$0.00
$0.00
0.00
$0.00
0.00
$0.00
$79,818.18
0.00
$79,818.18
$1,197.27
Amount
$147,549.00
23.00
$147,572.00
20,000.00
$127,572.00
$0.00
5,000.00
$5,000.00
5,000 00
$0.00
Digitized by the Internet Archive
in 2009 with funding from
University of Florida, George A. Smathers Libraries
http://www.archive.org/details/annualreportofin1972cana
h
(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.
45151-550
|
|
PAGE 1
CZh'i' CANAL ZONE GOVERNMENT / V^.*' '••>^'^ansacted in the i JAt^ ^^e^i^^AL ZONE X^^^//MDO&|i)^l(!i THE CALENDAR YEAR 1972 Including Laws Concerning Licensing Of Insurance Companies L^ ANNUAL REPORT OF INSURANCE BUSINESS
PAGE 3
CANAL ZONE GOVERNMENT ANNUAL REPORT OF INSURANCE BUSINESS transacted in the CANAL ZONE DURING THE CALENDAR YEAR 1972 Including Laws Concerning Licensing Of Insurance Companies
PAGE 4
Digitized by the Internet Archive in 2009 with funding from University of Florida, George A. Smathers Libraries http://www.archive.org/details/annualreportofin1972cana
PAGE 5
CANAL ZONE GOVERNMENT OFFICE OF THE GOVERNOR Balboa Heights, June 1, 1973. 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 1972. Respectfully, J. Patrick Conley, Executive Secretary. The following companies were authorized to transact business in the Canal Zone durin2 the vea.v 1972. 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 YorkNew York, N.Y. American Motorists Insurance Co Chicago, 111. 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. Compaiiia General de Seguros, S.A Panama, R. of P. Compania Interamericana de Seguros, S.A Panama, R. of P. Compafiia Intemacional de Seguros, S.A Panama, R. of P. Compaiiia Istmefia de Seguros, S.A Panama, R. of P.
PAGE 6
Compania Nacional de Seguros, S.A Panama, R. of P. Continental Casualty Company Chicago, 111. Continental Insurance Company New York, N.Y. Executive Fund Life Insurance Co Omaha, 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. 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 Suretv Corporation^ New York, N.Y. National Si u'etv Coi"poration2 Chicago, 111. National Union Fiie 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, Calir. Travelers Indemnity Company Hartford, Corm, United Benefit Life Insurance Company Omaha, Nebr. United Services Life Insurance Co Washington, D.C. United States Fidelity and Guaranty Company Baltimore, Md. United States Life Insurance Company in the City of New YorkNew York, N.Y. Wabash Life Insurance Co Indianapolis, Ind. World Service Life Insurance Company Fort Worth, Tex. INational Surety Corporation (New York) merged into Fireman's Fund Insurance Company of Illinois efFectJve December 31, 1972, with Fireman's Fund being the surviving corporation. Simultaneously, Fireman's Fund changed its name to National Surety Corporation, an Illinois corporation. 2National Surety Corporation (formerly Fireman's Fund Insurance Company of Illinois) licensed to do business in the Canal Zone October 6, 1972. See note 1 above.
PAGE 7
AETNA CASUALTY AND SURETY COMPANY (No transactions in Canal Zone during 1972) AMERICAN EMPLOYERS' INSURANCE COMPANY (No transactions in Canal Zone during 1972) AMERICAN HOME ASSURANCE COMPANY A'et Losses Premiums Paid Fire $24,236.58 $31,671.32 Motor Vehicle 320,892.76 126,547.15 Workmen's compensation 56,699.54 29,927.28 Miscellaneous 35,749.28 8,701.86 Total $437,578.16 $196,847.61 Premium tax paid in Canal Zone $6,563.67 AMERICAN MOTORISTS INSURANCE COMPANY (No transactions in Canal Zone during 1972) COLONIAL INSURANCE COMPANY OF PANAMA Net Losses Premiums Paid Liability other than auto (B.I.) $518.50 $0.00 Auto liability (B.I.) 58,464.94 6,048.49 Auto property damage 33,138.02 22,581.62 Automobile and motor vehicle 16,296.53 1,055.93 Auto comprehensive 6,547.91 2,752.79 Auto collision 36,343.87 20,252.43 Fire 2,080.33 0.00 Burglary and theft 1,189.57 100.00 Miscellaneous 786.40 0.00 Suret\' 264.70 0.00 Total $155,630.77 $52,791.26 Premium tax paid in Canal Zone $2,334.46
PAGE 8
COMPAISIA GENERAL DE SEGUROS, S.A. Net Losses Premiums Paid Fire $1,026.40 $0.00 Surety 5,135.85 0.00 Liability other than auto 495.89 0.00 Workmen's compensation 2,991.51 10.00 Auto comprehensive 186.32 0.00 Auto liabihty (B.I.) 513.85 0.00 Auto collision 499.50 0.00 Auto property damage 318.71 0.00 Extended coverage 86.18 0.00 Hospital and medical 83.00 0.00 Total $11,337.21 $10.00 Premium tax paid in Canal Zone $170.06 COMPASIA liNTERAMERICANA DE SEGUROS, S.A. Net Losses Premiums Paid Autom,obile $8,948.11 $655.77 Fire 1,258.00 0.00 Liability other than auto 7,773.06 5,347.05 Miscellaneous 2,223.40 0.00 Surety 4,085.25 0.00 Workmen's compensation 44,863.57 35,645.15 Total $69,151.39 $41,648.57 Premium tax paid in Canal Zone $1,037.27 COMPAJNfIA INTERNACIONAL DE SEGUROS, S.A. Net Losses Premiums Paid Fire $881.00 $0.00 Surety 17,369.00 0.00 Automobile 15,570.00 0.00 Total $33,820.00 $0.00 Premium tax paid in Canal Zone $507.30 COMPAfJiA ISTME5JA DE SEGUROS, S.A. (No transactions in Canal Zone during 1972) COMPANIA NACIONAL DE SEGUROS, S.A. (No transactions in Canal Zone during 1972)
PAGE 9
CONTINENTAL CASUALTY COMPANY Net Premiums Auto ph\'sical damage $0.00 Accident and health 563.04 Group accident and health 8,623.64 Total $9,186.68 Premium tax paid in Canal Zone $137.80 CONTINENTAL INSURANCE COMPANY Net Premiums Fire $38.00 Miscellaneous 33.28 Workmen's compensation 1,327.00 Auto liability (Cr.) 2.00 Surety 10.00 Total $1,406.28 Premium tax paid in Canal Zone $21.09 FIDELITY AND CASUALTY COMPANY OF NEW YORK Net Premiums Miscellaneous $539.00 Total $539.00 Premium tax paid in Canal Zone $8.09 Lotfies Paid $420.65 0.00 1,580.00 $2,000.65 Paid $0.00 0.00 0.00 0.00 0.00 $0.00 Losses Paid $0.00 $0.00 FIDELITY AND DEPOSIT COMPANY OF MARYLAND (No transactions in Canal Zone during 1972) GENERAL INSURANCE COMPANY OF AMERICA (No transactions in Canal Zone during 1972) GREAT AMERICAN INSURANCE COMPANY ( No transactions in Canal Zone during 1972 ) HARTFORD ACCIDENT AND INDEMNITY COMPANY Workmen's compensation Liability other tlian auto (B.I.) (Cr.) Fire Auto liability ( B.I. ) Miscellaneous ( Cr. ) Auto physical damage Inland marine Total Premium tax paid in Canal Zone Net
PAGE 10
INSURANCE COMPANY OF NORTH AMERICA Net Premiums Miscellaneous $1,397.00 Total $1,397.00 Premium tax paid in Canal Zone $20.96 Losses Paid $0.00 $0.00 INTERNATIONAL SERVICE INSURANCE COMPANY Net Losses Premiums Paid Auto liability $18,482.50 $11,304.95 Auto physical damage 25,364.30 17,124.30 Total $43,846.80 $28,429.25 Premium tax paid in Canal Zone $657.70 THE LIBERTY MUTUAL INSURANCE COMPANY Net Premiums Health and accident $121.00 Liabihty other than auto (B.I.) 208.00 Auto liability ( B.I. ) 4.00 Total $333.00 Premium tax paid in Canal Zone $5.00 Losies Paid $0.00 0.00 0.00 $0.00 MARYLAND CASUALTY COMPANY Net Losses Premiums Paid Accident only $994.96 $398.50 Accident and health 1,877.69 1,973.78 Group accident and health 2,456.75 173.20 Auto liability 77,700.50 23,022.70 Liability other than auto 14,115.40 813.13 Fidelity 1,947.00 1,545.20 Surety 43,544.00 0.00 Glass 50.00 0.00 Burglary and theft 5,750.00 4,277.43 Inland marine 7,891.00 390.00 Workmen's compensation 70,579.01 46,339.64 Auto physical damage 53,761 .50 23,819.24 Fire 6,327.50 0.00 Miscellaneous 903.50 0.00 Total $287,898.81 $102,752.82 Premium tax paid in Canal Zone $4,318.48 6
PAGE 11
MUTUAL OF OMAHA INSURANCE COMPANY Net Losses Premiums Paid Group accident and health $5,001,616.30 $4,573,477.99 Individual and health 254,778.53 809,239.64 Total $5,256,394.83 $5,382,717.63 Premium tax paid in Canal Zone $78,845.92 NATIONAL SURETY CORPORATION (New York) (No transactions in Canal Zone during 1972) NATIONAL SURETY CORPORATION (Illinois) (No transactions in Canal Zone during 1972) NATIONAL UNION FIRE INSURANCE COMPANY (No transactions in Canal Zone during 1972) PANAMA INSURANCE COMPANY Net Losses Premiums Paid Workmen's compensation $67,295.35 $53,467.71 Liability other than auto 11,659.59 8,021.48 Fire 1,887.00 0.00 Surety 6,127.88 (Cr.) 10,967.69 Automobile 13,422.17 983.66 Miscellaneous 3,335.10 7,715.40 Total $103,727.09 $59,220.57 Premium tax paid in Canal Zone $1,555.91 RELIANCE INSURANCE COMPANY Net Losses Premiums Paid Fire (Cr.) $11.00 $0.00 Miscellaneous (Cr.) 37.79 O.UO Inland marine 146.00 0.00 Total $97.21 $0.00 Premium tax paid in Canal Zone $1.46 ROYAL INDEMNITY COMPANY Net Losses Premitims Pa'd Fire $94.00 (Cr.) $5,723.83 Miscellaneous 43.00 0.00 Workmen's compensation 354.00 0.00 Liability other than auto 53.81 0.00 Auto liability (Cr.) 132.00 0.00 Surety (Cr.) 1,618.00 (Cr.) 24,016.39 Total (Cr.) $1,205.19 (Cr.) $29,740.22 Premium tax paid in Canal Zone $0.00 7
PAGE 12
SEABOARD SURETY COMPANY ( No ti-ansactions in Canal Zone during 1972) TRANSAMERICA INSURANCE COMPANY C No h-ansactions in Canal Zone during 1972 ) TRAVELERS INDEMNITY COMPANY Net Losses Premiums Paid SureU' $9,223.00 $0.00 Total $9,223.00 $0.00 Premium tax paid in Canal Zone $138.35 UNITED STATES FIDELITY AND GUARANTY COMPANY Net Losses Premiums Paid Auto collision $57,057.00 $47,568.61 Fire 15,460.00 0.00 Inland marine 208.00 50.00 Accident and health 1,367.86 314.28 Workmen's compensation 23,352.00 5,928.94 Liability other than auto (B.I.) 8,555.00 750.00 Auto liability (B.I.) 122,501.00 32,026.19 Auto physical damage 32,799.00 7,241.49 Fidelity 5,767.00 0.00 Surety 940.00 0.00 Burglary and theft 9,833.00 5,036.19 Miscellaneous 57,818.00 59.82 Glass 20.00 0.00 Total $335,677.86 $98,975.52 Premium tax paid in Canal Zone $5,035.17 AMERICAN-AMICABLE LIFE INSURANCE COMPANY Ordinaky Number Amount Policies in force December 31, 1971 14 $107,702.00 Policies issued during 1972 0.00 Total 14 $107,702.00 Ceased to be in force during 1972 0.00 Policies in force December 31, 1972 iT $107,702.00 Losses and claims: Unpaid December 31, 1971 $0.00 Inc-urred during 1972 0.00 Total $0.00 Settled during 1972 0.00 Unpaid December 31, 1972 0^ $0.00 8
PAGE 13
Group— None Net premiums collected in Canal Zone during 1972: Life Insurance $1,962.02 Accident and Health 0.00 Total $1,962.02 Premium tax paid in Canal Zone $29.43 AMERICAN CAPITOL INSURANCE COMPANY Obdinary Number Amount Policies in force December 31, 1971 792 $3,434,161.00 Policies issued during 1972 126 44,930.00 Total 918 $3,479,091.00 Ceased to be in force during 1972 97 267,784.00 Policies in force December 31, 1972 821 $3,211,307.00 Losses and claims: Unpaid December 31, 1971 $0.00 Incurred during 1972 5 33,012.38 Total 5 $33,012.38 Settled during 1972 3 12,900.00 Unpaid December 31, 1972 2 $20,112.38 Group— None Net premiums collected in Canal Zone dming 1972: Life Insurance $101,756.16 Accident and Health 6,880.79 Total $108,636.95 Premium tax paid in Canal Zone $1,629.55 AMERICAN CONTINENTAL LIFE INSURANCE COMPANY Ordinary Number Amount Pohcies in force December 31, 1971 1 $24,000.00 Policies issued during 1972 0.00 Total 1 $24,000.00 Ceased to be in force during 1972 . 0.00 Policies in force December 31, 1972 1 $24,000.00 Losses and claims: Unpaid December 31, 1971 $0.00 Incurred during 1972 0.00 Total $0.00 Settled during 1972 0.00 Unpaid December 31, 1972 $0.00 9
PAGE 14
Group— None Net premiums collected in Canal Zone during 1972: Life Insurance $727.06 Accident and Health 48.00 Total $775.06 Premium tax paid in Canal Zone $11.63 AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY OF NEW YORK (Figures unavailable) ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO (No transactions in Canal Zone during 1972) BANKERS LIFE INSURANCE COMPANY OF AMERICA Ordinary Number Amount Policies in force December 31, 1971 824 $3,320,862.00 Policies issued during 1972 0.00 Total 824 $3,320,862.00 Ceased to be in force during 1972 80 234,410.00 Policies in force December 31, 1972 744 $3,086,452.00 Losses and claims: Unpaid December 31, 1971 4 $15,000.00 Incurred during 1972 4 10,308.00 Total 8 $25,308.00 Settled during 1972 6 12,808.00 Unpaid Decemiber 31, 1972 2 $12,500.00 Group— None Net premiums collected in Canal Zone during 1972: Life Insurance $99,085.61 Accident and Health 0.00 Total $99,085.61 Premium ta.x paid in Canal Zone $1,486.28 BENEFICIAL NATIONAL LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1972) 10
PAGE 15
EXECUTIVE FUND LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1972) CITIZENS STANDARD LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1971 1,338 $4,706,492.00 Policies issued during 1972 0.00 Total 1,338 $4,706,492.00 Ceased to be in force during 1972 187 655,621.00 Policies in force December 31, 1972 1,151 $4,050,871.00 Losses and claims: Unpaid December 31, 1971 $0.00 Incurred during 1972 5 15,314.00 Total 5 $15,314.00 Settled during 1972 5 15,314.00 Unpaid December 31, 1972 $0.00 Group— None Net premiums collected in Canal Zone during 1972: Life Insurance $133,676.08 Accident and Health 41,674.07 Total $175,350. 15 Premium tax paid in Canal Zone $2,630.25 FIDELITY AND GUARANTY LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1971 $0.00 Policies issued during 1972 0.00 Total $0.00 Ceased to be in force during 1972 0.00 Policies in force December 31, 1972 O" $0.00 Losses and claims: Unpaid December 31, 1971 $0.00 Incurred during 1972 0.00 Total $0.00 Settled during 1972 0.00 Unpaid December 31, 1972 $0.00 11
PAGE 16
Group— None Xel premiums collected in Canal Zone during 1972: Life Insurance $21,873.22 Accident and Health 0.00 Total $21,873.22 Premium tax paid in Canal Zone $328.10 THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA Ohdinary Number Amount Policies ill force December 31, 1971 1,069 $8,572,231.00 Policies issued during 1972 68 1,327,150.00 Total 1,1.37 $9,899,.381.00 Ceased to be in force during 1972 103 1,003,979.00 Policies in force December 31, 1972 1,034 $8,895,402.00 Losses and claims: Unpaid December 31, 1971 $0.00 Incurred during 1972 22 92,929.35 Total 2 22 $92,929.35 Settled during 1972 22 92,929.35 Unpaid December 31 , 1972 $0.00 Group— None Net premiums collected in Canal Zone during 1972: Life Insurance $203,813.89 Accident and Health 0.00 Total $203,813.89 Premium tax paid in Canal Zone $3,057.21 JACKSON NATIONAL LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1971 2 $43,650.00 Policies issued during 1972 0.00 Total 2 $43,650.00 Ceased to be in force duriuR 1972 0.00 Policies in force December 31, 1972 2 $43,650.00 Losses and claims: Unpaid December 31, 1971 $0.00 Incurred during 1972 0.00 Total -$0.00 Settled during 1972 0.00 Unpaid December 31, 1972 $0.00 12
PAGE 17
Group— None Net premiums collected in Canal Zone during 1972: Life Insurance $756.97 Accident and Health 0.00 Total $756.97 Premium tax paid in Canal Zone $11.35 LINCOLN NATIONAL LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1971 488 $3,334,924.00 Policies issued during 1972 0.00 Total '__ 488 $3,334,924.00 Ceased to be in force during 1972 58 360,273.00 Policies in force December 31, 1972 430 $2,974,651.00 Losses and claims: Unpaid December 31, 1971 $0.00 Incurred during 1972 5 42,012.00 Total 5 $42,012.00 Settled during 1972 5 42,012.00 Unpaid December 31, 1972 $0.00 Group Policies in force December 31, 1971 $21,160.00 Policies issued during 1972 0.00 Total $21,160.00 Ceased to be in force during 1972 (1,074.00) Policies in force December 31, 1972 $22,234.00 Losses and claims: Unpaid December 31, 1971 $0.00 Incurred during 1972 0.00 Total $0.00 Settled during 1972 0.00 Unpaid December 31, 1972 $0.00 Net premiums collected in Canal Zone during 1972: Life Insurance $72,530.35 Accident and Health478.69 Total ' $73,009.04 Premium tax paid in Canal Zone $1,095.14 13
PAGE 18
PAN-AMERICAN LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1971 107 $1,182,990.00 Policies issued during 1972 7 127,500.00 Total 114 $1,310,490.00 Ceased to be in force during 1972 11 95,399.00 Policies in force December 31, 1972 103 $1,215,091.00 Losses and claims: Unpaid December 31, 1971 $0.00 Incurred during 1972 0.00 Total ~ $0.00 Settled during 1972 0.00 Unpaid December 31, 1972 $0.00 Group— None Net premiums collected in Canal Zone during 1972: Life Insurance $39,641.73 Accident and Health 0.00 Total $39,641.73 Premium tax paid in Canal Zone $594.63 PENINSULAR LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1972) UNITED BENEFIT LIFE INSURANCE COMPANY Ordinary Number Policies in force December 31, 1971 588 Policies issued during 1972 32 Total 620 Ceased to be in force during 1972 116 Policies in force December 31, 1972 504 Losses and claims: Unpaid December 31, 1971 1 Incurred during 1972 1 Total 2 Settled during 1972 1 Unpaid December 31, 1972 1 14 Amount $4,345,695.00 280,032.00 $4,625,727.00 1,330,099.00 $3,295,628.00 $2,000.00 3,000.00 $5,000.00 3,000.00 $2,000.00
PAGE 19
Group Policies in force Dacember 31, 1971 1 $127,494,550.00 Policies issued during 1972 0.00 Total 1 $127,494,550.00 Ceased to be in force during 1972 (-) 597,200.00 Policies in force December 31, 1972 1 $128,091,750.00 Losses and claims: Unpaid Decembei 31, 1971 4 $33,000.00 Incurred during 1972 138 692,000.00 Total 142 $725,000.00 Settled during 1972 136 680,000.00 Unpaid December 31, 1972 6 $45,000.00 Net premiums collected in Canal Zone during 1972: Life Insurance $769,753.61 Accident and Health 73.972.20 Total $843,725.81 Premium tax paid in Canal Zone $12,655.88 UNITED SERVICES LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1971 336 $3,710,528.00 Policies issued during 1972 168 2,013,000.00 Total 504 $5,723,528.00 Ceased to be in force during 1972 112 1,333,500.00 Policies in force December 31, 1972 392 $4,390,028.00 Losses and claims: Unpaid December 31, 1971 $0.00 I ncun-ed during 1972 0.00 Total $0.00 Settled during 1972 0.00 Unpaid December 31, 1972 $0.00 Group Number Amount Policies in force December 31, 1971 $0.00 *Policies issued during 1972 7 74,343.00 Total 7 $74,343.00 Ceased to be in force during 1972 . 0.00 Policies in force December 31, 1972 7 $74,343.00 15
PAGE 20
Losses and claims: Unpaid December 31, 1971 Incurred during 1972 Total Setded during 1972 Unpaid December 31, 1972 Net premiums collected in Canal Zone during 1972: Life Insurance Accident and Health Total Premium tax paid in Canal Zone "Increase due to new residents.
PAGE 21
Setded during 1972 Unpaid December 31, 1972 Net jiremiiims collected in Canal Zone during 1972: Life Insurance Accident and Health Total Premium tax paid in Canal Zone WABASH LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1972) WORLD SERVICE LIFE INSURANCE COMPANY Ordinary Number Policies in force December 31, 1971 66 Policies issued during 1972 5 Total 71 Ceased to be in force during 1972 67 Policies in force December 31, 1972 4 Losses and claims: Unpaid December 31, 1971 Incurred during 1972 1 Total 1 Settled during 1972 1 Unpaid December 31, 1972 Group Policies in force December 31, 1971 Policies issued during 1972 Total Ceased to be in force during 1972 Policies in force December 31, 1972 I,osses and claims: Unpaid December 31, 1971 Incurred during 1972 Total Setded during 1972 Unpaid December 31, 1972 Net premiums collected in Canal Zone during 1972: Life Insurance Accident and Health Total Premium tax paid in Canal Zone 17 0.00 $0.00 $7,586.07 29.70 $7,615.77 $114.24 Amount $609,298.00 64,849.00 $674,147.00 614,698.00 $59,449.00 $0.00 2,500.00 $2,500.00 2,500.00 $0.00 $0.00 53,259.00 $53,259.00 0.00 $53,259.00 $0.00 0.00 $0.00 0.00 $0.00 $1,584.66 0.00 $1,584.66 $23.77
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RECAPITULATION MISCELLANEOUS COMPANIES Net Losses Prr^riiums Paid Accident $994.96 $398.50 Automobile and motor vehicle 375,129.57 129,242.51 Auto comprehensive 6,734.23 50,321.40 Auto collision 93,900.37 20,252.43 Auto liabihty (B.I.) 277,564.39 73,892.87 Auto property damage 33,543.73 22,581.62 Auto physical damage 111,924.80 49,280.68 Burglary and theft 16,772.57 9,413.62 Extended coverage 86.18 0.00 Fidelity 7,714.00 1,545.20 Fire 53,316.81 25,947.49 Glass 70.00 0.00 Group accident and health 5,012,696.69 4,575,231.19 Health and accident (includes hospital and medical) 258,791.12 811,527.70 Inland marine 8,270.00 440.00 Liability other than auto 43,061.25 14,932.26 Miscellaneous 102,747.17 16,477.08 Ocean Marine 0.00 0.00 Property damage other than auto 0.00 0.00 Surety 85,081 .6S (Cr.)34,984.08 Workmen's compensation 267,642.98 171,478.73 Total $6,756,042.50 $5,937,979.20 Premium taxes paid in Canal Zone $101,358.69 LIFE INSURANCE COMPANIES Ordinary Number Policies in force December 31, 1971 5,639 Policies issued during 1972 406 Total 6,045 Ceased to be in force during 1972 834 Policies in force December 31, 1972 5,211 Losses and claims: Unpaid December 31, 1971 5 Incurred during 1972 44 Total 49 Settled during 1972 44 Unpaid December 31, 1972 5 Amount $33,540,082.00 3,857,484.00 $37,397,566.00 5,915,763.00 $31,481,803.00 $17,000.00 204,075.73 $221,075.73 186,463.35 $34,612.38 18
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Groitp Nil mber Amount Policies in force December 31, 1971 2 $127,530,710.00 Policies issued during 1972 7 127,602.00 Total 9 $127,658,312.00 Ceased to be in force during 1972 (763,486.00) Policies in force December 31, 1972 9 $128,421,798.00 Losses and claims: Unpaid December 31, 1971 4 $33,000.00 Incurred dru-ing 1972 138 692,000.00 Total 142 $725,000.00 Setded during 1972 136 680,000.00 Unpaid December 31, 1972 6 $45,000.00 Net premiums collected in Canal Zone during 1972: Life Insurance $1,534,565.61 Accident and Health 123,083.45 Total $1,657,649.06 Premium tax paid in Canal Zone $24,864.73 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 certffied by the officer authorized by law to certify it, of the: A. Articles of incorporation; B. Charter; or 19
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C. Statutory, executive, or governmental acts creating the corporation, when it has been so created; (3) An aflBdavit sworn by an authorized oflBcer 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 companv is authorized to tiansact business in the State or country under whose laws the company is organized; (2) A duly certified copy of the last annual statement of the insurance company to an authorized official in the State or country where the company is organized; (3) A deposit with the executive secretary of the Canal Zone Government of $10,000 in cash or current marketable securities, which shall be held in trust by the executive secretary for the account of the company, to satisfy any judgment that may be rendered against the company, under insurance policies that it may issue. Sec. 874. Annual statement and license tax for insurance companies.— An insurance company licensed pursuant to this chapter shall file with the executive secretary of the Canal Zone Government before March 1 of each year a verified statement showing the business transacted within the Canal Zone by the company during the previous calendar year and a duly certified copv of its annual report to an authorized official of the State or countrv 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 companv licensed pursuant to this chapter shall pav before March 1 of each > ear, in lieu of all other taxes except the annual fee provided 20
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for by section 876 of this title, a license tax equal to IV2 percent of its net premium receipts in the Canal Zone for the preceeding calendar year. Sec. 875. Issuance of license.— Upon compliance by a corporation with the conditions prescribed by sections 872-874 of this title, and if the Governor is satisfied that the business desired to be transacted is proper, legitimate and permissible under the laws of the Canal Zone, and not in conflict with the policy of administering the Canal Zone as an adjunct of the Panama Canal he may issue a license to do business in the Canal Zone. Sec. 876. Continuance after first license period.— The right of a corporation to continue to do business for the calendar year, and the successive calendar years, after the calendar year during which the original license was issued, shall be contingent upon: (1) Compliance with the provisions of this chapter applicable to coi-porations licensed under it; (2) Payment of a license fee of $10, payable in advance, on January 1 of each year; and (3) Designation of a new process agent before March 1, if the process agent previously designated has ceased during a preceding calendar year to reside within the Canal Zone. Sec. 877. Revocation of license.— The Governor may revoke a license issued pursuant to this chapter if, upon examination, he is satisfied that the operations of the corporation are conducted in an illegal manner, or in a manner contrary to public policy or to the policy of administering the Canal Zone as an adjunct of the Panama Canal. Sec. 878. Loss of benefit of statute of limitations.— Corporations doing business in the Canal Zone which fail to comply with this chapter are not entitled to the benefit of the laws of the Canal Zone limiting the time for the commencement of civil actions. Sec. 879. Penalties for violation; validity of contracts.— (a) A corporation which does business in the Canal Zone without having complied with this chapter shall be fined not more than $500. (b) Whoever acts as an officer of, or agent for, a corporation which has not complied with this chapter, shall be fined not more than $100 or imprisoned in jail not more than 30 days, or both. (c) Every contract made by or on behalf of such a corporation aflFecting 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; 21
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(3) That it surrenders its authority to do business in the Canal Zone and returns its hcense 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 ofiice 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 hcense 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 hcense 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 hcense 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 hability 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. 45151—550 22
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UNIVERSITY OF FLORIDA 3 1262 04728 2875
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