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Cz I#
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Digitized by the Internet Archive
in 2009 with funding from
University of Florida, George A. Smathers Libraries
http://www.archive.org/details/annualreportofin 1973cana
CANAL ZONE GOVERNMENT
ANNUAL REPORT
OF
INSURANCE
BUSINESS
transacted in the
CANAL ZONE
DURING THE CALENDAR YEAR
1973
Including Laws Concerning Licensing
Of Insurance Companies
CANAL ZONE GOVERNMENT
OFFICE OF THE GOVERNOR
BALBOA HEIGHTS, May 1, 1974.
GOVERNOR OF TimE 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 1973.
Respectfully,
J. PATRICK CONLEY,
Executive Secretary.
The following companies were authorized to transact business in the
Canal Zone during the year 1973.
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 Defender Life Insurance Company1- -------Raleigh, N.C.
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.
lAmerican Defender Life Insurance Company licensed to do business in the Canal Zone July 3,
1973.
Compania General de Seguros, S.A.-------------- Panama, R. of P.
Compafiia Interamericana de Seguros, S.A.--------Panama, R. of P.
Compafiia Internacional de Seguros, S.A.--------- Panama, R. of P.
Compafi'a Istmefia de Seguros, S.A.-------------- Panama, R. of P.
Compafiia Nacional de Seguros, S.A. --------Panama, R. of P.
Continental Casualty Company -------------------- Chicago, Ill.
Continental Insurance Company ------------- New York, N.Y.
Executive Fund Life Insurance Co. ---------------- 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 -----------------------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.
Seabord 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.
AETNA CASUALTY AND SURETY COMPANY
(No transactions in Canal Zone during 1973)
AMERICAN EMPLOYERS' INSURANCE COMPANY
(No transactions in Canal Zone during 1973)
AMERICAN HOME ASSURANCE COMPANY
Fire --------------------------
Motor Vehicle ----------------------------
Workmen's compensation ----- ---------
Miscellaneous ---------------
Total--------------------
Premium tax paid in Canal Zone
Net
Premiums
$23,531.82
339,475.15
152,097.96
59,872.26
$574,977.19
$8,624.66
Losses
Paid
$312.60
146,554.12
55,779.91
3,675.79
$206,322.42
AMERICAN MOTORISTS INSURANCE COMPANY
(No transactions in Canal Zone during 1973)
COLONIAL INSURANCE COMPANY OF PANAMA
Liability other than auto (B.I.) -
Auto liability (B.I.) -------------------
Auto property damage ------------
Automobile and motor vehicle -
Auto comprehensive -------------------
Auto collision-------------------
Fire
Burglary and theft ---------------
Miscellaneous --
Surety ------- ----------------
TotaL ------------------
Premium tax paid in Canal Zone -- ----------
Net
Premiums
$426.00
54,482.64
31,795.55
16,993.74
7,549.00
40,903.36
1,956.58
1,034.19
1,262.92
146.25
$156,550.23
$2,348.25
Losses
Paid
$63.50
10,072.97
26,064.44
3,573.64
2,945.81
18,892.61
0.00
441.35
742.20
0.00
$62,796.52
COMPARIA GENERAL DE SEGUROS, S.A.
Net
Premiums
Miscellaneous* ------------------------------- $12,029.60
Total_ -------------------------------- $12,029.60
Premium tax paid in Canal Zone --------------$180.45
COMPAMIA INTERAMERICANA DE SEGUROS, S.A.
Net
Premiums
Automobile ----------------------- $1,244.90
Fire ------------------------ 2,901.40
Miscellaneous-- -------------- 18,895.68
Workmen's compensation ------------- 33,324.80
Total -- ---------------------------- $56,366.78
Premium taxpaid in Canal Zone -------------------- $845.57
COMPARIA INTERNATIONAL DE SEGUROS, S.A.
Net
Premiums
Fire ------------------------------------------ $2,758.00
Surety ---------------------------------------- 15,118.00
Automobile ---------------------- 10,650.00
Total ----------------------------$28,526.00
Premium tax paid in Canal Zone ------------------- $427.89
COMPAI9IA ISTME1RA DE SEGUROS, S.A.
(No transactions in Canal Zone during 1973)
COMPA1iIA NATIONAL DE SEGUROS, S.A.
(No transactions in Canal Zone during 1973)
CONTINENTAL CASUALTY COMPANY
Net
Premiums
Auto liability ---------------------------------- $2,852.00
Auto physical damage --------------------- ------- 164.00
Group accident and health .. ------ ------ 7,225.48
Health and accident ----------------- 593.64
Liability other than auto --------------476.00
Miscellaneous ------- ---- --- ---------- 146.00
Total ---------------------------------- $11,457.12
Premium tax paid in Canal Zone -------------------- $171.86
*(Breakdown by types of insurance unavailable.)
Losses
Paid
$0.00
$0.00
Losses
Paid
$13,794.30
0.00
774.00
46,205.20
$60,773.50
Losses
Paid
$0.00
0.00
0.0Q
$0.00
Losses
Paid
$0.00
0.00
1,891.50
210.00
0.00
0.00
$2,101.50
CONTINENTAL INSURANCE COMPANY
(No transactions in Canal Zone during 1973)
FIDELITY AND CASUALTY COMPANY OF NEW YORK
(No transactions in Canal Zone during 1973)
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
Net
Premiums
Surety. --------------------------------------- $2,732.00
Total ----------------------------------- $2,732.00
Premium tax paid in Canal Zone. -------------------- $40.98
Losses
Paid
$0.00
$0.00
GENERAL INSURANCE COMPANY OF AMERICA
(No transactions in Canal Zone during 1973)
GREAT AMERICAN INSURANCE COMPANY
(No transactions in Canal Zone during 1973)
HARTFORD ACCIDENT AND INDEMNITY COMPANY
Net
Premiums
Workmen's compensation ------------------------- $709.00
Liability other than auto (B.I.) -------------394.00
Fire -------------------------------------------- 13.00
Auto liability (B.I.). ------------------235.95
Miscellaneous ----------------- ------(Cr.)__ 13.00
Auto physical damage ------------------------ 0.00
Inland marine ----------- -----(Cr.)- 95.00
Ocean marine ---------------------------------- 3,591.00
Total ----------------------------------- $4,834.95
Premium tax paid in Canal Zone ----------- $72.52
Losses
Paid
$1,071.20
0.00
0.00
1,784.60
0.00
118.63
238.27
0.00
$3,212.70
INSURANCE COMPANY OF NORTH
Miscellaneous* --------------------
Total--------------------
Premium tax paid in Canal Zone -
(Breakdown by type of insurance unavailable.)
AMERICA
Net
Premiums
$43,783.37
$43,783.37
$656.75
Losses
Paid
$0.00
$0.00
INTERNATIONAL SERVICE INSURANCE COMPANY
Auto libaility.----
Auto physical damage
Total--------
Premium tax paid in Canal Zone ----------
THE LIBERTY MUTUAL INSURANCE
Health and accident --------------------
Liability other than auto (B.I.) --------(C.)
Total ----------------- ---------(Cr.)_-
Premium tax paid in Canal Zone -------
Net
Premiums
$15,429.00
20,358.50
$35,787.50
$536.81
COMPANY
Net
Premiums
$117.00
176.00
$59.00
$0.00
Losses
Paid
$9,433.99
8,753.87
$18,187.86
Losses
Paid
$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
$350.22
1,132.27
1,348.15
78,377.00
23,346.75
6,029.00
84,795.00
50.00
12,555.00
10,239.65
123,399.33
59,206.00
6,749.00
980.00
$408,557.37
$6,128.36
Losses
Paid
$16.50
2,095.85
0.00
49,298.35
50.80
(Cr.) 256.31
0.00
0.00
9,619.69
3,897.02
60,245.71
29,302.66
161.98
0.00
$154,432.25
MUTUAL OF OMAHA INSURANCE COMPANY
Net
Premiums
Group accident and health --------$7,005,249.07
Individual and health ------------------------- 286,338.62
TotaL ------------------ $7,291,587.69
Premium tax paid in Canal Zone -------- $109,373.82
Losses
Paid
$6,037,615.35
153,122.87
$6,190,738.22
NATIONAL SURETY CORPORATION
(No transactions in Canal Zone during 1973)
NATIONAL UNION FIRE INSURANCE COMPANY
(No transactions in Canal Zone during 1973)
PANAMA INSURANCE COMPANY
Workmen's compensation ------------------
Fire-------------------------
Automobile- ----------------------
Miscellaneous-- -----------
Total ---------------..----------
Premium tax paid in Canal Zone ---------
Net
Premiums
$49,987.19
4,352.09
1,867.34
28,343.53
$84,550.15
$1,268.25
Losses
Paid
$79,357.80
0.00
20,691.46
1,161.00
$101,210.26
RELIANCE INSURANCE COMPANY
Net
Premiums
Ocean marine --- -.--------------------- $329.00
Inland marine ----------------------146.00
Total ------------------------------------- $475.00
Premium tax paid in Canal Zone -------------------$7.13
ROYAL INDEMNITY COMPANY
Fire --- (Cr.)------------------
Miscellaneous --------------------------(Cr.)-
Workmen's compensation -
Liability other than auto -
Auto liability.. --------------------------(Cr.)-
Surety-- ----- ------------ ----
Total.------------------- -
Premium tax paid in Canal Zone ------------
Net
Premiums
$13.00
1.00
611.00
41.99
82.00
0.00
$556.99
$8.35
Losses
Paid
$0.00
0.00
0.00
0.00
0.00
(Cr.) 21,574.21
(Cr.) $21,574.21
SEABORD SURETY COMPANY
(No transactions in Canal Zone during 1973)
TRANSAMERICA INSURANCE COMPANY
Net
Premiums
Inland marine ----------------------------------- $445.00
Liability other than auto -------------------------- 15.00
Fidelity_ -----------------------------(Cr.) 248.00
Total ---------------------------------- $212.00
Premium tax paid in Canal Zone -------------------_ $3.18
Losses
Paid
$0.00
0.00
0.00
$0.00
Losses
Paid
$0.00
0.00
$0.00
TRAVELERS INDEMNITY COMPANY
Net
Premiums
Surety ----------------- ------------- $19,319.00
Total --------------------- $19,319.00
Premium tax paid in Canal Zone -------------------- $289.79
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-
Total--------- -----------
Premium tax paid in Canal Zone
Net
Premiums
$64,877.00
20,041.00
54.00
570.08
50,682.00
13,393.00
148,023.00
37,697.00
6,826.00
350.00
12,065.00
3,768.00
$358,346.08
$5,375.19
Losses
Paid
$0.00
$0.00
Losses
Paid
$58,672.09
7,500.00
0.00
0.00
9,345.70
0.00
37,676.32
11,264.49
(Cr.) 1,106.15
0.00
(Cr.) 163.44
401.12
$123,590.13
AMERICAN-AMICABLE LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1972----------
Policies issued during 1973
Total -------------------
Ceased to be in force during 1973 -
Policies in force December 31, 1973 -
Losses and claims:
Unpaid December 31, 1972-
Incurred during 1973 --------
Total-
Settled during 1973
Unpaid December 31, 1973 -
Number
14
5
19
2
17
0
0
0
0
0
GRoUP-None
Net premiums collected in Canal Zone during 1973:
Life Insurance-----------------------
Accident and Health -----------------------------
Total--------------------
Premium tax paid in Canal Zone------------------------
Amount
$107,702.00
78,000.00
$185,702.00
20,000.00
$165,702.00
$0.00
0.00
$0.00
0.00
$0.00
$5,272.66
0.00
$5,272.66
$79.09
AMERICAN CAPITOL INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1972 ----- ------ 821
Policies issued during 1973---------------- 5
Total ------------------------------------ 826
Ceased to be in force during 1973 --------------------41
Policies in force December 31, 1973 --------- 785
Losses and claims:
Unpaid December 31, 1972------------------ 2
Incurred during 1973--------------- 2
Total ------------------------------------- 4
Settled during 1973--------------------------- 4
Unpaid December 31, 1973----- --- -- 0
GROUP-None
Net premiums collected in Canal Zone during 1973:
Life Insurance
Accident and Health ----------------
Total -------------
Premium tax paid in Canal Zone-
AMERICAN CONTINENTAL LIFE INSURANCE COM
ORDINARY
Number
Policies in force December 31, 19721 1
Policies issued during 1973 ------------------------- 2
TotaL ------------------------ 3
Ceased to be in force during 1973-------------- 1
Policies in force December 31, 1973 ------------ 2
Losses and claims:
Unpaid December 31, 1972------------- 0
Incurred during 1973----------------------- 0
Total --------------------------------- 0
Settled during 1973--------------------------- 0
Unpaid December 31, 1973----------- 0
GROUP-None
Net premiums collected in Canal Zone during 1973:
Life Insurance------------------------
Accident and Health-------------------
Total_------------------- ----
Premium tax paid in Canal Zone
Amount
$3,211,307.00
29,940.00
$3,241,247.00
198,640.00
$3,042,607.00
$20,112.38
15,549.00
$35,661.38
35,661.38
$0.00
$92,244.59
6,411.54
$98,656.13
$1,479.84
PANY
Amount
$24,000.00
15,000.00
$39,000.00
24,000.00
$15,000.00
$0.00
0.00
$0.00
0.00
$0.00
$401.59
123.00
$524.59
$7.87
AMERICAN DEFENDER LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1972--- ------ 0
Policies issued during 1973_ -------------------------_ 37
Total ------------------------------------- 37
Ceased to be in force during 1973 ----------------------
Policies in force December 31, 1973--------- 36
Losses and claims:
Unpaid December 31, 1972 ------ ------- 0
Incurred during 1973---------------- 0
Total ----------------------------------- 0
Settled during 1973---------------- 0
Unpaid December 31, 1973 --------- 0
GRour--None
Net premiums collected in Canal Zone during 1973:
Life Insurance----------------
Accident and Health -----------------------------
Total ---------------------------
Premium tax paid in Canal Zone------------------
Amount
$0.00
1,596,506.00
$1,596,506.00
33,000,00
$1,563,506.00
$0.00
0.00
$0.00
0.00
$0.00
$5,652.65
0.00
$5,652.65
$84.79
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY
OF NEW YORK
ORDINARY
Policies in force December 31, 1972 -...
Policies issued during 1973 ------------
Total --------------- -----
Ceased to be in force during 1973------------
Policies in force December 31, 1973 -
Losses and claims:
Unpaid December 31, 1972 ---------
Incurred during 1973
TotaL ..--. ..-.. .
Settled during 1973 ----------- --
Unpaid December 31, 1973 -
0
1
1
0
1
0
0
0
0
0
GROUP
Policies in force December 31,1972 ---------- 1
Policies issued during 1973--------------------- 0
Total -.. ...-- 1
Ceased to be in force during 1973------------ 0
Policies in force December 31, 1973 1---------
Losses and claims:
Unpaid December 31, 1972------------------ 0
Incurred during 1973-------------- 0
Total 0-------------------------------------- 0
Settled during 1973----------------------------- 0
Unpaid December 31, 1973---------------------- 0
Net premiums collected in Canal Zone during 1973:
Life Insurance ------------- -------
Accident and Health ---- ---- ---------
Total -------------------------
Premium tax paid in Canal Zone
$0.00
100,000.00
$100,000.00
0.00
$100,000.00
$0.00
0.00
$0.00
0.00
$0.00
$885,656.00
0.00
$885,656.00
(78,850.00)
$964,506.00
$0.00
0.00
$0.00
0.00
$0.00
$10,765.31
12,607.89
$23,373.20
$350.60
ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO
(No transactions in Canal Zone during 1973)
11
BANKERS LIFE INSURANCE COMPANY
ORDINARY
OF AMER
Number
Policies in force December 31, 1972 -- --------744
Policies issued during 1973------------------------- 0
Total------------------------------------- 744
Ceased to be in force during 1973 ----- -------86
Policies in force December 31, 1973 ---------- 658
Losses and claims:
Unpaid December 31, 1972---- 2
Incurred during 1973------------ 5
Total ---------------------------- -------
Settled during 1973------------- 6
Unpaid December 31, 1973------------ 1
GRoUP-None
Net premiums collected in Canal Zone during 1973:
Life Insurance------------------
Accident and Health_----________----- ------
Total------------------------
Premium tax paid in Canal Zone-------------------------
BENEFICIAL NATIONAL LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1973)
CITIZENS STANDARD LIFE INSURANCE COMPANY
ORDINARY Number Amount
Policies in force December 31, 19721 __------ 1,151 $4,050,871.00
Policies issued during 1973 ------------------------ 3 21,000.00
Total ------ ----------------------------- 1,154 $4,071,871.00
Ceased to be in force during 1973 -------------------- 82 289,460.00
Policies in force December 31, 1973 ------ ----- 1,072 $3,782.411.00
Losses and claims:
Unpaid December 31, 1972 0 $0.00
Incurred during 1973 ----------------0 4,000.00
Total ------------------------------------- 0 $4,000.00
Settled during 1973 -- 0 4,000.00
Unpaid December 31, 1973 ---------0 $0.00
GROUP-None
Net premiums collected in Canal Zone during 1973:
Life Insurance ----------------------- $122,513.42
Accident and Health ------------------34,828.65
Total -------------------------------------------- $157,342.07
Premium tax paid in Canal Zone -------------------- $2,360.13
ICA
Amount
$3,086,452.00
0.00
$3,086,452.00
298,433.00
$2,788,019.00
$12,500.00
8,275.00
$20,775.00
18,275.00
$2,500.00
$88,121.40
0.00
$88,121.40
$1,321.82
EXECUTIVE FUND LIFE INSURANCE
ORDINARY
Policies in force December 31, 1972---------
Policies issued during 1973_-------------
Total----------------------
Ceased to be in force during 1973 -
Policies in force December 31, 1973 -
Losses and claims:
Unpaid December 31, 1972------ ---
Incurred during 1973---- ---- ---
Total ----------------------
Settled during 1973 -------------------
Unpaid December 31, 1973 ---------
COMPANY
Number
0
0
0
(19)
19
0
0
0
0
0
GRoup-None
Net premiums collected in Canal Zone during 1973:
Life Insurance----------------------------------
Accident and Health_ -----------------
Total --------------------- ----------
Premium tax paid in Canal Zone-------------------------
Amount
$0.00
0.00
$0.00
(196,000.00)
$196,000.00
$0.00
0.00
$0.00
0.00
$0.00
$1,943.12
0.00
$1,943.12
$29.15
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1972 -
Policies issued during 1973
Total
Ceased to be in force during 1973-
Policies in force December 31, 1973 -
Losses and claims:
Unpaid December 31, 1972----------
Incurred during 1973---------------
Total -
Settled during 1973 ---------- -----
Unpaid December 31, 1973 -
Number
0
260
260
142
118
0
0
0
0
0
GRoUP-None
Net premiums collected in Canal Zone during 1973:
Life Insurance------------------ ------
Accident and Health
Total
Premium tax paid in Canal Zone -------
Amount
$0.00
3,777,411.00
$3,777,411.00
2,139,336.00
$1,638,075.00
$0.00
0.00
$0.00
0.00
$0.00
$29,517.97
0.00
$29,517.97
$442.77
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Policies in force December 31, 1972 -- --
Policies issued during 1973--__-__
Total __________
Ceased to be in force during 1973
Policies in force December 31, 1973
Losses and claims:
Unpaid December 31, 1972----------
Incurred during 1973 -
Total_--- --_---_
Settled during 1973-------------------
Unpaid December 31, 1973----------
Number
1,034
45
1,079
82
997
0
27
27
27
0
GROUP-None
Net premiums collected in Canal Zone during 1973:
Life Insurance_---____-__ ------------
Accident and Health------------------------------
Total______- ____--_____________-------
Premium tax paid in Canal Zone------------------------
JACKSON NATIONAL LIFE INSURANCE
ORDINARY
Policies in force December 31, 1972 --- --
Policies issued during 1973 --------------
Total ..-------------------
Ceased to be in force during 1973
Policies in force December 31, 1973-
Losses and claims:
Unpaid December 31, 1972----------
Incurred during 1973 ------------------
Total ------------------------
Settled during 1973
Unpaid December 31, 1973 -------
Amount
$8,895,402.00
848,517.00
$9,743,919.00
579,732.00
$9,164,187.00
$0.00
75,678.17
$75,678.17
75,678.17
$0.00
$200,686.28
0.00
$200,636.28
$3,009.99
COMPANY
Number
2
0
2
0
2
0
0
0
0
0
GRouP-None
Net premiums collected in Canal Zone during 1973:
Life Insurance --- ---
Accident and Health---- --------------
Total------------------------ ------ ---
Premium tax paid in Canal Zone------------
Amount
$43,650.00
0.00
$43,650.00
0.00
$43,650.00
$0.00
0.00
$0.00
0.00
$0.00
$1,532.96
0.00
$1,532.96
$22.99
LINCOLN NATIONAL LIFE INSURANCE
ORDINARY
COMPANY
Number
Policies in force December 31, 1972 ----------- 430
Policies issued during 1973 ------------------------ 2
Total ------------------------------------- 432
Ceased to be in force during 1973 -------------------- 40
Policies in force December 31, 1973 --------- 392
Losses and claims:
Unpaid December 31, 1972------------------- 0
Incurred during 1973 ------------------------- 13
Total ---- ----------------- 13
Settled during 1973 -------------------------- 13
Unpaid December 31, 1973--------------------- 0
GROUP
Policies in force December 31, 1972 ---------- 0
Policies issued during 1973------------------------- 0
Total------------------------------------- 0
Ceased to be in force during 1973-------------------- 0
Policies in force December 31, 1973 ------------- 0
Losses and claims:
Unpaid December 31, 1972 ---------- 0
Incurred during 1973--------------------- 0
Total ------------------------ 0
Settled during 1973 --------------------------- 0
Unpaid December 31, 1973 ----------- 0
Net premiums collected in Canal Zone during 1973:
Life Insurance----------------------------------
Accident and Health-----------------------------
Total--------------------------
Premium tax paid in Canal Zone-
Amount
$2,974,651.00
128,055.00
$3,102,706.00
(352.00)
$3,103,058.00
$0.00
44,944.00
$44,944.00
44,944.00
$0.00
$22,234.00
0.00
$22,234.00
(1,020.00)
$23,254.00
$0.00
0.00
$0.00
0.00
$0.00
$67,374.82
314.70
$67,689.52
$1,015.34
PAN-AMERICAN LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1972 ---------
Policies issued during 1973---- ---- ---
Total ---------------------
Ceased to be in force during 1973-- ------
Policies in force December 31, 1973
Losses and claims:
Unpaid December 31, 1972-
Incurred during 1973-
Total --------------------
Settled during 1973
Unpaid December 31, 1973 -
Number
103
6
109
6
103
0
0
0
0
0
GROUP-None
Net premiums collected in Canal Zone during 1973:
Life Insurance ------------------------
Accident and Health-----------------------------
Total---------------------------------------
Premium tax paid in Canal Zone-------------------------
Amount
$1,215,091.00
84,500.00
$1,299,591.00
7,031.00
$1,292,560.00
$0.00
0.00
$0.00
0.00
$0.00
$36,126.96
0.00
$36,126.96
$541.90
PENINSULAR LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1973)
16
UNITED BENEFIT LIFE INSURANCE
ORDINARY
Policies in force December 31, 1972 - --------
Policies issued during 1973__ --------
Total__-----------------------
Ceased to be in force during 1973
Policies in force December 31, 1973 ------- -
Losses and claims:
Unpaid December 31, 1972 --------- --
Incurred during 1973--------
Total ----------
Settled during 1973 --------------
Unpaid December 31, 1973 -
COMPANY
Number
504
81
585
39
546
1
6
7
6
1
GROUP
Policies in force December 31, 1972------- -- 1
Policies issued during 1973------------------ 1
Total ------------------------------------- 2
Ceased to be in force during 1973------------ 0
Policies in force December 31, 1973-------------- 2
Losses and claims:
Unpaid December 31, 1972----------------- 6
Incurred during 1973.- ------------------ 124
Total ----------------------------------- 130
Settled during 1973 ---------------------------- 127
Unpaid December 31, 1973------------ 3
Net premiums collected in Canal Zone during 1973:
Life Insurance -- -----------------
Accident and Health------------------------------
Total_ -- ------------------------
Premium tax paid in Canal Zone-----------------------
Amount
$3,295,628.00
1,209,728.00
$4,505,356.00
213,664.00
$4,291,692.00
$2,000.00
20,913.99
$22,913.99
20,913.99
$2,000.00
$128,091,750.00
34,000.00
$128,125,750.00
4,826,200.00
$123,299,550.00
$45,000.00
484,450.00
$529,450.00
497,700.00
$31,750.00
$913,749.55
116,722.92
$1,030,472.47
$15,457.08
UNITED SERVICES LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1972-
Policies issued during 1973__-
Total
Ceased to be in force during 1973
Policies in force December 31, 1973 -......_
Losses and claims:
Unpaid December 31, 1972
Incurred during 1973-
Total------ --
Settled during 1973_-
Unpaid December 31, 1973
Number
392
144
536
73
463
0
0
0
0
0
GROUP
Policies in force December 31, 1972----- ------- 7
Policies issued during 1973 --------------- 155
Total ------------------------------------- 162
Ceased to be in force during 1973------------- 0
Policies in force December 31, 1973__------------- 162
Losses and claims:
Unpaid December 31, 1972------------- 0
Incurred during 1973 ----------------------- 0
Total------------------------------------- 0
Settled during 1973 ----------------------- 0
Unpaid December 31, 1973 --------------------- 0
Net premiums collected in Canal Zone during 1973:
Life Insurance----------------------------------
Accident and Health _-----------------------------
Total---------------------------------------
Premium tax paid in Canal Zone-------------------------
Amount
$4,390,028.00
2,350,743.50
$6,740,771.50
(218,984.86)
$6,959,756.36
$0.00
0.00
$0.00
0.00
$0.00
$74,343.00
1,744,895.52
$1,819,238.52
0.00
$1,819,238.52
$0.00
0.00
$0.00
0.00
$0.00
$95,674.14
0.00
$95,674.14
$1,435.11
UNITED STATES LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1972 ------- --
Policies issued during 1973 -
Total -.----------------------
Ceased to be in force during 1973-
Policies in force December 31, 1973 -
Losses and claims:
Unpaid December 31, 1972
Incurred during 1973 --------------
Total ---------------- -------
Settled during 1973-
Unpaid December 31, 1973
Number
11
0
11
2
9
0
0
0
0
0
Amount
$127,572.00
23.00
$127,595.00
60,000.00
$67,595.00
$0.00
0.00
$0.00
0.00
$0.00
GROUP
Policies in force December 31, 1972---------- 1
Policies issued during 1973-------------------------- 0
Total--------------------- 1
Ceased to be in force during 1973------------ 0
Policies in force December 31, 1973 ----------- 1
Losses and claims:
Unpaid December 31, 1972--------------------- 0
Incurred during 1973 --------------------------
Total--------------------- 0
Settled during 1973 ..-------------------------- 0
Unpaid December 31, 1973 --------------------- 0
Net premiums collected in Canal Zone during 1973:
Life Insurance----------------------------------
Accident and Health-----------------------------
Total-- ------------------------
Premium tax paid in Canal Zone------------------------
$180,212.00
0.00
$180,212.00
5,531.00
$174,681.00
$0.00
0.00
$0.00
0.00
$0.00
$2,614.30
0.00
$2,614.30
$39.21
WABASH LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1973)
WORLD SERVICE LIFE INSURANCE
ORDINARY
Policies in force December 31, 1972-------
Policies issued during 1973-
Total-------------------------- --
Ceased to be in force during 1973-
Policies in force December 31, 1973-
Losses and claims:
Unpaid December 31, 1972 ------ ----
Incurred during 1973 ------ ----------
Total---- -----------------
Settled during 1973---- ------
Unpaid December 31, 1973
COMPANY
Number
4
9
13
2
11
0
0
0
0
0
Amount
$59,449.00
100,125.00
$159,574.00
24,725.00
$134,849.00
$0.00
0.00
$0.00
0.00
$0.00
GROUP
Policies in force December 31, 1972 ------------ 0
Policies issued during 1973 ------------------------- 0
Total --------------------------- 0
Ceased to be in force during 1973 ------------------- 0
Policies in force December 31, 1973------------------ 0
Losses and claims:
Unpaid December 31, 1972------------ 0
Incurred during 1973-------------- 0
Total --------------------------- 0
Settled during 1973--------------------------- 0
Unpaid December 31, 1973------------ 0
Net premiums collected in Canal Zone during 1973:
Life Insurance----------------------
Accident and Health--------------------
Total--------------------------------------
Premium tax paid in Canal Zone ----------------
$53,259.00
0.00
$53,259.00
0.00
$53,259.00
$0.00
0.00
$0.00
0.00
$0.00
$3,736.64
0.00
$3,736.64
$56.05
RECAPITULATION
MISCELLANEOUS COMPANIES
Accident ------------
Automobile and motor vehicle ----- ----
Auto comprehensive-- --------
Auto collision
Auto liability (B.I.) ---------------
Auto property damage .... --------
Auto physical damage -
Burglary and theft
Extended coverage------ ------
Fidelity ---------------- ----
Fire- ---------
Class .. .. ..
Group accident and health -----------
Health and accident (includes
hospitaland 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
$350.22
370,231.13
7,549.00
105,780.36
299,317.59
31,795.55
117,425.50
25,654.19
0.00
12,607.00
62,289.89
50.00
7,013,822.70
288,751.61
10,789.65
37,916.74
169,067.36
3,920.00
0.00
122,460.25
410,811.28
$9,090,590.02
$136,359.81
Losses
Paid
$16.50
184,613.52
2,945.81
77,564.70
108,266.23
26,064.44
49,439.65
9,897.60
0.00
(Cr.) 256.31
7,974.58
0.00
6,039,506.85
155,428.72
4,135.29
114.30
6,754.11
0.00
0.00
(Cr.) 22,680.36
252,005.52
$6,901,791.15
LIFE INSURANCE COMPANIES
ORDINARY
Policies in force December 31, 1972--
Policies issued during 1973_ -
Total__-_-_-_-_-______ -
Ceased to be in force during 1973 -
Policies in force December 31, 1973-
Losses and claims:
Unpaid December 31, 1972 --------------
Incurred during 1973___- -- _
Total____-___-__-___-
Settled during 1973__------------
Unpaid December 31, 1973 -
Number
5,211
600
5,811
580
5,231
5
53
58
56
2
Amount
$31,481,803.00
10,339,548.50
$41,821,351.50
3,472,684.14
$38,348,667.36
$34,612.38
169,360.16
$203,972.54
199,472.54
$4,500.00
GROUP
Policies in force December 31, 1972 ----------- 10
Policies issued during 1973 -------------------------- 156
Total ------------------------------------ 166
Ceased to be in force during 1973------------ 0
Policies in force December 31, 1973 ---------- 166
Losses and claims:
Unpaid December 31, 1972 --------------------- 6
Incurred during 1973 --------------- 124
Total ------------------------------------- 130
Settled during 1973 ---------------- 127
Unpaid December 31, 1973 ---------------------- 3
Net premiums collected in Canal Zone during 1973:
Life Insurance--------- --- ---------
Accident and Health ------
Total---------------------------------------
Premium tax paid in Canal Zone
$129,307,454.00
1,778,895.52
$131,086,349.52
4,751,861.00
$126,334,488.52
$45,000.00
484,450.00
$529,450.00
497,700.00
$31,750.00
$1,677,928.36
171,008.70
$1,848,937.06
$27,733.73
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
copy of its annual report to an authorized official of the State or country in
which the company is organized. Upon a showing of good cause therefore,
the executive secretary may extend the time for filing the statement for a
period not exceeding two months after March 1.
An insurance company licensed pursuant to this chapter shall pay before
March 1 of each year, in lieu of all other taxes except the annual fee provided
for by section 876 of this title, a license tax equal to 11/2 percent of its net
premium receipts in the Canal Zone for the proceeding calendar year.
SEC. 875. Issuance of license.-Upon compliance by a corporation with
the conditions prescribed by sections 872-874 of this title, and if the Governor
is satisfied that the business desired to be transacted is proper, legitimate and
permissible under the laws of the Canal Zone, and not in conflict with the
policy of administering the Canal Zone as an adjunct of the Panama Canal
he may issue a license to do business in the Canal Zone.
SEC. 876. Continuance after first license period.-The right of a corpora-
tion to continue to do business for the calendar year, and the successive
calendar years, after the calendar year during which the original license
was issued, shall be contingent upon: (1) Compliance with the provisions
of this chapter applicable to corporations licensed under it;
(2) Payment of a license fee of $10, payable in advance, on January 1
of each year; and
(3) Designation of a new process agent before March 1, if the process
agent previously designated has ceased during a preceding calendar year
to reside within the Canal Zone.
SEC. 877. Revocation of license.-The Governor may revoke a license
issued pursuant to this chapter if, upon examination, he is satisfied that the
operations of the corporation are conducted in an illegal manner, or in a
manner contrary to public policy or to the policy of administering the Canal
Zone as an adjunct of the Panama Canal.
SEC. 878. Loss of benefit of statute of limitations.-Corporations doing
business in the Canal Zone which fail to comply with this chapter are not
entitled to the benefit of the laws of the Canal Zone limiting the time for
the commencement of civil actions.
SEC. 879. Penalties for violation; validity of contracts.- (a) A corpora-
tion which does business in the Canal Zone without having complied with
this chapter shall be fined not more than $500.
(b) Whoever acts as an officer of, or agent for, a corporation which
has not complied with this chapter, shall be fined not more than $100 or
imprisoned in jail not more than 30 days, or both.
(c) Every contract made by or on behalf of such a corporation affecting
the liability thereof or relating to property within the Canal Zone is void
on its behalf and on behalf of its assigns, but is enforceable against it or them.
SEC. 880. Corporations dealing in securities.-A corporation licensed
pursuant to Chapter 79 of this title is not required to comply with sections
871-879 of this title.
SEC. 881. Surrender of license to do business.- (a) A corporation
licensed to do business in the Canal Zone may surrender its license by filing
with the executive secretary of the Canal Zone Government a certificate
signed and acknowledged by its president or a vice president and its secretary
or an assistant secretary or treasurer, setting forth:
(1) The name of the corporation as shown on the records of the
executive secretary, and the State or place of incorporation;
(2) That it revokes its designation of agent for the service of process;
(3) That it surrenders its authority to do business in the Canal Zone
and returns its license for cancellation, or that the license has been
lost or destroyed, if such is the fact;
(4) That it consents that process against it in any action upon a
liability or obligation incurred within the Canal Zone prior to the filing
of the certificate of surrender may be served upon the executive secretary
of the Canal Zone Government;
(5) A post office address to which the executive secretary may mail
a copy of any process served upon him, which address may be changed
from time to time by filing a certificate entitled "certificate of change of
address of surrendered foreign corporation" signed and acknowledged
by the president, a vice president, secretary, assistant secretary, or
treasurer.
(b) The license shall be attached to the certificate of surrender unless the
license has been lost or destroyed, in which case there shall be attached an
affidavit of the president, vice president, secretary, assistant secretary, or
treasurer to that effect.
(c) Mere retirement from doing business in the Canal Zone without filing
a certificate of surrender of license does not revoke the appointment of any
agent for the service of process within the Canal Zone.
SEC. 882. Service of process after revocation or surrender of license.-
(a) After the license of a corporation has been revoked or surrendered,
process against the corporation may be served upon the executive secretary
of the Canal Zone Government in any action upon a liability or obligation
incurred within the Canal Zone prior to the revocation or the filing of the
certificate of surrender.
(b) Section 872(b) of this title applies to service of process upon the
executive secretary pursuant to this section.
(c) The revocation or surrender of a license does not affect any action
pending at the time.
50106-550
AMERICAN CAPITOL INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1972-
Policies issued during 1973 ___-_
Tntal
Ceased to be in force during 1973-__________---- 41
Policies in force December 31, 1973-- --------.-- 785
Losses and claims:
Unpaid December 31, 1972--------------- 2
Incurred during 1973-- -------------- 2
Total------ ----------------- 4
Settled during 1973 -------------- 4
Unpaid December 31, 1973--___ __ ---_ 0
GROUP-None
Net premiums collected in Canal Zone during 1973:
Life Insurance_------------------------ ----
Accident and Health____ __---------- --
Total______ _--------------- -
Premium tax paid in Canal Zone------------------------
Number Amount
821 $3,211,307.00
5 29,940.00
826 $3 241247.00
198,640.00
$3,042,607.00
$20,112.38
15,549.00
$35,661.38
35,661.38
$0.00
$92,244.59
6,411.54
$98,656.13
$1,479.84
AMERICAN CONTINENTAL LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1972.. ----------
Policies issued during 1973--------------------
Total-- ----------- ------------
Ceased to be in force during 1973___--------
Policies in force December 31, 1973-----------
Losses and claims:
Unpaid December 31, 1972-----------
Incurred during 1973___--- -------------
Total -----------------------------
Settled during 1973---------------------
Unpaid December 31, 1973_--------------
Number Amount
1 $24,000.00
2 15,000.00
3 $39,000.00
1 24,000.00
2 $15,000.00
$0.00
0.00
$0.00
0.00
$0.00
$401.59
123.00
$524.59
$7.87
GRoou-None
Net premiums collected in Canal Zone during 1973:
Life Insurance ---------------------
Accident and Health------------------------------
Total -....-------- -------------------------
Premium tax paid in Canal Zone---------------------------
showing that the company is authorized to transact business in the State or
country under whose laws the company is organized;
(2) A duly certified copy of the last annual statement of the insurance
company to an authorized official in the State or country where the company
is organized;
(3) A deposit with the executive secretary of the Canal Zone Government
of $10,000 in cash or current marketable securities, which shall be held in
trust by the executive secretary for the account of the company, to satisfy
any judgment that may be rendered against the company, under insurance
policies that it may issue.
SEC. 874. Annual statement and license tax for insurance companies.-
An insurance company licensed pursuant to this chapter shall file with the
executive secretary of the Canal Zone Government before March 1 of each
year a verified statement showing the business transacted within the Canal
Zone by the company during the previous calendar year and a duly certified
copy of its annual report to an authorized official of the State or country in
which the company is organized. Upon a showing of good cause therefore,
the executive secretary may extend the time for filing the statement for a
period not exceeding two months after March 1.
An insurance company licensed pursuant to this chapter shall pay before
March 1 of each year, in lieu of all other taxes except the annual fee provided
for by section 876 of this title, a license tax equal to 1V2 percent of its net
premium receipts in the Canal Zone for the proceeding calendar year.
SEC. 875. Issuance of license.-Upon compliance by a corporation with
the conditions prescribed by sections 872-874 of this title, and if the Governor
is satisfied that the business desired to be transacted is proper, legitimate and
permissible under the laws of the Canal Zone, and not in conflict with the
policy of administering the Canal Zone as an adjunct of the Panama Canal
he may issue a license to do business in the Canal Zone.
SEC. 876. Continuance after first license period.-The right of a corpora-
tion to continue to do business for the calendar year, and the successive
calendar years, after the calendar year during which the original license
was issued, shall be contingent upon: (1) Compliance with the provisions
of this chapter applicable to corporations licensed under it;
(2) Payment of a license fee of $10, payable in advance, on January 1
of each year; and
(3) Designation of a new process agent before March 1, if the process
agent previously designated has ceased during a preceding calendar year
to reside within the Canal Zone.
SEC. 877. Revocation of license.-The Governor may revoke a license
issued pursuant to this chapter if, upon examination, he is satisfied that the
operations of the corporation are conducted in an illegal manner, or in a
manner contrary to public policy or to the policy of administering the Canal
Zone as an adjunct of the Panama Canal.
CONTINENTAL INSURANCE COMPANY
(No transactions in Canal Zone during 1973)
FIDELITY AND CASUALTY COMPANY OF NEW YORK
(No transactions in Canal Zone during 1973)
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
Net Losses
Premiums Paid
Surety.. ___________ _--------------____- $2,732.00 $0.00
Total _--_---_--- -- ----- $2,732.00 $0.00
Premium tax paid in Canal Zone.----------___-----$40.98
GENERAL INSURANCE COMPANY OF AMERICA
(No transactions in Canal Zone during 1973)
GREAT AMERICAN INSURANCE COMPANY
(No transactions in Canal Zone during 1973)
HARTFORD ACCIDENT AND INDEMNITY COMPANY
Net Losses
Premiums Paid
Worlnen's compensation ---- --------------- $709.00 $1,071.20
Liability other than auto (B.I.) ------ ---- 394.00 0.00
Fire --.----------------------------_------------ 13.00 0.00
Auto liability (B.I.)_-- ------ -_______ 235.95 1,784.60
Miscellaneous ------- ----- (Cr.)__ 13.00 0.00
Auto physical damage ---- ------------------ 0.00 118.63
Inland marine ------------__------ (Cr.)__ 95.00 238.27
Ocean marine ___- ---__ ------------------- 3,591.00 0.00
Total ----------------- --------- $4,834.95 $3,212.70
Premium tax paid in Canal Zone -------$72.52
INSURANCE COMPANY OF NORTH AMERICA
Net Losses
Premiums Paid
Miscellaneous* ------------------- _-- $43,783.37 $0.00
Total ----.--------------_--------- $43,783.37 $0.00
Premium tax paid in Canal Zone -------________ $656.75
*(Breakdown by type of insurance unavailable.)
5
SEC. 878. Loss of benefit of statute of limitations.-Corporations doing
business in the Canal Zone which fail to comply with this chapter are not
entitled to the benefit of the laws of the Canal Zone limiting the time for
the commencement of civil actions.
SEC. 879. Penalties for violation; validity of contracts.-(a) A corpora-
tion which does business in the Canal Zone without having complied with
this chapter shall be fined not more than $500.
(b) Whoever acts as an officer of, or agent for, a corporation which
has not complied with this chapter, shall be fined not more than $100 or
imprisoned in jail not more than 30 days, or both.
(c) Every contract made by or on behalf of such a corporation affecting
the liability thereof or relating to property within the Canal Zone is void
on its behalf and on behalf of its assigns, but is enforceable against it or them.
SEC. 880. Corporations dealing in securities.-A corporation licensed
pursuant to Chapter 79 of this title is not required to comply with sections
871-879 of this title.
SEC. 881. Surrender of license to do business.-(a) A corporation
licensed to do business in the Canal Zone may surrender its license by filing
with the executive secretary of the Canal Zone Government a certificate
signed and acknowledged by its president or a vice president and its secretary
or an assistant secretary or treasurer, setting forth:
(1) The name of the corporation as shown on the records of the
executive secretary, and the State or place of incorporation;
(2) That it revokes its designation of agent for the service of process;
(3) That it surrenders its authority to do business in the Canal Zone
and returns its license for cancellation, or that the license has been
lost or destroyed, if such is the fact;
(4) That it consents that process against it in any action upon a
liability or obligation incurred within the Canal Zone prior to the filing
of the certificate of surrender may be served upon the executive secretary
of the Canal Zone Government;
(5) A post office address to which the executive secretary may mail
a copy of any process served upon him, which address may be changed
from time to time by filing a certificate entitled "certificate of change of
address of surrendered foreign corporation" signed and acknowledged
by the president, a vice president, secretary, assistant secretary, or
treasurer.
(b) The license shall be attached to the certificate of surrender unless the
license has been lost or destroyed, in which case there shall be attached an
affidavit of the president, vice president, secretary, assistant secretary, or
treasurer to that effect.
(c) Mere retirement from doing business in the Canal Zone without filing
a certificate of surrender of license does not revoke the appointment of any
agent for the service of process within the Canal Zone.
CANAL ZONE GOVERNMENT
ANNUAL
REPORT
INSURANCE BUSINESS
transacted in the
CANAL ZONE
DURING THE CALENDAR YEAR
1973
Including Laws Concerning Licensing
Of Insurance Companies
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,
NATIONAL UNION FIRE INSURANCE COMPANY
(No transactions in Canal Zone during 1973)
PANAMA INSURANCE COMPANY
Net
Premiums
Workmen's compensation ---- -- -- -- $49,987.19
Fire ------------ --------------------_ 4,352.09
Automobile --------------------- 1,867.34
Miscellaneous ...--- -- ------ -- -- 28,343.53
Total ------------------------ $84,550.15
Premium tax paid in Canal Zone ------ $1,268.25
RELIANCE INSURANCE COMPANY
Net
Premiums
Ocean marine ------- --- $329.00
Inland marine __--------------.---------. ._- 146.00
Total---------------------------------- $475.00
Premium tax paid in Canal Zone ------------------- $7.13
ROYAL INDEMNITY COMPANY
Net
Premiums
Fire .. _- ------ -_(Cr.)__ $13.00
Miscellaneous .--- --------------- (Cr.)_ 1.00
Workmen's compensation-------------------- 611.00
Liability other than auto -------- 41.99
Auto liability ------- ------(Cr.)- 82.00
Surety ------------------ 0.00 (C
Total --.--------..----..-------.--- $556.99 (C
Premium tax paid in Canal Zone ----------_______ $8.35
SEABORD SURETY COMPANY
(No transactions in Canal Zone during 1973)
TRANSAMERICA INSURANCE COMPANY
Net
Premiums
Inland marine- --------------_ $445.00
Liability other than auto-------------------------- 15.00
Fidelity --. --- _-- --.. ----.-------- (Cr.)_ 248.00
Total ---------------------------- -$212.00
Premium tax paid in Canal Zone -------------- $3.18
7
Losses
Paid
$79,357.80
0.00
20,691.46
1,161.00
$101,210.26
Losses
Paid
$0.00
0.00
$0.00
Losses
Paid
$0.00
0.00
0.00
0.00
0.00
r.) 21,574.21
r.) $21,574.21
Losses
Paid
$0.00
0.00
0.00
$0.00
UNITED BENEFIT LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1972_--__-- _
Policies issued during 1973 -------
Total--- -------------- ------
Ceased to be in force during 1973-- -- -----
Policies in force December 31, 1973 -_--- --
Losses and claims:
Unpaid December 31, 1972__- -----
Incurred during 1973 -- --------
Total__-----------_______-- __
Settled during 1973 ----------------
Unpaid December 31, 1973 ----------
GRoup
Policies in force December 31, 1972___________
Policies issued during 1973 -------- ----
Total--------------------------
Ceased to be in force during 1973__--------------
Policies in force December 31, 1973-----------------
Losses and claims:
Unpaid December 31, 1972-_------------------
Incurred during 1973________----------
Total ------------------
Settled during 1973 ---------------
Unpaid December 31, 1973--- ------------
Net premiums collected in Canal Zone during 1973:
Number
504
81
585
39
546
1
6
7
6
1
1
1
2
0
2
6
124
130
127
3
Life Insurance------------------- -------------
Accident and Health ------------------------
Total ------------- -----------------------
Premium tax paid in Canal Zone ----------_--------
Amount
$3,295,628.00
1,209,728.00
$4,505,356.00
213,664.00
$4,291,692.00
$2,000.00
20,913.99
$22,913.99
20,913.99
$2,000.00
$128,091,750.00
34,000.00
$128,125,750.00
4,826,200.00
$123,299,550.00
$45,000.00
484,450.00
$529,450.00
497,700.00
$31,750.00
$913,749.55
116,722.92
$1,030,472.47
$15,457.08
I
I
I
UNITED SERVICES LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1972 ________________
Policies issued during 1973 --------____ ____-
Total________________________________
Ceased to be in force during 1973___- _________
Policies in force December 31, 1973_____________..____
Losses and claims:
Unpaid December 31,1972 ______ _____
Incurred during 1973 ____-___________.
Total____________ _________ _____
Settled during 1973__ _____________
Unpaid December 31, 1973___-______. _
GROUP
Number
392
144
536
73
463
0
0
0
0
0
Policies in force December 31, 1972 _______--------- 7
Policies issued during 1973______-_____-_________. 155
Total----_____ -------_ 162
Ceased to be in force during 1973------------------ 0
Policies in force December 31, 1973__-_ _-_-__- 162
Losses and claims:
Unpaid December 31, 1972-------------_--- 0
Incurred during 1973__------------------------- 0
Total ___----------------_ 0
Settled during 1973 -__-_______-___---- 0
Unpaid December 31, 1973 ___--------- --- 0
Net premiums collected in Canal Zone during 1973:
Life Insurance--- -------------------------
Accident and Health _-_____________---------
Total---------- ---------------------------
Premium tax paid in Canal Zone------------------------
Amount
$4,390,028.00
2,350,743.50
$6,740,771.50
(218,984.86)
$6,959,756.36
$0.00
0.00
$0.00
0.00
$0.00
$74,343.00
1,744,895.52
$1,819,238.52
0.00
$1,819,238.52
$0.00
0.00
$0.00
0.00
$0.00
$95,674.14
0.00
$95,674.14
$1,435.11
TRAVELERS INDEMNITY COMPANY
Net Losses
Premiums Paid
Surety---____ ____-----_ $19,319.00 $0.00
Total- __ -------------------- $19,319.00 $0.00
Premium tax paid in Canal Zone ---__.--_-__-____ $289.79
UNITED STATES FIDELITY AND GUARANTY COMPANY
Net Losses
Premiums Paid
Auto collision ____-------------- $64,877.00 $58,672.09
Fire-------------_ -__ -______ 20,041.00 7,500.00
Inland marine ... ~_--- __ __ ___ 54.00 0.00
Accident and health ________---------------- 570.08 0.00
Workmen's compensation .---- ----- 50,682.00 9,345.70
Liability other than auto (B.I.) 13,393.00 0.00
Auto liability (B.I.)-____.- _____ _____ 148,023.00 37,676.32
Auto physical damage -------_ ---- 37,697.00 11,264.49
Fidelity --------- ---------------------- 6,826.00 (Cr.)1,106.15
Surety_------------------- 350.00 0.00
Burglary and theft--_-__- ___________ 12,065.00 (Cr.) 163.44
Miscellaneous-----------------------------_ 3,768.00 401.12
Total_ -- ----- ------ $358,346.08 $123,590.13
Premium tax paid in Canal Zone ----------------- $5,375.19
AMERICAN-AMICABLE LIFE INSURANCE COMPANY
ORDINARY
Number Amount
Policies in force December 31, 1972 ----------- --- 14 $107,702.00
Policies issued during 1973-_ _---------------- 5 78,000.00
Total ---- ---------------_----- 19 $185,702.00
Ceased to be in force during 1973-- --------_--- 2 20,000.00
Policies in force December 31, 1973 --- ----------- 17 $165,702.00
Losses and claims:
Unpaid December 31,1972 -- --____ -- 0 $0.00
Incurred during 1973 -- ---------- ---- 0 0.00
Total ----- --------------------- 0 $0.00
Settled during 1973---------------- 0 0.00
Unpaid December 31, 1973 ----------------- 0 $0.00
GROUP-None
Net premiums collected in Canal Zone during 1973:
Life Insurance -------------------------- $5,272.66
Accident and Health _-------------- ---- 0.00
Total_--- -------------------------- $5,272.66
Premium tax paid in Canal Zone__ --------_-- ------ $79.09
RECAPITULATION
MISCELLANEOUS COMPANIES
Accident___________- ______-_--
Automobile and motor vehicle_ -----
Auto comprehensive --------
Auto collision -___
Auto liability (B.I.) _---
Auto property damage -. --------
Auto physical damage_ ------
Burglary and theft_------ -
Extended coverage ---------
Fidelity_ --_-----_----------------
Fire-----------------------------
Class --------
Group accident and health---- ------
Health and accident (includes
hospitaland medical) --
Inland marine--------- ---------
Liability other than auto-- ----
Miscellaneous----_______--_--__-------
Ocean Marine --------------------_
Property damage other than auto ---- _---
Suretv---_ ___--------- ____----------
Workmen's compensation____ -----_---- -
Total--------- ---------------
Premium taxes paid in Canal Zone__---- ----
Net
Premiums
$350.22
370,231.13
7,549.00
105,780.36
299,317.59
31,795.55
117,425.50
25,654.19
0.00
12,607.00
62,289.89
50.00
7,013,822.70
288,751.61
10,789.65
37,916.74
169,067.36
3,920.00
0.00
122,460.25
410,811.28
$9,090,590.02
$136,359.81
Losses
Paid
$16.50
184,613.52
2,945.81
77,564.70
108,266.23
26,064.44
49,439.65
9,897.60
0.00
(Cr.) 256.31
7,974.58
0.00
6,039,506.85
155,428.72
4,135.29
114.30
6,754.11
0.00
0.00
(Cr.)22,680.36
252,005.52
$6,901,791.15
PAN-AMERICAN LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1972 -______---.
Policies issued during 1973_____-__-__---- --_--_
Total____________----------- -- --
Ceased to be in force during 1973 ___-__-_-----_-
Policies in force December 31, 1973-_-----
Losses and claims:
Unpaid December 31, 1972 ___ ------
Incurred during 1973 ------------ ----
Total------------------- -----------
Settled during 1973 -_---------.---------
Unpaid December 31, 1973_____-----------
GROUP-None
Net premiums collected in Canal Zone during 1973:
Number
103
6
109
6
103
0
0
0
0
0
Life Insurance-------------------------- --
Accident and Health-------------------------------
Total----- -- ---------- ------------------
Premium tax paid in Canal Zone----------------------
PENINSULAR LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1973)
Amount
$1,215,091.00
84,500.00
$1,299,591.00
7,031.00
$1,292,560.00
$0.00
0.00
$0.00
0.00
$0.00
$36,126.96
0.00
$36,126.96
$541.90
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.
50106-550
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Policies in force December 31, 1972 ---- -_
Policies issued during 1973____________
Total__________________
Ceased to be in force during 1973_________ _
Policies in force December 31, 1973 -----
Losses and claims:
Unpaid December 31,1972 _----- ---__----_
Incurred during 1973 ___________-_----
Total__ ______________- __-_------
Settled during 1973 _________-__--______- ___
Unpaid December 31, 1973_____________
GROUP-None
Net premiums collected in Canal Zone during 1973:
Life Insurance--_____- ____---__--_ _-------
Accident and Health_____----------------
Total____----------
Premium tax paid in Canal Zone-__-------________-
JACKSON NATIONAL LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1972 ----
Policies issued during 1973 ----------
Total_ ____ _.....----------_--
Ceased to be in force during 1973 --- --------
Policies in force December 31, 1973 --------- --
Losses and claims:
Unpaid December 31, 1972 ..- ----- -
Incurred during 1973_------ ------------
Total ------------------
Settled during 1973------------------------
Unpaid December 31, 1973 ----- ----------
GROUP-None
Net premiums collected in Canal Zone during 1973:
Life Insurance------- ------- -------
Accident and Health--------------- -- --
Total -___--------------- -----
Premium tax paid in Canal Zone -----------
Number
1,034
45
1,079
82
997
0
27
27
27
0
Amount
$8,895,402.00
848,517.00
$9,743,919.00
579,732.00
$9,164,187.00
$0.00
75,678.17
$75,678.17
75,678.17
$0.00
$200,686.28
0.00
$200,636.28
$3,009.99
Amount
$43,650.00
0.00
$43,650.00
0.00
$43,650.00
$0.00
0.00
$0.00
0.00
$0.00
$1,532.96
0.00
$1,532.96
$22.99
Number
2
0
2
0
2
0
0
0
0
0
LIFE INSURANCE COMPANIES
ORDINARY
Number
Policies in force December 31, 1972 _-------------- 5,211
Policies issued during 1973 --------------------- 600
Total_________ _---_________-__ 5,811
Ceased to be in force during 1973_-------------_ -- 580
Policies in force December 31, 1973 ______ 5,231
Losses and claims:
Unpaid December 31, 1972 _______-___ .____
Incurred during 1973 ____-
Total_______________
Settled during 1973 _-__-
Unpaid December 31, 1973
Amount
$31,481,803.00
10,339,548.50
$41,821,351.50
3,472,684.14
$38,348,667.36
5 $34,612.38
------- -- 53 169,360.16
- 58 $203,972.54
S 56 199,472.54
2 $4,500.00
GROUP
Policies in force December 31, 1972_________
Policies issued during 1973_____-___ _-----
Total____ ____-------- --
Ceased to be in force during 1973- ______
Policies in force December 31, 1973 _____________.___
Losses and claims:
Unpaid December 31, 1972____--_- _-
Incurred during 1973____________--------
Total___-___- ____-_______-_____-.__-___-
Settled during 1973-----------------------
Unpaid December 31, 1973 ----- --- --
Net premiums collected in Canal Zone during 1973:
Life Insurance __---
Accident and Health__ ________ _____-
Total___-------------- --
Premium tax paid in Canal Zone___ ----..----
10
156
166
0
166
$129,307,454.00
1,778,895.52
$131,086,349.52
4,751,861.00
$126,334,488.52
$45,000.00
484,450.00
$529,450.00
497,700.00
$31,750.00
--- $1,677,928.36
171,008.70
-$1,848,937.06
- $27,733.73
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.
Compafiia General de Seguros, S.A.__----------__ Panama, R. of P.
Compafiia Interamericana de Seguros, S.A.-------- Panama, R. of P.
Compailia Internacional de Seguros, S.A.___________Panama, R. of P.
Compania Istmefia de Seguros, S.A._ -___________ Panama, R. of P.
Compaiiia Nacional de Seguros, S.A._ _____________ Panama, R. of P.
Continental Casualty Company _______________ Chicago, 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 ------___------ 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.
Seabord 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.
C-719 :C73
Digitized by the Internet Archive
in 2009 with funding from
University of Florida, George A. Smathers Libraries
http://www.archive.org/details/annualreportofinl973cana
AMERICAN DEFENDER LIFE INSURANCE COMPANY
Policies in force December 31, 1972 ________.________
Policies issued during 1973 __ ___ _____ ________
Total__________ -_____ ______ ____
Ceased to be in force during 1973___ __________. _
Policies in force December 31, 1973 -___________
Losses and claims:
Unpaid December 31, 1972________ _
Incurred during 1973______ ______.- ______.. ____
Total_______ _____________
Settled during 1973-_____-_-___-
Unpaid December 31, 1973 __-__- ___ ___-
GRour-None
Net premiums collected in Canal Zone during 1973:
Number
0
37
37
1
36
0
0
0
0
0
Life Insurance___ -- __-____ --_.___-_______
Accident and Health__ _-- _________-------- -----
Total _------------------------
Premium tax paid in Canal Zone---------------
Amount
$0.00
1,596,506.00
$1,596,506.00
33,000,00
$1,563,506.00
$0.00
0.00
$0.00
0.00
$0.00
$5,652.65
0.00
$5,652.65
$84.79
BANKERS LIFE INSURANCE COMPANY OF AMERICA
ORDINARY Number
Policies in force December 31, 1972 .___________ 744
Policies issued during 1973-________-__------------- 0
Total__________ __________________ 744
Ceased to be in force during 1973-- ________ 86
Policies in force December 31, 1973__________ 658
Losses and claims:
Unpaid December 31, 1972-----__________ 2
Incurred during 1973--________________ 5
Total ___________________ ____ 7
Settled during 1973__- __________ 6
Unpaid December 31, 1973------------------- 1
GRouP-None
Net premiums collected in Canal Zone during 1973:
Life Insurance_____ __________________
Accident and Health__-______________________------
Total__-_____ _________________________
Premium tax paid in Canal Zone_____________________
BENEFICIAL NATIONAL LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1973)
CITIZENS STANDARD LIFE INSURANCE COMPANY
ORDINARY Number
Policies in force December 31, 1972___ __--_ 1,151
Policies issued during 1973__----_ __-____-- ------- 3
Total ----__-___---- __---- 1,154
Ceased to be in force during 1973__-_______ 82
Policies in force December 31, 1973__________ 1,072
Losses and claims:
Unpaid December 31, 1972 .__ ._-__. ______- 0
Incurred during 1973------------------____ 0
Total--- --------------------------- 0
Settled during 1973-.______ ____ 0
Unpaid December 31, 1973------------_ ---_ 0
GRouP-None
Net premiums collected in Canal Zone during 1973:
Life Insurance----____ ----------- ----____
Accident and Health ----- ____________ _______
Total________ __ ___________ ___
Premium tax paid in Canal Zone__-_.-____ .- _
Amount
$3,086,452.00
0.00
$3,086,452.00
298,433.00
$2,788,019.00
$12,500.00
8,275.00
$20,775.00
18,275.00
$2,500.00
$88,121.40
0.00
$88,121.40
$1,321.82
Amount
$4,050,871.00
21,000.00
$4,071,871.00
289,460.00
$3,782.411.00
$0.00
4,000.00
$4,000.00
4,000.00
$0.00
$122,513.42
34,828.65
$157,342.07
$2,360.13
WABASH LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1973)
WORLD SERVICE LIFE INSURANCE COMPANY
ORDINARY
Number Amount
Policies in force December 31, 1972 ------- --- -..- 4 $59,449.00
Policies issued during 1973 -------- 9 100,125.00
Total____ ------_ ___-- -_- 13 $159,574.00
Ceased to be in force during 1973 ----- ---------- 2 24,725.00
Policies in force December 31, 1973----- 11 $134,849.00
Losses and claims:
Unpaid December 31, 1972 -- -------------- 0 $0.00
Incurred during 1973 -------- 0 0.00
Total---------------------------- 0 $0.00
Settled during 1973 _______ --- ---- 0 0.00
Unpaid December 31, 1973 -- ------- -- 0 $0.00
GnouP
Policies in force December 31, 1972------------------ 0 $53,259.00
Policies issued during 1973 -------------- 0 0.00
Total ----------------- 0 $53,259.00
Ceased to be in force during 1973 -__--__--- 0 0.00
Policies in force December 31, 1973 ____---- 0 $53,259.00
Losses and claims:
Unpaid December 31, 1972 ------ -------- 0 $0.00
Incurred during 1973--_____-- ------------ 0 0.00
Total ---------------- 0 $0.00
Settled during 1973-------------- 0 0.00
Unpaid December 31, 1973__------------ 0 $0.00
Net premiums collected in Canal Zone during 1973:
Life Insurance -- ___-- ------------ $3,736.64
Accident and Health ------------------------ 0.00
Total-------------------------------- $3,736.64
Premium tax paid in Canal Zone------------------------- $56.05
INTERNATIONAL SERVICE INSURANCE COMPANY
Net Losses
Premiums Paid
Auto libaility -------------------------------_ $15,429.00 $9,433.99
Auto physical damage -------------------------- 20,358.50 8,753.87
Total ---------- ---------------- $35,787.50 $18,187.86
Premium tax paid in Canal Zone----_____- $536.81
THE LIBERTY MUTUAL INSURANCE COMPANY
Net Losses
Premiums Paid
Health and accident --__________________ $117.00 $0.00
Liability other than auto (B.I.)_-------------(Cr.)__ 176.00 0.00
Total__-__-___--- __ ---------(Cr.)__ $59.00 $0.00
Premium tax paid in Canal Zone-- ------- $0.00
MARYLAND CASUALTY COMPANY
Net Losses
Premiums Paid
Accident only ----------------------------- $350.22 $16.50
Accident and health _----------------------- 1,132.27 2,095.85
Group accident and health ------- ----------- 1,348.15 0.00
Auto liability ------------------------------ 78,377.00 49,298.35
Liability other than auto ----_---__------- 23,346.75 50.80
Fidelity -------- _--------------- ------ 6,029.00 (Cr.) 256.31
Surety ------- ------------------------ 84,795.00 0.00
Glass------------------------- 50.00 0.00
Burglary and theft -.-- ------ ------------- 12,555.00 9,619.69
Inland marine-- --------- ------ 10,239.65 3,897.02
Workmen's compensation--------------------- 123,399.33 60,245.71
Auto physical damage ---------------------- 59,206.00 29,302.66
Fire_ -------- ------------------ --- 6,749.00 161.98
Miscellaneous --------------------- --- 980.00 0.00
Total---------------------------- $408,557.37 $154,432.25
Premium tax paid in Canal Zone----------------- $6,128.36
MUTUAL OF OMAHA INSURANCE COMPANY
Net Losses
Premiums Paid
Group accident and health---- --- -- $7,005,249.07 $6,037,615.35
Individual and health----- --------------- 286,338.62 153,122.87
Total ---- ----_-- --- --- $7,291,587.69 $6,190,738.22
Premium tax paid in Canal Zone --------------- $109,373.82
NATIONAL SURETY CORPORATION
(No transactions in Canal Zone during 1973)
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY
OF NEW YORK
ORDINARY
Policies in force December 31, 1972 _-_ -------
Policies issued during 1973_ --------------
Total _--- -------
Ceased to be in force during 1973----------
Policies in force December 31, 1973 ---------
Losses and claims:
Unpaid December 31, 1972----------- -
Incurred during 1973 --- ------------
Total.- _- --__----
Settled during 1973__-------------- ---
Unpaid December 31, 1973____ __________
GROUP
Policies in force December 31, 1972 ----------
Policies issued during 1973 .______.___________-----
Total -_____-__- _------
Ceased to be in force during 1973 ______----
Policies in force December 31, 1973__-_---
Losses and claims:
Unpaid December 31, 1972 ---__._____---- ------
Incurred during 1973-__-- ------- --
Total ---------
Settled during 1973__-.---------------
Unpaid December 31, 1973_.-__-------------
Net premiums collected in Canal Zone during 1973:
Life Insurance ... __._ -.
Accident and Health -------------
Total ---- ---------- --- ----
Premium tax paid in Canal Zone___--- -------
$0.00
100,000.00
$100,000.00
0.00
$100,000.00
$0.00
0.00
$0.00
0.00
$0.00
$885,656.00
0.00
$885,656.00
(78,850.00)
$964,506.00
$0.00
0.00
$0.00
0.00
$0.00
$10,765.31
12,607.89
$23,373.20
$350.60
ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO
(No transactions in Canal Zone during 1973)
UNIVERSITY OF FLORIDA
S1262I I I04728I I 2867
3 1262 04728 2867
UNITED STATES LIFE INSURANCE COMPANY
ORDINARY
Number Amount
Policies in force December 31, 1972 -------------- 11 $127,572.00
Policies issued during 1973------------------- --0 23.00
Total_____ _____---------- 11 $127,595.00
Ceased to be in force during 1973 ---- ----------- 2 60,000.00
Policies in force December 31, 1973------------------- 9 $67,595.00
Losses and claims:
Unpaid December 31, 1972 __________-__--- ___ 0 $0.00
Incurred during 1973 ----------------_---- 0 0.00
Total ---- ------------------------ 0 $0.00
Settled during 1973_--_ --------- 0 0.00
Unpaid December 31, 1973 _-_--- 0 $0.00
GROUP
Policies in force December 31, 1972 _----- 1 $180,212.00
Policies issued during 1973_ ------------ ---------_ 0 0.00
Total _------------------------_ 1 $180,212.00
Ceased to be in force during 1973------------------ 0 5,531.00
Policies in force December 31, 1973__ ________ --- 1 $174,681.00
Losses and claims:
Unpaid December 31,1972______-----_ -- 0 $0.00
Incurred during 1973__-- __------------- __-- 0 0.00
Total. --_-------------__ 0 $0.00
Settled during 1973 _____ ____-- ---- 0 0.00
Unpaid December 31, 1973------ -- 0 $0.00
Net premiums collected in Canal Zone during 1973:
Life Insurance -----__----------------------- $2,614.30
Accident and Health---------__----------------- 0.00
Total_---_ ------------___---- -------- $2,614.30
Premium tax paid in Canal Zone----------- ------------ $39.21
LINCOLN NATIONAL LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1972---------- ----
Policies issued during 1973-----_____________ __
Total------ -----------------------
Ceased to be in force during 1973------
Policies in force December 31, 1973 --- ---------
Losses and claims:
Unpaid December 31, 1972_ ------------
Incurred during 1973 -------
Total_---------------- ----
Settled during 1973 -__-______-_----
Unpaid December 31, 1973___----- --.----.
GROUP
Policies in force December 31, 1972-------___--_---
Policies issued during 1973_____- __------ --- --
Total-___----------- -------------------
Ceased to be in force during 1973 _------_----
Policies in force December 31, 1973-______ ______--
Losses and claims:
Unpaid December 31,1972-------------- --
Incurred during 1973--------------- -
Total -----------------
Settled during 1973_--------------------
Unpaid December 31, 1973--__________-_--.
Net premiums collected in Canal Zone during 1973:
Number
430
2
432
40
392
0
13
13
13
0
Life Insurance ---- --------
Accident and Health ----------------------
Total-- ---------------------------
Premium tax paid in Canal Zone------------------ --
Amount
$2,974,651.00
128,055.00
$3,102,706.00
(352.00)
$3,103,058.00
$0.00
44,944.00
$44,944.00
44,944.00
$0.00
$22,234.00
0.00
$22,234.00
(1,020.00)
$23,254.00
$0.00
0.00
$0.00
0.00
$0.00
$67,374.82
314.70
$67,689.52
$1,015.34
CANAL ZONE GOVERNMENT
OFFICE OF THE GOVERNOR
BALBOA HEIGHTS, May 1, 1974.
GovERNOR OF TIE CANAL ZONE,
Balboa Heights, C.Z.
Si: There is submitted herewith a report of insurance business
transacted in the Canal Zone during the calendar year 1973.
Respectfully,
J. PATRICK CONLEY,
Executive Secretary.
The following companies were authorized to transact business in the
Canal Zone during the year 1973.
Aetna Casualty and Surety Company --__
American-Amicable Life Insurance Company_
American Capitol Insurance Company _--
American Continental Life Insurance _-
American Defender Life Insurance Company'-
American Employers' Insurance Company__
American Home Assurance Company -----_
-____Hartford, Conn.
--Birmingham, Ala.
Houston, Tex.
__Phoenix, Ariz.
..--._ Raleigh, N.C.
-- Boston, Mass.
-.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.
lAmerican Defender Life Insurance Company licensed to do business in the Canal Zone July 3,
1973.
EXECUTIVE FUND LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1972 -__----------
Policies issued during 1973--------- ---------
Total- ---___-------- -------- -----
Ceased to be in force during 1973-----------.---
Policies in force December 31, 1973-----------------
Losses and claims:
Unpaid December 31, 1972 -- ------
Incurred during 1973----_____------
Total----------------------------
Settled during 1973----------------
Unpaid December 31, 1973 ___------_----- -
GRoup-None
Net premiums collected in Canal Zone during 1973:
Life Insurance_----------------------------
Number
0
0
0
(19)
19
0
0
0
0
0
Accident and Health --------------------------------
Total------------------- ---------
Premium tax paid in Canal Zone_---- ----------------
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1972----- ----
Policies issued during 1973------------------------
Total ---------- -------- -
Ceased to be in force during 1973----------
Policies in force December 31, 1973-----------------
Losses and claims:
Unpaid December 31, 1972-------
Incurred during 1973----------------------
Total------------ ---------------
Settled during 1973 ---------------
Unpaid December 31, 1973------------
GROP--None
Net premiums collected in Canal Zone during 1973:
Life Insurance ------------- -----
Accident and Health__- ---------
Total__------------------
Premium tax paid in Canal Zone -- -----
Number
0
260
260
142
118
0
0
0
0
0
Amount
$0.00
0.00
$0.00
(196,000.00)
$196,000.00
$0.00
0.00
$0.00
0.00
$0.00
$1,943.12
0.00
$1,943.12
$29.15
Amount
$0.00
3,777,411.00
$3,777,411.00
2,139,336.00
$1,638,075.00
$0.00
0.00
$0.00
0.00
$0.00
$29,517.97
0.00
$29,517.97
$442.77
Miscellaneous*_-
Total _-
Premium tax pai
COMPANIA GENERAL DE SEGUROS, S.A.
Net
Premiums
__ ---------- $12,029.60
------------------ $12,029.60
d in Canal Zone -- ---------- $180.45
COMPARIA INTERAMERICANA DE SEGUROS, S.A.
Net
Premiums
Automobile_ _-------------- -- ----- $1,244.90
Fire __---------------------- ____ 2,901.40
Miscellaneous_ __- __-----. --..--- ------- ------ 18,895.68
Workmen's compensation----------------------- 33,324.80
Total ----------------------------- $56,366.78
Premium taxpaid in Canal Zone ---- ------ $845.57
COMPANIA INTERNATIONAL DE SEGUROS, S.A.
Net
Premiums
Fire ------ _---------- ----------- $2,758.00
Surety ----------- ------------ -15,118.00
Automobile------- ------------------------ 10,650.00
Total----------------------- $28,526.00
Premium tax paid in Canal Zone --------- $427.89
COMPANIA ISTMENA DE SEGUROS, S.A.
(No transactions in Canal Zone during 1973)
COMPANIA NATIONAL DE SEGUROS, S.A.
(No transactions in Canal Zone during 1973)
CONTINENTAL CASUALTY COMPANY
Net
Premiums
Auto liability -_ -._-------------- $2,852.00
Auto physical damage __------------- 164.00
Group accident and health --- -..-.. ....------- 7,225.48
Health and accident -- ---------------- 593.64
Liability other than auto -----. .-------- 476.00
Miscellaneous ---------.----------------------- 146.00
Total_ _--------------------------- $11,457.12
Premium tax paid in Canal Zone------ ------- $171.86
*(Breakdown by types of insurance unavailable.)
Losses
Paid
$0.00
$0.00
Losses
Paid
$13,794.30
0.00
774.00
46,205.20
$60,773.50
Losses
Paid
$0.00
0.00
0.0q
$0.00
Losses
Paid
$0.00
0.00
1,891.50
210.00
0.00
0.00
$2,101.50
AETNA CASUALTY AND SURETY COMPANY
(No transactions in Canal Zone during 1973)
AMERICAN EMPLOYERS' INSURANCE COMPANY
(No transactions in Canal Zone during 1973)
AMERICAN HOME ASSURANCE COMPANY
Net Losses
Premiums Paid
Fire--------------------------------- $23,531.82 $312.60
Motor Vehicle ------------ --------- 339,475.15 146,554.12
Workmen's compensation_--------------- 152,097.96 55,779.91
Miscellaneous ---------------- ---- 59,872.26 3,675.79
Total--------------- -- ---- $574,977.19 $206,322.42
Premium tax paid in Canal Zone ------------------ $8,624.66
AMERICAN MOTORISTS INSURANCE COMPANY
(No transactions in Canal Zone during 1973)
COLONIAL INSURANCE COMPANY OF PANAMA
Net Losses
Premiums Paid
Liability other than auto (B.I.)------- --- $426.00 $63.50
Auto liability (B.I.)---_ ------------------ 54,482.64 10,072.97
Auto property damage- --- ---------- 31,795.55 26,064.44
Automobile and motor vehicle_ -------- 16,993.74 3,573.64
Auto comprehensive ------------------------ 7,549.00 2,945.81
Auto collision__----------------- 40,903.36 18,892.61
Fire--- --------------------------- 1,956.58 0.00
Burglary and theft _----------_-- --- --- 1,034.19 441.35
Miscellaneous-------- ------------ 1,262.92 742.20
Surety-------------------------------- 146.25 0.00
Total--------------------------- $156,550.23 $62,796.52
Premium tax paid in Canal Zone_-------------- $2,348.25
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PAGE 1
CZI.9 :'?73 CANAL ZONE GOVERNMENT ANNUAL REPORT OF INSURANCE BUSINESS transacted in the CANAL ZONE DURING THE CALENDAR YEA,B/y>v, 1973 M-1 5 SEP 19T4; \ ^ s r ' Including Laws Concerning LicenSiflf^>.x//<^^' Of Insurance Companies
PAGE 2
Digitized by tine Internet Archive in 2009 with funding from University of Florida, George A. Smathers Libraries http://www.archive.org/details/annualreportofin1973cana
PAGE 3
CANAL ZONE GOVERNMENT ANNUAL REPORT OF INSURANCE BUSINESS transacted in the CANAL ZONE DURING THE CALENDAR YEAR 1973 Including Laws Concerning Licensing Of Insurance Companies
PAGE 5
CANAL ZONE GOVERNMENT OFFICE OF THE GOVERNOR Balboa Heights, May 1, 1974. Governor of The Canal Zone, Balhoa Heights, C.Z. Sir: There is submitted herewith a report of insurance business transacted in the Canal Zone during the calendar year 1973. Respectfully, J. Patrick Conley, Executive Secretary. The following companies were authorized to transact business in the Canal Zone during the year 1973. 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 Defender Life Insurance Company^ Raleigh, N.C. 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. lAmerican Defender Life Insurance Company licensed to do business in the Canal Zone July 3, 1973. 1
PAGE 6
Compafiia 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. Compania Istmefia de Seguros, S.A Panama, R. of P. Compafiia 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. FideHt}' and Casualty Company of New York New York, N.Y. Fidelity and Deposit Company Raltimore, 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 Chicago, 111. 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. Seabord 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 YorkNew York, N.Y. Wabash Life Insurance Co Indianapolis, Ind. World Service Life Insurance Company Fort Worth, Tex. 2
PAGE 7
AETNA CASUALTY AND SURETY COMPANY (No transactions in Canal Zone during 1973) AMERICAN EMPLOYERS' INSURANCE COMPANY (No transactions in Canal Zone during 1973) AMERICAN HOME ASSURANCE COMPANY Net Losses Premiums Paid Fire $23,531.82 $312.60 Motor Vehicle 339,475.15 146,554.12 Workmen's compensation 152,097.96 55,779.91 Miscellaneous 59,872.26 3,675.79 Total $574,977.19 $206,322.42 Premium tax paid in Canal Zone $8,624.66 AMERICAN MOTORISTS INSURANCE COMPANY (No transactions in Canal Zone during 1973) COLONIAL INSURANCE COMPANY OF PANAMA Net Losses Premiums Paid Liability other than auto (B.I.) $426.00 $63.50 Auto liability (B.I.) 54,482.64 10,072.97 Auto propert)' damage 31,795.55 26,064.44 Automobile and motor vehicle 16,993.74 3,573.64 Auto comprehensive 7,549.00 2,945.81 Auto collision 40,903.36 18,892.61 Fire 1,956.58 0.00 Burglary and theft 1,034.19 441.35 MisceUaneous 1,262.92 742.20 Suret)' 146.25 0.00 Total$156,550.23 $62,796.52 Premium tax paid in Canal Zone $2,348.25
PAGE 8
COMPA]^IA GENERAL DE SEGUROS, S.A. Net Premiums Miscellaneous'' $12,029.60 Total $12,029.60 Premium tax paid in Canal Zone $180.45 COMPA5fIA INTERAMERICANA DE SEGUROS, S.A, Net Premiums Automobile $1,244.90 Fire 2,901.40 Miscellaneous 18,895.68 Workmen's compensation 33,324.80 Total $56,366.78 Premium taxpaid in Canal Zone $845.57 COMPANIA INTERNACIONAL DE SEGUROS, S.A. Net Premiums Fire $2,758.00 Surety 15,118.00 Automobile 10,650.00 Total $28,526.00 Premium tax paid in Canal Zone $427.89 Losses Paid $0.00 $0.00 Looses Paid $13,794.30 0.00 774.00 46,205.20 $60,773.50 Losses Paid $0.00 0.00 O.OQ $0.00 COMPANIA ISTMENA DE SEGUROS, S.A. (No transactions in Canal Zone during 1973) COMPANU NACIONAL DE SEGUROS, S.A. (No transactions in Canal Zone during 1973) CONTINENTAL CASUALTY COMPANY Auto liability Auto physical damage Group accident and health Health and accident Liability other than auto Miscellaneous Total $11,457.12 Premium taxpaid in Canal Zone $171.86 "(Breakdown by types of insurance unavailable.) Net
PAGE 9
CONTINENTAL INSURANCE COMPANY (No transactions in Canal Zone during 1973) FIDELITY AND CASUALTY COMPANY OF NEW YORK (No transactions in Canal Zone during 1973) FIDELITY AND DEPOSIT COMPANY OF MARYLAND Net Premiums Surety $2,732.00 Total $2,732.00 Premium tax paid in Canal Zone $40.98 Losses Paid SO.OO $0.00 GENERAL INSURANCE COMPANY OF AMERICA (No transactions in Canal Zone during 1973) GREAT AMERICAN INSURANCE COMPANY (No transactions in Canal Zone diKing 1973) HARTFORD ACCIDENT AND INDEMNITY COMPANY Net Premiums Workmen's compensation $709.00 Liability other than auto (B.I.) 394.00 Fire__ J 13.00 Auto liability (B.I.) 235.95 Miscellaneous (Cr.)— 13.00 Auto physical damage 0.00 Inland marine (Cr.)__ 95.00 Ocean marine 3,591.00 Total $4,834.95 Premium tax paid in Canal Zone $72.52 INSURANCE COMPANY OF NORTH AMERICA Net Premiums Miscellaneous' $43,783.37 Total $43,783.37 Premium tax paid in Canal Zone $656.75 ' ( Breakdown by type of insurance unavailable. ) Losses Paid $1,071.20 0.00 0.00 1,784.60 0.00 118.63 238.27 0.00 $3,212.70 Losses Paid $0.00 $0.00
PAGE 10
INTERNATIONAL SERVICE INSURANCE COMPANY Net Losses Premiums Paid Auto libaility $15,429.00 $9,433.99 Auto physical damage 20,358.50 8,753.87 Total $35,787.50 $18,187.86 Premium ta.x paid in Canal Zone $536.81 THE LIBERTY MUTUAL INSURANCE COMPANY Net Losses Premiums Paid Health and accident $117.00 $0.00 Liability other than auto (B.I.) (Cr.)__ 176.00 0.00 Total (Cr.)__ $59.00 $0.00 Premiiun tax paid in Canal Zone $0.00 MARYLAND CASUALTY COMPANY Net Losses Premiums Paid Accident only $350.22 $16.50 Accident and health 1,132.27 2,095.85 Group accident and health 1,348.15 0.00 Auto liability 78,377.00 49,298.35 Liability other than auto 23,346.75 50.80 Fidelity 6,029.00 (Cr.) 256.31 Suret}' 84,795.00 0.00 Glass 50.00 0.00 Burglary and theft 12,555.00 9,619.69 Inland marine 10,2.39.65 3,897.02 Workmen's compensation 123,399.33 60,245.71 Auto physical damage 59,206.00 29,302.66 Fire 6,749.00 161.98 Miscellaneous 980.00 0.00 Total $408,557.37 $154,432.25 Premium tax paid in Canal Zone $6,128.36 MUTUAL OF OMAHA INSURANCE COMPANY Net Losses Premiums Paid Group accident and health $7,005,249.07 $6,037,615.35 Individual and health 286,338.62 153,122.87 Total $7,291,587.69 $6,190,738.22 Premium tax paid in Canal Zone $109,373.82 NATIONAL SURETY CORPORATION (No transactions in Canal Zone during 1973) 6
PAGE 11
NATIONAL UNION FIRE INSURANCE COMPANY (No transactions in Canal Zone during 1973) PANAMA INSURANCE COMPANY Net Losses Premiums Paid Workmen's compensation $49,987.19 $79,357.80 Fire 4,352.09 0.00 Automobile 1,867.34 20,691.46 Miscellaneous 28,343.53 1,161.00 Total $84,550.15 $101,210.26 Premium tax paid in Canal Zone $1,268.25 RELIANCE INSURANCE COMPANY Ocean marine Inland marine Total Premium tax paid in Canal Zone. Net Premiums $329.00 146.00 $475.00 $7.13 Losses Paid $0.00 0.00 $0.00 ROYAL INDEMNITY COMPANY Net Premiums Losses Paid Fire (Cr.)__ $13.00 $0.00 Miscellaneous (Cr.)__ 1.00 0.00 Workmen's comperLsation 611.00 0.00 Liability other than auto 41.99 0.00 Auto liability (Cr.)__ 82.00 0.00 Suret>' 0.00 (Cr.) 21,574.21 Total $556.99 (Cr.) $21,574.21 Premium tax paid in Canal Zone $8.35 SEARORD SURETY COMPANY (No transactions in Canal Zone during 1973) TRANSAMERICA INSURANCE COMPANY Inland marine Liability other than auto Fidelity (Cr.). Total Premium tax paid in Canal Zone Net Premiums
PAGE 12
TRAVELERS INDEMNITY COMPANY Net Losses PremiuTris Paid Surety $19,319.00 $0.00 Total $19,319.00 $0.00 Premium tax paid in Canal Zone $289.79 UNITED STATES FIDELITY AND GUARANTY COMPANY Net Losses Premiums Paid Auto collision $64,877.00 $58,672.09 Fire 20,041.00 7,500.00 IiJand marine 54.00 0.00 Accident and health 570.08 0.00 Workmen's compensation 50,682.00 9,345.70 LiabilitA' other than auto (B.I.) 13,393.00 0.00 Auto liability (B.I.) 148,023.00 37,676.32 Auto physical damage 37,697.00 11,264.49 Fidelit)'! 6,826.00 (Cr.) 1,106.15 Suretyl 350.00 0.00 Burglary and theft 12,065.00 (Cr.) 163.44 Miscellaneous 3,768.00 401.12 Total $358,346.08 $123,590.13 Premium tax paid in Canal Zone $5,375.19 AMERICAN-AMICABLE LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1972 14 $107,702.00 Policies issued during 1973 5 78,000.00 Total l9 $185,702.00 Ceased to be in force during 1973 2 20,000.00 Policies in force December 31, 1973 T/ $165,702.00 Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 0.00 Total ~0 $0.00 Settled during 1973 0.00 Unpaid December 31, 1973 "~0 $0.00 Group— None Net premiums collected in Canal Zone during 1973: Life Insurance $5,272.66 Accident and Health 0.00 Total $5,272.66 Premium tax paid in Canal Zone $79.09 8
PAGE 13
AMERICAN CAPITOL INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1972 821 $3,211,307.00 Policies issued during 1973 5 29,940.00 Total 826 $3,241,247.00 Ceased to be in force during 1973 41 198,640.00 Policies in force December 31, 1973 785 $3,042,607.00 Losses and claims: Unpaid December 31, 1972 2 $20,112.38 Incurred during 1973 2 15,549.00 Total 4 $35,661.38 Settled during 1973 4 35,661.38 Unpaid December 31, 1973 $0.00 Group— None Net premiums collected in Canal Zone during 1973: Life Insurance $92,244.59 Accident and Health 6,411.54 Total $98,656.13 Premium tax paid in Canal Zone $1,479.84 AMERICAN CONTINENTAL LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1972 1 $24,000.00 Policies issued during 1973 2 15,000.00 Total 3 $39,000.00 Ceased to be in force during 1973 1 24,000.00 Policies in force December 31, 1973 2 $15,000.00 Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 000 Total $000 Settled during 1973 0.00 Unpaid December 31, 1973 $0.00 Group— None Net premiums collected in Canal Zone during 1973: Life Insurance $401.59 Accident and Health 123.00 Total $524.59 Premium tax paid in Canal Zone $7.87
PAGE 14
AMERICAN DEFENDER LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1972 $0.00 Policies issued during 1973 37 1,596,506.00 Total 37 $1,596,506.00 Ceased to be in force during 1973 1 33,000,00 Policies in force December 31, 1973 36 $1,563,506.00 Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 0.00 Total $0.00 Settled during 1973 0.00 Unpaid December 31, 1973 $0.00 Group— None Net premiums collected in Canal Zone during 1973: Life Insurance $5,652.65 Accident and Health 0.00 Total $5,652.65 Premium tax paid in Canal Zone $84.79 10
PAGE 15
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY OF NEW YORK Ordinary Policies in force December 31, 1972 $0.00 Policies issued during 1973 1 100,000.00 Total 1 $100,000.00 Ceased to be in force diiring 1973 0.00 Policies in force December 31, 1973 1 $100,000.00 Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 0.00 Total $0.00 Settled during 1973 0.00 Unpaid December 31, 1973 $0.00 Group Policies in force December 31, 1972 1 $885,656.00 Policies issued during 1973 0.00 Total 1 $885,656.00 Ceased to be in force during 1973 (78,850.00) Policies in force December 31, 1973 1 $964,506.00 Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 0.00 Total $0.00 Settled during 1973 0.00 Unpaid December 31, 1973 $0.00 Net premiums collected in Canal Zone during 1973: Life Insurance $10,765.31 Accident and Health 12,607.89 Total $23,373.20 Premium tax paid in Canal Zone $350.60 ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO (No transactions in Canal Zone during 1973) 11
PAGE 16
BANKERS LIFE INSURANCE COMPANY OF AMERICA Ordinary ^„^b^, ^^„„„j Policies in force December 31, 1972 744 $3,086,452.00 Policies issued during 1973 0.00 Total 74? $3,086,452.00 Ceased to be in force during 1973 86 298,433.00 Policies in force December 31, 1973 658 $2,788,019.00 Losses and claims: Unpaid December 31, 1972 2 $12,500.00 Incurred during 1973 5 8,275.00 Total ^r $20,775.00 Setded during 1973 6 18,275.00 Unpaid December 31, 1973 "IT $2,500.00 Group— None Net premiums collected in Canal Zone during 1973: Life Insurance $88,121.40 Accident and Health 0.00 Total $88,121.40 Premium tax paid in Canal Zone $1,321.82 BENEFICIAL NATIONAL LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1973) CITIZENS STANDARD LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1972 1,151 $4,050,871.00 Policies issued during 1973 3 21,000.00 Total 1,154 $4,071,871.00 Ceased to be in force during 1973 82 289,460.00 Policies in force December 31, 1973 1,072 $3,782,411.00 Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 4,000.00 Total $4,000.00 Settled during 1973 4,000.00 Unpaid December 31, 1973 $0.00 Group— None Net premiums collected in Canal Zone during 1973: Life Insurance $122,513.42 Accident and Health 34,828.65 Total $157,342.07 Premium tax paid in Canal Zone $2,360.13 12
PAGE 17
EXECUTIVE FUND LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1972 $0.00 Policies issued during 1973 0.00 Total $0.00 Ceased to be in force during 1973 (19) (196,000.00) Policies in force December 31, 1973 19 $196,000.00 Losses and claims: Unpaid December 31, 1972 $0.00 Incurred diu-ing 1973 0.00 Total $0.00 Settled during 1973 _0_ 0-00 Unpaid December 31, 1973 $0.00 Group— None Net premiums collected in Canal Zone during 1973: Life Insurance $1,943.12 Accident and Health OOP Total $1,943.12 Premium tax paid in Canal Zone $29.15 FIDELITY AND GUARANTY LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1972 $0.00 Policies Issued during 1973 260 3,777,411.00 Total 260 $3,777,411.00 Ceased to be in force during 1973 142 2,139,336.00 Policies in force December 31, 1973 118 $1,638,075.00 Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 0.00 Total O" SO.OO Settled during 1973 0.00 Unpaid December 31, 1973 $0.00 Group— None Net premiums collected in Canal Zone during 1973: Life Insurance $29,517.97 Accident and Health 0.00 Total $29,517.97 Premium tax paid in Canal Zone $442.77 13
PAGE 18
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA Ordinary Number Aynount Policies in force December 31, 1972 1,034 $8,895,402.00 Policies issued during 1973 45 848,517.00 Total 1,079 $9,743,919.00 Ceased to be in force diu-ing 1973 82 579,732.00 Policies in force December 31, 1973 997 $9,164,187.00 Losses and claims: Unpaid December 31, 1972 $0.00 Incui-red during 1973 27 75,678.17 Total 27 $75,678.17 Setded dm-ing 1973 27 75,678.17 Unpaid December 31, 1973 $0.00 Group— None Net premiums collected in Canal Zone during 1973: Life Insurance $200,686.28 Accident and Health 0.00 Total $200,636.28 Premium tax paid in Canal Zone $3,009.99 JACKSON NATIONAL LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1972 2 $43,650.00 Policies issued during 1973 0.00 Total 2 $43,650.00 Ceased to be in force during 1973 0.00 Policies in force December 31, 1973 2 $43,650.00 Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 0.00 Total "o" $0.00 Setded during 1973 0.00 Unpaid December 31, 1973 $0.00 Group— None Net premiums collected in Canal Zone during 1973: Life Insurance $1,532.96 Accident and Health 0.00 Total $1,532.96 Premium tax paid in Canal Zone $22.99 14
PAGE 19
LINCOLN NATIONAL LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1972 430 $2,974,651.00 Policies issued during 1973 2 128,055.00 Total 432 $3,102,706.00 Ceased to be in force during 1973 40 (352.00) Policies in force December 31, 1973 392 $3,103,058.00 Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 13 44,944.00 Total 13 $44,944.00 Setded during 1973 13 44,944.00 Unpaid December 31, 1973 $0.00 Group Policies in force December 31, 1972 $22,234.00 Policies issued during 1973 OOP Total $22,234.00 Ceased to be in force during 1973 (1,020.00) Policies in force December 31, 1973 $23,254.00 Losses and claims: Unpaid December 31, 1972 $0.00 Inciured during 1973 0.00 Total $0.00 Setded during 1973 0.00 Unpaid December 31, 1973 $0.00 Net premiums collected in Canal Zone during 1973: Life Insurance $67,374.82 Accident and Health 314.70 Total $67,689.52 Premium tax paid in Canal Zone $1,015.34 l&
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PAN-AMERICAN LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1972 103 $1,215,091.00 Policies issued during 1973 6 84,500.00 Total 109 $1,299,591.00 Ceased to be in force during 1973 6 7,031.00 Policies in force December 31, 1973 103 $1,292,560.00 Losses and claims: Unpaid December 31, 1972 $0.00 Incurred dming 1973 0.00 Total $0.00 Settled during 1973 0.00 Unpaid December 31, 1973 $0.00 Group— None Net premiums collected in Canal Zone during 1973: Life Insurance $36,126.96 Accident and Health 000 Total $36,126.96 Premium tax paid in Canal Zone $541.90 PENINSULAR LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1973) 16
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UNITED BENEFIT LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1972 504 $3,295,628.00 Policies issued during 1973 81 1,209,728.00 Total 585 $4,505,356.00 Ceased to be in force during 1973 39 213,664.00 Policies in force December 31, 1973 546 $4,291,692.00 Losses and claims: Unpaid December 31, 1972 1 $2,000.00 Incurred during 1973 6 20,913.99 Total 7 $22,913.99 Setded during 1973 6 20,913.99 Unpaid December 31, 1973 1 $2,000.00 Group Policies in force December 31, 1972 1 $128,091,750.00 Policies Lssued during 1973 1 34,000.00 Total 2 $128,125,750.00 Ceased to be in force during 1973 4,826,200.00 Policies in force December 31, 1973 2 $123,299,550.00 Losses and claims: Unpaid December 31, 1972 6 $45,000.00 Incurred during 1973 12A 484,450.00 Total 1^ $529,450.00 Setded during 1973 2?! 497,700.00 Unpaid December 31, 1973 3 $31,750.00 Net premiums collected in Canal Zone during 1973: Life Insurance $913,749.55 Accident and Health 116,722.92 Total $1,030,472.47 Premium tax paid in Canal Zone $15,457.08 17
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UNITED SERVICES LIFE INSURANCE COMPANY Ordinary Number Amtntnt Policies in force December 31, 1972 392 $4,390,028.00 Policies issued dming 1973 144 2,350,743.50 Total 536 $6,740,771.50 Ceased to be in force dining 1973 73 (218,984.86) Policies in force December 31, 1973 463 $6,959,756.36 Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 0.00 Total $0.00 Setded during 1973 0.00 Unpaid December 31, 1973 $0.00 Groxjp Policies in force Decem.ber 31, 1972 7 $74,343.00 Policies issued during 1973 155 1,744,895.52 Total 162 $1,819,238.52 Ceased to be in force dming 1973 0.00 Policies in force December 31, 1973 162 $1,819,238.52 Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 0.00 Total $0,00 Settled during 1973 0.00 Unpaid December 31, 1973 $0.00 Net premimns collected in Canal Zone during 1973: Life Insurance $95,674.14 Accident and Health 0.00 Total $95,674.14 Premium tax paid in Canal Zone $1,435.11 18
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UNITED STATES LIFE INSURANCE COMPANY Ordinary Number Policies in force December 31, 1972 11 Policies issued during 1973 Total 11 Ceased to be in force during 1973 2 Policies in force December 31, 1973 9 Losses and claims: Unpaid December 31, 1972 Incurred during 1973 Total Settled during 1973 Unpaid December 31, 1973 Group Policies in force December 31, 1972 1 Policies issued during 1973 Total 1 Ceased to be in force during 1973 Policies in force December 31, 1973 1 Losses and claims: Unpaid December 31, 1972 Incurred during 1973 Total Settled during 1973 Unpaid December 31, 1973 Net premiums collected in Canal Zone during 1973: Life Insurance Accident and Health Total Premium tax paid in Canal Zone Amount $127,572.00 23.00 $127,595.00 60,000.00 $67,595.00 $0.00 0.00 $0.00 0.00 $0.00 $180,212.00 0.00 $180,212.00 5,531.00 $174,681.00 $0.00 0.00 $0.00 0.00 $0.00 $2,614.30 0.00 $2,614.30 $39.21 19
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WABASH LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1973) WORLD SERVICE LIFE INSURANCE COMPANY Ordinary Numher Policies in force December 31, 1972 4 Policies issued during 1973 9 Total 13 Ceased to be in force during 1973 2 Policies in force December 31, 1973 11 Losses and claims: Unpaid December 31, 1972 Incurred during 1973 Total Settled during 1973 Unpaid December 31, 1973 Groxjp Policies in force December 31, 1972 Policies issued during 1973 Total Ceased to be in force during 1973 Policies in force December 31, 1973 Losses and claims: Unpaid December 31, 1972 Incurred during 1973 Total Settled diuring 1973 Unpaid December 31, 1973 Net premiums collected in Canal Zone during 1973: Life Insurance Accident and Health Total Premium tax paid in Canal Zone Amount $59,449.00 100,125.00 $159,574.00 24,725.00 $134,849.00 $0.00 0.00 $0.00 0.00 $0.00 $53,259.00 0.00 $53,259.00 0.00 $53,259.00 $0.00 0.00 $0.00 0.00 $0.00 $3,736.64 0.00 $3,736.64 $56.05 20
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RECAPITULATION MISCELLANEOUS COMPANIES Net Losses Premiums Paid Accident $350.22 $16.50 Automobile and motor vehicle 370,231.13 184,613.52 Auto comprehensive 7,549.00 2,945.81 Auto collision 105,780.36 77,564.70 Auto liability (B.I.) 299,317.59 108,266.23 Auto property damage 31,795.55 26,064.44 Auto physical damage 117,425.50 49,439.65 Burglary and theft 25,654.19 9,897.60 Extended coverage 0.00 0.00 Fidelity 12,607.00 (Cr.) 256.31 Fire 62,289.89 7,974.58 Class 50.00 0.00 Group accident and health 7,013,822.70 6,039,506.85 Health and accident (includes hospitaland medical) 288,751.61 155,428.72 Inland marine 10,789.65 4,135.29 Liabihty other than auto 37,916.74 114.30 Miscellaneous 169,067.36 6,754.11 Ocean Marine 3,920.00 0.00 Property damage other than auto 0.00 0.00 Surety 122,460.25 (Cr.) 22,680.36 Workmen's compensation 410,811.28 252,005.52 Total $9,090,590.02 $6,901,791.15 Premiimi taxes paid in Canal Zone $136,359.81 21
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LIFE INSURANCE COMPANIES Ordinary Number Amount Policies in force December 31, 1972 5,211 $31,481,803.00 Policies issued during 1973 600 10,339,548.50 Total 5,811 $41,821,351.50 Ceased to be in force during 1973 580 3,472,684.14 Policies in force December 31, 1973 5,231 $38,348,667.36 Losses and claims: Unpaid December 31, 1972 5 $34,612.38 Incurred during 1973 53 169,360.16 Total 58 $203,972.54 Settled during 1973 56 199,472.54 Unpaid December 31, 1973 2 $4,500.00 Group Policies in force December 31, 1972 10 $129,307,454.00 Policies issued during 1973 156 1,778,895.52 Total 166 $131,086,349.52 Ceased to be in force during 1973 4,751,861.00 Policies in force December 31, 1973 166 $126,334,488.52 Losses and claims: Unpaid December 31, 1972 6 $45,000.00 Incurred during 1973 124 484,450.00 Total 130 $529,450.00 Settled during 1973 127 497,700.00 Unpaid December 31, 1973 3 $31,750.00 Net premiums collected in Canal Zone dtuing 1973: Life Insurance $1,677,928.36 Accident and Health 171,008.70 Total $1,848,937.06 Premium tax paid in Canal Zone $27,733.73 The following is an extract from Title 2 of the Canal Zone Code, as revised eflFective January 2, 1963, pertaining to the licensing of foreign corporations under which insurance companies are authorized to do business in the Canal Zone. 22
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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 appUcation for a license setting forth: A. The name of the corporation; B. The names of its officers and directors; and C. The general nature of the business in which it desires to engage in the Canal Zone; (2) A copy, duly certffied by the officer authorized by law to certify it, of the: A. Articles of incorporation; B. Charter; or C. Statutory, executive, or governmental acts creating the corporation, when it has been so created; (3) An affidavit sworn by an authorized officer of the corporation stating the amount of its authorized capital stock at or within 60 days prior to the filing. (4) A designation of a person residing within the Canal Zone upon whom process issued under any law of the Canal Zone may be served, and his place of business or residence, and a certffied copy of the minutes of the board of directors of the corporation authorizing the designation. (b) Process sei-ved on the person designated by the corporation or, if he can not be found at the place designated, or if a person is not designated, on the executive secretary of the Canal Zone Covemment, 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 certfficate of an authorized official, 23
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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 pohcies that it may issue. Sec. 874. Annual statement and license tax for insurance companies.— An insurance company licensed pursuant to this chapter shall file with the executive secretary of the Canal Zone Government before March 1 of each year a verified statement showing the business transacted within the Canal Zone by the company during the previous calendar year and a duly certified copy of its annual report to an authorized official of the State or country in which the company is organized. Upon a showing of good cause therefor, the executive secretary may extend the time for filing the statement for a period not exceeding two months after March 1. An insurance company licensed pursuant to this chapter shall pay before March 1 of each year, in lieu of all other taxes except the annual fee provided for by section 876 of this title, a license tax equal to IV2 percent of its net premium receipts in the Canal Zone for the preceeding calendar year. Sec. 875. Issuance of license.— Upon compliance by a corporation with the conditions prescribed by sections 872-874 of this title, and if the Governor is satisfied that the business desired to be transacted is proper, legitimate and permissible under the laws of the Canal Zone, and not in conffict with the policy of administering the Canal Zone as an adjunct of the Panama Canal he may issue a license to do business in the Canal Zone. Sec. 876. Continuance after first license period.— The right of a corporation to continue to do business for the calendar year, and the successive calendar years, after the calendar year during which the original hcense was issued, shall be contingent upon: (1) Compliance with the provisions of this chapter applicable to corporations licensed 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. 24
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Sec. 878. Loss of benefit of statute of limitations.— CorporaXions doing business in the Canal Zone which fail to comply with this chapter are not entitled to the benefit of the laws of the Canal Zone limiting the time for the commencement of civil actions. Sec. 879. Penalties for violation; validity of contracts— {a) A corporation which does business in the Canal Zone without having complied with this chapter shall be fined not more than $500. (b) Whoever acts as an ofiicer of, or agent for, a corporation which has not complied with this chapter, shall be fined not more than $100 or imprisoned in jail not more than 30 days, or both. (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 pmrsuant 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.— (sl) A corporation licensed to do business in the Canal Zone may surrender its hcense by filing with the executive secretary of the Canal Zone Government a certificate signed and acknowledged by its president or a vice president and its secretary or an assistant secretary or treasurer, setting forth: (1) The name of the corporation as shown on the records of the executive secretary, and the State or place of incorporation; (2) That it revokes its designation of agent for the service of process; (3) That it surrenders its authority to do business in the Canal Zone and returns its license for cancellation, or that the license has been lost or destroyed, if such is the fact; (4) That it consents that process against it in any action upon a liability or obligation incurred within the Canal Zone prior to the filing of the certificate of surrender may be served upon the executive secretary of the Canal Zone Government; (5) A post ojBBce 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 aflBdavit of the president, vice president, secretary, assistant secretary, or treasurer to that effect. (c) Mere retirement from doing business in the Canal Zone wdthout filing a certificate of surrender of license does not revoke the appointment of any agent for the service of process within the Canal Zone. 2i5
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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 obhgation 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 afiFect any action pending at the time. 50106—550
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UNIVERSITY OF FLORIDA 3 1262 04728 2867
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