|
(2.02
q
q-mj
CANAL ZONE GOVERNMENT
ANNUAL
REPORT
OF
INSURANCE
BUSINESS
transacted in the
CANAL
ZONE
DURING THE CALENDAR
YEAR
1974
Including
Laws
Concerning
Licensing
Insurance Companies
Of
Digitized by the Internet Archive
in 2009 with funding from
University of Florida, George A. Smathers Libraries
http://www.archive.org/details/annualreportofin1974cana
CANAL ZONE GOVERNMENT
OFFICE OF THE GOVERNOR
BALBOA HEIGHTS, May 1, 1975.
GOVERNOR OF THE CANAL ZONE,
Balboa Heights, C.Z.
Sin: There is submitted herewith a report of insurance business
transacted in the Canal Zone during the calendar year 1974.
Respectfully,
J. PATRICK CONLEY,
Executive Secretary.
The following companies were authorized to transact business in the
Canal Zone during the year 1974.
Aetna Casualty and Surety Company---------- _- Hartford, Conn.
American-Amicable Life Insurance Company---- -Birmingham, Ala.
American
American
American
American
American
American
American
Capitol Insurance Company -------- Houston, Tex.
Continental Life Insurance---_ ---------- Phoenix, Ariz.
Defender Life Insurance Company- -_ -Raleigh, N.C.
Employers' Insurance Company------ Boston, Mass.
Fidelity Life Insurance Company1 Pensacola, Fla.
Home Assurance Company ------------New York, N.Y.
International Life Assurance Company of New York-
New York, N.Y.
American Motorists Insurance Co. ------Chicago, Ill.
American Re-Insurance Company2 .___ ... New York, N.Y.
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 Fidelity Life Insurance Company licensed in the Canal Zone October 25, 1974.
2American Re-Insurance Company licensed in the Canal Zone July 3, 1974.
Compafiia General de Seguros, S.A. --------_Panama, R. of P.
Compafifa Interamericana de Seguros, S.A. ----Panama, R. of P.
Compafila Internacional de Seguros, S.A. ------Panama, R. of P.
Compafiia Istmefia de Seguros, S.A.3 --- ----Panama, R. of P.
Compafnia Nacional de Seguros, S.A. ------- Panama, R. of P.
Continental Casualty Company -----------Chicago, Ill.
Continental Insurance Company _-------- New York, N.Y.
Executive Fund Life Insurance Co. Omaha, Nebr.
Fidelity and Casualty Company of New York -_- New York, N.Y.
Fidelity and Deposit Company ---------------- Baltimore, Md.
Fidelity and Guaranty Life Insurance Company ----Baltimore, Md.
General Insurance Company of America -------Seattle, Wash.
Gibraltar Life Insurance Company of America Dallas, Tex.
Great American Insurance Company New York, N.Y.
Hartford Accident and Indemnity Company Hartford, Conn.
Insurance Company of North America _-Philadelphia, Pa.
International Service Insurance Company ------ Fort Worth, Tex.
Investors Life Insurance Company of Nebraska4 Watertown, S. Dak.
Jackson National Life Insurance Company_ Jackson, Mich.
Lafayette Life Insurance Company5 ... -Lafayette, Ind.
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 General Life Company6 Washington, D.C.
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.
3 Compafiia Istmefia de Seguros, S.A., discontinued doing business in the Canal Zone effective
December 31, 1973.
4 Investors Life Insurance Company of Nebraska licensed in the Canal Zone December 10,
1974.
5 The Lafayette Life Insurance Company licensed in the Canal Zone November 6, 1974.
6 United Services General Life Company licensed in the Canal Zone August 26, 1974.
AETNA CASUALTY AND SURETY COMPANY
(No transactions in Canal Zone during 1974)
AMERICAN EMPLOYERS' INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
AMERICAN HOME ASSURANCE COMPANY
Net
Premiums,
Fire ---------------------- $49,397.53
Motor Vehicle ------------------ 376,253.44
Workmen's compensation -- -------------217,783.79
Liability other than auto --------------------146,713.15
Total ------------------$790,147.91
Premium tax paid in Canal Zone ------------- $11,852.22
Losses
Paid
$695.69
185,838.91
61,409.02
23,820.42
$271,764.04
AMERICAN MOTORISTS INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
AMERICAN RE-INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
COLONIAL INSURANCE COMPANY
Liability other than auto (B.I.) ------
Auto liability (B.I.) ------------------
Auto property damage
Automobile and motor vehicle
Auto comprehensive
Auto collision ---------------- --
Fire ------- -------------- --
Burglary and theft -- --------
Miscellaneous -----------------
Surety--------------- ---
Total-
Premium tax paid in Canal Zone-
OF PANAMA
Net
Premiums
$786.90
46,696.23
27,799.73
14,383.71
5,805.65
34,593.43
1,623.58
785.43
417.20
125.00
$133,016.86
$1,995.25
Losses
Paid
$0.00
4,259.36
18,978.73
2,538.70
2,467.37
18,162.25
0.00
0.00
0.00
0.00
$46,406.41
COMPANIA GENERAL DE SEGUROS, S.A.
Net
Premiums
Miscellaneous* -- $4,920.55
Total -- --------------$4,920.55
Premium tax paid in Canal Zone $73.81
COMPARIA INTERAMERICANA DE SEGUROS, S.A.
Net
Premiums
Theft ----------------------------- -------------- $16.04
Automobile- ------------------------------- 248.59
Fire------ ---------------- 1,168.05
Surety 415.40
Workmen's compensation------------------ 43.41
Total $1,891.49
Premium taxpaid in Canal Zone $28.37
COMPANIA INTERNATIONAL DE SEGUROS, S.A.
Net
Premiums
Fire- --- -- --- $1,475.00
Surety ----------------------------------------5,075.00
Automobile ..2,713.00
Total - .-- ---------$9,263.00
Premium tax paid in Canal Zone- -. $138.95
COMPARIA NATIONAL DE SEGUROS, S.A.
(No transactions in Canal Zone during 1974)
CONTINENTAL CASUALTY COMPANY
Net
Premiums
Group accident and health $6,233.00
Health and accident ------ 361.00
Liability other than auto -- 578.00
Total $7,172.00
Premium tax paid in Canal Zone -- $107.59
0 (Breakdown by types of insurance unavailable.)
Losses
Paid
$4,652.00
300.00
0.00
$4,952.00
Losses
Paid
$0.00
$0.00
Losses
Paid
$0.00
0.00
0.00
0.00
0.00
$0.00
Losses
Paid
$0.00
0.00
0.00
$0.00
CONTINENTAL INSURANCE COMPANY
Fire------------------------------------
Miscellaneous
Inland marine-------------------
Group accident and health -------- ---
Accident only------- ---------
Health and accident -----------------
Workmen's compensation
Liability other than auto-
Auto liability
Auto physical damage -----------.
Fidelity
Surety
Glass------ -------
Burglary and theft-----------------
Total ------------------
Premium tax paid in Canal Zone-
FIDELITY AND CASUALTY COMPANY
Fire---------------------------
Miscellaneous
Liability other than auto----------- ----
Total ------------
Premium tax paid in Canal Zone ---.
FIDELITY AND DEPOSIT COMPANY
Surety ........
Total-- --------------
Premium tax paid in Canal Zone..-----
Net
Premiums
$286.00
34,817.00
1,066.00
33.00
10.00
6,595.00
31,336.00
7,093.00
54,117.00
46,039.00
1,239.00
1,976.00
115.00
4,694.00
$189,416.00
$2,841.24
OF NEW YORK
Net
Premiums
$102.00
2,097.00
150.00
$2,349.00
$35.24
OF MARYLAND
Net
Premiums
$4,721.00
$4,721.00
$70.82
Losses
Paid
$4,284.00
0.00
35.00
0.00
0.00
0.00
11,911.00
176.00
11,340.00
10,724.00
0.00
0.00
0.00
187.00
$38,657.00
Losses
Paid
$0.00
0.00
0.00
$0.00
Losses
Paid
$0.00
$0.00
GENERAL INSURANCE COMPANY OF AMERICA
(No transactions in Canal Zone during 1974)
GREAT AMERICAN INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
HARTFORD ACCIDENT AND INDEMNITY COMPANY
Net
Premiums
Worlakmnen's compensation ---------------- (Cr.)__ $428.00
Liability other than auto (B.I.) --------- (Cr.)- 134.00
Fire -------------------------- --- ---- 114.00
Auto liability (B.I.)- ----- (Cr.)__ 19.00
Miscellaneous ---------------------------------- 14.00
Auto physical damage ----------------------------- 376.00
Inland marine -- --------------- 602.00
Fidelity ----------------------- (Cr.)__ 231.00
Surety ---------------------- 160.00
Total ---------------------------- $454.00
Premium tax paid in Canal Zone $6.81
Losses
Paid
$142.00
0.00
0.00
551.00
5,214.00
1,617.00
1,575.00
0.00
0.00
$9,099.00
INSURANCE COMPANY OF NORTH
Miscellaneous* -- -
Total- .
Premium tax paid in Canal Zone
iCr.) -
AMERICA
Net
Premiums
$33,218.00
$33,218.00
$0.00
INTERNATIONAL SERVICE INSURANCE COMPANY
Net
Premiums
Auto liability ------------------------------- $11,230.00
Auto physical damage -. 16,183.00
Total -------.------- ---- -- $27,413.00
Premium tax paid in Canal Zone $411.20
Losses
Paid
$3,102.62
10,535.27
$13,637.89
THE LIBERTY MUTUAL INSURANCE
Glass----------------------
Health and accident -------------- -
Liability other than auto (B.I.)
Total ------- .. ..
Premium tax paid in Canal Zone -----------------
S(Breakdown by type of insurance unavailable.)
COMPANY
Net
Premiums
$53.00
130.00
900.00
$1,083.00
$16.25
Losses
Paid
$0.00
$0.00
Losses
Paid
$0.00
0.00
0.00
$0.00
MARYLAND CASUALTY COMPANY
Net
Premiums
Accident only-- --_------- $360.00
Accident and health---------- _-__-__ 1,220.00
Group accident and health ---- -------------- 1,923.00
Auto liability--.-----. -----.-. 41,871.00
Liability other than auto ------- 13,384.00
Fidelity----- ..--------------------- 1,773.00
Surety------57,445.00
Glass...------------------------ 0.00
Burglary and theft- -----26,118.00
Inland marine --- ---------------- 4,272.00
Workmen's compensation -------------------82,204.00
Auto physical damage --------------------------- 29,835.00
Fire ----------------------- ------------------ 3,827.00
Miscellaneous_ --------------------964.00
Total ---------- -- $265,196.00
Premium tax paid in Canal Zone----------------- $3,977.96
MUTUAL OF OMAHA INSURANCE COMPANY
Group accident and health ------------------- $10,493,577.50
Individual and health ---------
Total-
Premium tax paid in Canal Zone -- -
-------- 270,909.50
.---.- $10,764,487.00
$161,467.32
Losses
Paid
$95.00
688.00
277.00
43,340.00
333.00
240.00
0.00
50.00
1,993.00
5,582.00
141,515.00
42,277.00
20.000.00
0.00
$256,390.00
$6,665,321.50
191,456.50
$6,856,778.00
NATIONAL SURETY CORPORATION
Surety -------------------------------(Cr.)-
Total -------------------- ---- (Cr.)
Premium tax paid in Canal Zone--------
Net
Premiums
$170.00
$170.00
$0.00
NATIONAL UNION FIRE INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
PANAMA INSURANCE COMPANY
Theft -
Workmen's compensation ----- ---------
Fire----------------------------
Automobile- --
Surety ----------------------------
Total. .--- --------.
Premium tax paid in Canal Zone --------------
Losses
Paid
$0.00
$0.00
Net Losses
Premiums Paid
$23.76 $0.00
63.91 0.00
1,731.69 0.00
370.48 0.00
623.00 0.00
$2,812.84 $0.00
$42.20
RELIANCE INSURANCE COMPANY
Workmen's compensation ---------- (Cr.)
Ocean marine --------- -- (Cr.)
Inland marine ---------------
TotaL --- -----------
(Cr.)
Premium tax paid in Canal Zone------- .-------
Net
Premiums
$425.00
36.00
146.00
$315.00
$0.00
ROYAL INDEMNITY COMPANY
Workmen's compensation -
Liabilitv other than auto -
Surety .
Total --
Premium tax paid in Canal Zone- -
Net
PremiumL
--. $209.00
-.. 23.00
.---- 0.00
$232.00
.. $3.48
Losses
s Paid
$0.00
0.00
(Cr.) $153,178.00
(Cr.) $153,178.00
SEABORD SURETY COMPANY
(No transactions in Canal Zone during 1974)
TRANSAMERICA INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
TRAVELERS INDEMNITY COMPANY
Auto physical damage------------ --
Surety ._ ........ -----------
Total
Premium tax paid in Canal Zone
Net
Premiums
$428.00
11,675.00
$12,103.00
$181.55
Losses
Paid
$0.00
0.00
0.00
$0.00
Losses
Paid
$0.00
0.00
$0.00
UNITED STATES FIDELITY AND GUARANTY COMPANY
Accident only
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 (-------------------Cr.)_
Total --------------------- ----
Premium tax paid in Canal Zone__-------
Net
Premiums
$147.00
1,137.00
100.00
419.00
124,140.00
22,034.00
154,318.00
95,147.00
7,610.00
342.00
2,141.00
66.00
$407,469.00
$6,112.05
Losses
Paid
$0.00
0.00
0.00
0.00
31,264.00
1,087.00
35,082.00
59,124.00
0.00
(Cr.) 46.00
5,170.00
0.00
$131,681.00
AMERICAN-AMICABLE LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973----------
Policies issued during 1974-------------
Total--------------------------------
Ceased to be in force during 1974 ----- -----
Policies in force December 31, 1974---- ---
Losses and claims:
Unpaid December 31, 1973---- -------
Incurred during 1974------ --- ----
Total ----------------------
Settled during 1974------ --- ---
Unpaid December 31, 1974 -
Number
17
8
25
6
19
0
0
0
0
0
GRoUP-None
Net premiums collected in Canal Zone during 1974:
Life Insurance _------- --- ------
Accident and Health
Total ------------ -------------
Premium tax paid in Canal Zone-------- .--__
Amount
$165,702.00
109,791.00
$275,493.00
98,000.00
$177,493.00
$0.00
0.00
$0.00
0.00
$0.00
$6,143.00
0.00
$6,143.00
$92.15
AMERICAN CAPITOL INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973 ---------
Policies issued during 1974---------------
Total -----
Ceased to be in force during 1974 ------ ----
Policies in force December 31, 1974 -
Losses and claims:
Unpaid December 31, 1973----------
Incurred during 1974 -- ----------
Total
Settled during 1974-
Unpaid December 31, 1974--------- -
Number
785
8
793
85
708
0
7
7
6
1
GROUP-None
Net premiums collected in Canal Zone during 1974:
Life Insurance -----..--- ---
Accident and Health --_ --- ---------
Total--------------
Premium tax paid in Canal Zone ----------------
Amount
$3,042,607.00
58,930.00
$3,101,537.00
205,581.00
$2,895,956.00
$0.00
10,600.00
$10,600.00
9,600.00
$1,000.00
$84,470.72
5,386.10
$89,856.82
$1,347.85
AMERICAN CONTINENTAL LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973----_ ------
Policies issued during 1974 __ _----------------------
Total----------_____
Ceased to be in force during 1974-----------------
Policies in force December 31, 1974 ---------
Losses and claims:
Unpaid December 31, 1973 ------------
Incurred during 1974 ---- ------- ----.-
Total ..------------ ------
Settled during 1974 ----------------
Unpaid December 31, 1974 -
Number
2
0
2
2
0
0
0
0
0
0
GRoUP-None
Net premiums collected in Canal Zone during 1974:
Life Insurance----------------------------------
Accident and Health-----------------------------
Total ---------------------------------------
Premium tax paid in Canal Zone .-------------------
Amount
$15,000.00
0.00
$15,000.00
15,000.00
$0.00
$0.00
0.00
$0.00
0.00
$0.00
$0.00
118.00
$118.00
$1.77
AMERICAN DEFENDER LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973 ---------
Policies issued during 1974----------------------
Total------------------
Ceased to be in force during 1974
Policies in force December 31, 1974---------
Losses and claims:
Unpaid December 31, 1973 -
Incurred during 1974 --------------
Total --------------------
Settled during 1974 ---------------
Unpaid December 31, 1974----------
Number
36
51
87
22
65
0
0
0
0
0
GRouP-None
Net premiums collected in Canal Zone during 1974:
Life Insurance
Accident and Health ----------- -----
Total-------------------
Premium tax paid in Canal Zone ---------------
Amount
$1,563,506.00
1,381,167.00
$2,944,673.00
1,268,282.00
$1,676,391.00
$0.00
0.00
$0.00
0.00
$0.00
$20,943.00
0.00
$20,943.00
$314.14
AMERICAN FIDELITY LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
13
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY
OF NEW YORK
ORDINARY
Policies in force December 31, 1973 __-----
Policies issued during 1974
Total -_ _- __-_-
Ceased to be in force during 1974------------
Policies in force December 31, 1974--- --------
Losses and claims:
Unpaid December 31, 1973
Incurred during 1974 -.-- ---
Total----
Settled during 1974 __--------------. -
Unpaid December 31, 1974
Number
1
0
1
0
1
0
0
0
0
0
GROUP
Policies in force December 31, 1973 ------ 1
Policies issued during 1974------------------------- 0
Total -. --------- 1
Ceased to be in force during 1974 -------------------- 0
Policies in force December 31, 1974- .... _________ 1
Losses and claims:
Unpaid December 31, 1973 --- -- 0
Incurred during 1974---------------- - 0
Total ..---------.------------ 0
Settled during 1974_ -- 0
Unpaid December 31, 1974-------------- 0
Net premiums collected in Canal Zone during 1974:
Life Insurance-------------- _-----------------
Accident and Health -- -----
Total
Premium tax paid in Canal Zone --------
. Amount
$100,000.00
0.00
$100,000.00
3,606.00
$96,394.00
$0.00
0.00
$0.00
0.00
$0.00
$964,506.00
0.00
$964,506.06
599,508.00
$364,998.00
$0.00
0.00
$0.00
0.00
$0.00
$2,667.97
0.00
$2,667.97
$40.02
ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO
(No transactions in Canal Zone during 1974)
14
BANKERS LIFE INSURANCE COMPANY
ORDINARY
OF AM
Number
Policies in force December 31, 1973__--- __---- 658
Policies issued during 1974----------------------- 0
Total ------------------- ------------ 658
Ceased to be in force during 1974_ 69
Policies in force December 31, 1974 ---------------589
Losses and claims:
Unpaid December 31, 1973--------------------- 1
Incurred during 1974--------------------------- 9
Total ------------------------------------ 10
Settled during 1974---------------------- 9
Unpaid December 31, 1974--------------------- 1
GROUP-None
Net premiums collected in Canal Zone during 1974:
Life Insurance ------ ----- ---
Accident and Health ------------ -- --
Total----------------------------
Premium tax paid in Canal Zone -----------
ERICA
$215
$2.
Amount
88,019.00
0.00
r88,019.00
.50,224.00
37,795.00
$2,500.00
9,524.00
$12,024.00
9,524.00
$2,500.00
$78,336.98
0.00
$78,336.98
$1,175.05
BENEFICIAL NATIONAL LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
CITIZENS STANDARD LIFE INSURANCE COMPANY
ORDINARY Number Amount
Policies in force December 31, 1973 ----------- 1,072 $3,782,411.00
Policies issued during 1974 ------------------------ 1 5,000.00
Total------------- -- ---- 1,073 $3,787,411.00
Ceased to be in force during 1974 -------------103 361,241.00
Policies in force December 31, 1974 970 $3,426,170.00
Losses and claims:
Unpaid December 31, 1973 --------- -- 0 $0.00
Incurred during 1974 --- ---------------- 5 15,804.00
Total_ ------------------------- 5 $15,804.00
Settled during 1974 ----------------5 15,804.00
Unpaid December 31, 1974 ------------0 $0.00
CROUP-None
Net premiums collected in Canal Zone during 1974:"
Life Insurance -------------------------------------- $111,613.45
Accident and Health --------------------------------33,014.64
Total --- ----$--------- ------------ 144,628.09
Premium tax paid in Canal Zone __----------------------- $2,169.42
EXECUTIVE FUND LIFE INSURANCE
ORDINARY
Policies in force December 31, 1973
Policies issued during 1974 -------- ______
Total------------------
Ceased to be in force during 1974 ------- --- -
Policies in force December 31, 1974
Losses and claims:
Unpaid December 31, 1973 ----------
Incurred during 1974 ............
Total-
Settled during 1974 -----
Unpaid December 31, 1974 ------- --
COMPANY
Number
19
0
19
3
16
0
0
0
0
0
GRoup-None
Net premiums collected in Canal Zone during 1974:
Life Insurance---------
Accident and Health- --------------
Total ----------------
Premium tax paid in Canal Zone------------
Amount
$196,000.00
0.00
$196,000.00
27,657.00
$168,343.00
$0.00
0.00
$0.00
0.00
$0.00
$1,749.00
0.00
$1,749.00
$26.23
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973-
Policies issued during 1974 -
Total-------------------------------
Ceased to be in force during 1974 -
Policies in force December 31, 1974
Losses and claims:
Unpaid December 31, 1973 -
Incurred during 1974 ----------------------
Total ---------------------------------
Settled during 1974 --
Unpaid December 31, 1974-------
Number
118
22
140
16
124
0
0
0
0
0
GROUP-None
Net premiums collected in Canal Zone during 1974:
Life Insurance-- ---------------------
Accident and Health------------------
Total------------------------------
Premium tax paid in Canal Zone -
Amount
$1,638,075.00
805,180.00
$2,443,255.00
(61,235.00)
$2,504,490.00
$0.00
0.00
$0.00
0.00
$0.00
$32,320.00
0.00
$32,320.00
$484.80
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Policies in force December 31, 1973 -- ------.
Policies issued during 1974-
Total --------------------
Ceased to be in force during 1974 -------
Policies in force December 31, 1974 -
Losses and claims:
Unpaid December 31, 1973 ----------
Incurred during 1974 -------------
Total_--- -------- -------
Settled during 1974 --- ----------
Unpaid December 31, 1974------ ---
Number
997
34
1,031
109
922
0
17
17
17
0
GRouP-None
Net premiums collected in Canal Zone during 1974:
Life Insurance
Accident and Health ------------------------ --
Total -------------- -----
Premium tax paid in Canal Zone ------
Amount
$9,164,187.00
558,000.00
$9,722,187.00
691,667.00
$9,030,520.00
$0.00
42,306.95
$42,306.95
42,306.95
$0.00
$197,289.23
0.00
$197,289.23
$2,959.34
INVESTORS LIFE INSURANCE COMPANY OF NEBRASKA
(No transactions in Canal Zone during 1974)
17
JACKSON NATIONAL LIFE INSURANCE
ORDINARY
Policies in force December 31, 1973
Policies issued during 1974 ---------------------
Total __
Ceased to be in force during 1974 ----- -------
policies in force December 31, 1974 --------------
Losses and claims:
Unpaid December 31, 1973 -------
Incurred during 1974
Total------------ -----
Settled during 1974 --.....
Unpaid December 31, 1974 -
COMPANY
Number
2
0
2
0
2
0
0
0
0
0
GROUP-None
Net premiums collected in Canal Zone during 1974:
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
$1,780.00
0.00
$1,780.00
$26.70
THE LAFAYETTE LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
18
LINCOLN NATIONAL LIFE INSURANCE
ORDINARY
Policies in force December 31,1973__ ---------
Policies issued during 1974---------------------
Total--------------------------------
Ceased to be in force during 1974----------------
Policies in force December 31,1974
Losses and claims:
Unpaid December 31, 1973 -
Incurred during 1974
Total
Settled during 1974_--------
Unpaid December 31, 1974---------
COMPANY
Number
392
1
393
35
358
0
3
3
3
0
Amount
$3,103,058.00
20,000.00
$3,123,058.00
294,290.00
$2,828,768.00
$0.00
6,000.00
$6,000.00
6,000.00
$0.00
GROUP
Policies in force December 31, 1973 -- _---- 0
Policies issued during 1974---------------- 0
Total------------------------------- 0
Ceased to be in force during 1974------------- 0
Policies in force December 31, 1974 0
Losses and claims:
Unpaid December 31, 1973----------- 0
Incurred during 1974---------------- 0
Total- 0
Settled during 1974--------------------------- 0
Unpaid December 31, 1974--------------------- 0
Net premiums collected in Canal Zone during 1974:
Life Insurance -
Accident and Health --
Total ---_------ -------_-___-------_
Premium tax paid in Canal Zone --
$23,254.00
0.00
$23,254.00
(814.00)
$24,068.00
$0.00
0.00
$0.00
0.00
$0.00
$63,828.00
279.00
$64,107.00
$961.61
PAN-AMERICAN LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973_
Policies issued during 1974 --_------
T otal . . .. .. .
Ceased to be in force during 1974
Policies in force December 31, 1974 ------
Losses and claims:
Unpaid December 31, 1973
Incurred during 1974 -......
T otal_ _.. . . . . ... .. ....
Settled during 1974 ------------------------
Unpaid December 31, 1974
Number
103
11
114
9
105
0
0
0
0
0
GRouP-None
Net premiums collected in Canal Zone during 1974:
Life Insurance-
Accident and Health -
Total -------------------------
Premium tax paid in Canal Zone -
Amount
$1,292,560.00
221,000.00
$1,513,560.00
127,816.00
$1,385,744.00
$0.00
0.00
$0.00
0.00
$0.00
$33,343.29
0.00
$33,343.29
$500.15
PENINSULAR LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
20
UNITED BENEFIT LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973 --_---------
Policies issued during 1974----------------------
Total -.
Ceased to be in force during 1974-__---------
Policies in force December 31, 1974
Losses and claims:
Unpaid December 31, 1973 ------------
Incurred during 1974-----------------
Total------
Settled during 1974---- -----------
Unpaid December 31, 1974-
Number
546
241
787
152
635
1
5
6
5
1
Amount
$4,291,692.00
3,433,430.00
$7,725,122.00
2,022,947.00
$5,702,175.00
$2,000.00
12,266.00
$14,266.00
12,266.00
$2,000.00
GROUP
Policies in force December 31, 1973--------------- 2
Policies issued during 1974------------- 0
Total------------ 2
Ceased to be in force during 1974 -- 0
Policies in force December 31, 1974----- _____-__ 2
Losses and claims:
Unpaid December 31, 1973-------------- 3
Incurred during 1974 ------------------------ 125
Total .-..... .------_-- ----- 128
Settled during 1974 -------------- 124
Unpaid December 31, 1974-------------------- 4
Net premiums collected in Canal Zone during 1974:
Life Insurance---------
Accident and Health--- ---------
Total--
Premium tax paid in Canal Zone
$123,299,550.00
0.00
$123,299,550.00
1,315,850.00
$121,983,700.00
$31,750.00
502,250.00
$534,000.00
498,500.00
$35,500.00
$627,936.32
84,341.76
$712,278.08
$10,684.17
UNITED SERVICES GENERAL LIFE COMPANY
(No transactions in Canal Zone during 1974)
UNITED SERVICES LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973 ----------
Policies issued during 1974---------------------
Total_
Ceased to be in force during 1974__--------
Policies in force December 31, 1974-----------------
Losses and claims:
Unpaid December 31, 1973
Incurred during 1974-----------------
T o tal .. -.. . . . ..
Settled during 1974------------
Unpaid December 31, 1974-
Number
463
154
617
295
322
0
0
0
0
0
Amount
$6,959,756.00
3,485,849.00
$10,445,605.00
4,917,234.00
$5,528,371.00
$0.00
0.00
$0.00
0.00
$0.00
GROUP
Policies in force December 31, 1973 -----------
Policies issued during 1974-------------
Total -- ------------------
Ceased to be in force during 1974-------- ---
Policies in force December 31, 1974 -------
Losses and claims:
Unpaid December 31, 1973 -
Incurred during 1974
162
0
162
162
0
0
0
Total 0
Settled during 1974 -- -- -- 0
Unpaid December 31, 1974------- ---- 0
Net premiums collected in Canal Zone during 1974:
Life Insurance
Accident and Health _
Total --------------------
Premium tax paid in Canal Zone --- -----
$1,819,239.00
0.00
$1,819,239.00
1,819,239.00
$0.00
$0.00
0.00
$0.00
0.00
$0.00
$102,587.00
0.00
$102,587.00
$1,538.81
UNITED STATES LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973_ ------------
Policies issued during 1974----------------------
T total .. -- --- - -..
Ceased to be in force during 1974----------------
Policies in force December 31, 1974-
Losses and claims:
Unpaid December 31, 1973------- -------
Incurred during 1974--------- ------------
Total --
Settled during 1974 -----------------------
Unpaid December 31, 1974-
Number
9
0
9
0
9
0
0
0
0
0
Amount
$67,595.00
23.00
$67,618.00
0.00
$67,618.00
$0.00
0.00
$0.00
0.00
$0.00
GROUP
Policies in force December 31, 1973__ 1
Policies issued during 1974 ------- 0
Total------- .------ -.... 1
Ceased to be in force during 1974_------- 0
Policies in force December 31, 1974------- 1
Losses and claims:
Unpaid December 31, 1973--- ------- 0
Incurred during 1974------------------------- 2
T otal . .. .. -. 2
Settled during 1974--------------- 2
Unpaid December 31, 1974 --------- 0
Net premiums collected in Canal Zone during 1974:
Life Insurance ------
Accident and Health -.
Total -----------
Premium tax paid in Canal Zone -. -------
$174,681.00
0.00
$174,681.00
30,681.00
$144,000.00
$0.00
2,000.00
$2,000.00
2,000.00
$0.00
$2,783.00
0.00
$2,783.00
$42.00
WABASH LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
WORLD SERVICE LIFE INSURANCE
ORDINARY
Policies in force December 31, 1973 ----------
Policies issued during 1974 ------. -------
Total ----------------
Ceased to be in force during 1974 ------
Policies in force December 31, 1974-
Losses and claims:
Unpaid December 31, 1973
Incurred during 1974------------------
Total _- -
Settled during 1974---------------
Unpaid December 31, 1974 ---------
COMPANY
Number
11
1
12
9
3
0
0
0
0
0
Amount
$134,849.00
15,000.00
$149,849.00
117,200.00
$32,649.00
$0.00
0.00
$0.00
0.00
$0.00
GRoUP
Policies in force December 31, 1973 --------- 0
Policies issued during 1974------------ -- 0
Total ------------------------------------- 0
Ceased to be in force during 1974------- 0
Policies in force December 31, 1974------------ 0
Losses and claims:
Unpaid December 31, 1973--------------------- 0
Incurred during 1974-------------------------- 0
Total-------------------------------------- 0
Settled during 1974--------------- 0
Unpaid December 31, 1974------------ 0
Net premiums collected in Canal Zone during 1974:
Life Insurance
Accident and Health
Total ------------------
Premium tax paid in Canal Zone --------------
$53,259.00
0.00
$53,259.00
53,259.00
$0.00
$0.00
0.00
$0.00
0.00
$0.00
$11,768.00
0.00
$11,768.00
$176.53
RECAPITULATION
MISCELLANEOUS COMPANIES
Accident --------------
Automobile and motor vehicle------
Auto comprehensive -------------
Auto collision -.------- -
Auto liability (B.I.)
Auto property damage
Auto physical damage --- ----------
Burglary and theft------- ------
Extended coverage------
Fidelity -----------------
Fire -------------
Glass .. -------..
Group accident and health---------
Health and accident (includes
hospital and medical) -
Inland marine
Liability other than auto_
Miscellaneous-
Ocean Marine
Property damage other than auto ------
Suret ------------------------
Workmen's compensation
Total -------
Premium taxes paid in Canal Zone-
Net
Premiums
$517.00
393,969.22
5,805.65
34,593.43
308,213.23
27,799.73
188,008.00
33,778.23
0.00
10,391.00
60,861.85
168.00
10,501,766.50
Losses
Paid
$95.00
188,377.61
2,467.37
18,162.25
97,674.98
18,978.73
124,277.27
7,350.00
0.00
240.00
24,979.69
50.00
6,670,250.50
279,634.50 192,444.50
6,186.00 7,192.00
191,528.05 25,416.42
9,945.75 5,214.00
(Cr.) 36.00 0.00
0.00 0.00
82,387.40 (Cr.) 153,224.00
454,927.11 246,241.02
$12,590,444.65 $7,476,187.34
$189,362.31
LIFE INSURANCE COMPANIES
ORDINARY
Policies in force December 31, 1973 ----------
Policies issued during 1974 --------------
Total---------------------------------
Ceased to be in force during 1974------------
Policies in force December 31, 1974 -
Losses and claims:
Unpaid December 31, 1973-----------
Incurred during 1974
Total---------------------------------
Settled during 1974
Unpaid December 31, 1974----------
Number
5,231
532
5,763
915
4,848
2
46
48
45
3
Amount
$38,348,667.00
10,093,370.00
$48,442,037.00
10,339,510.00
$38,102,527.00
$4,500.00
96,500.95
$101,000.95
95,500.95
$5,500.00
GROUP
Policies in force December 31, 1973 --------
Policies issued during 1974 ----- ----------
Total
Ceased to be in force during 1974-------- ----
Policies in force December 31, 1974-----------
Losses and claims:
Unpaid December 31, 1973-----------
Incurred during 1974 -----------------
Total ..
Settled during 1974 -----------------
Unpaid December 31, 1974 -----------
Net premiums collected in Canal Zone during 1974:
166
0
166
162
4
3
127
130
126
4
Life Insurance------------------ ------ ----
Accident and Health-
Total .... .--------
Premium tax paid in Canal Zone ........
$126,334,489.00
0.00
$126,334,489.00
3.817,723.00
$122,516,766.00
$31,750.00
504,250.00
$536,000.00
500,500.00
$35,500.00
$1,379,558.96
123,139.50
$1,502,698.46
$22,540.74
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.
26
CANAL ZONE CODE-Title 2, Chapter 61
SEC. 871. Corporation; joint stock company.-As used in this chapter,
"corporation" includes joint stock companies.
SEC. 872. Application for license to do business; service of process;
filing fee.-(a) A corporation organized under the laws of a State of the
United States or of a foreign country may not do business in the Canal Zone
or maintain an office therein until it has filed with the executive secretary of
the Canal Zone Government:
(1) An application for a license setting forth:
A. The name of the corporation;
B. The names of its officers and directors; and
C. The general nature of the business in which it desires to
engage in the Canal Zone;
(2) A copy, duly certified by the officer authorized by law to certify
it, of the:
A. Articles of incorporation;
B. Charter; or
C. Statutory, executive, or governmental acts creating the
corporation, when it has been so created;
(3) An affidavit sworn by an authorized officer of the corporation
stating the amount of its authorized capital stock at or within 60 days
prior to the filing.
(4) A designation of a person residing within the Canal Zone upon
whom process issued under any law of the Canal Zone may be served,
and his place of business or residence, and a certified copy of the minutes
of the board of directors of the corporation authorizing the designation.
(b) Process served on the person designated by the corporation or, if he
can not be found at the place designated, or if a person is not designated,
on the executive secretary of the Canal Zone Government, is a valid service
on the corporation. When the executive secretary is served with process he
shall without delay communicate the same to the corporation concerned at
its last known address. A default judgment may not be entered against the
corporation in an action in which process is served on the executive secretary
until at least 60 days after the date of the service.
(c) A corporation licensed pursuant to this chapter shall also file with
the executive secretary any change in the provisions of its original articles
of incorporation.
(d) With the application for license there shall also be paid $10, which
shall cover the filing fee and annual license fee for the remainder of the
calendar year during which the license is issued.
SEC. 873. Additional requirements for insurance companies.-In addition
to the other requirements of this chapter, an insurance company organized
under the laws of a State of the United States or of a foreign country shall
file the following documents: (1) A certificate of an authorized official,
showing that the company is authorized to transact business in the State or
country under whose laws the company is organized;
(2) A duly certified copy of the last annual statement of the insurance
company to an authorized official in the State or country where the company
is organized;
(3) A deposit with the executive secretary of the Canal Zone Government
of $10,000 in cash or current marketable securities, which shall be held in
trust by the executive secretary for the account of the company, to satisfy
any judgment that may be rendered against the company, under insurance
policies that it may issue.
SEC. 874. Annual statement and license tax for insurance companies.-
An insurance company licensed pursuant to this chapter shall file with the
executive secretary of the Canal Zone Government before March 1 of each
year a verified statement showing the business transacted within the Canal
Zone by the company during the previous calendar year and a duly certified
copy of its annual report to an authorized official of the State or country in
which the company is organized. Upon a showing of good cause therefore,
the executive secretary may extend the time for filing the statement for a
period not exceeding two months after March 1.
An insurance company licensed pursuant to this chapter shall pay before
March 1 of each year, in lieu of all other taxes except the annual fee provided
for by section 876 of this title, a license tax equal to 1% 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.
30
54144 -550
CANAL ZONE GOVERNMENT
ANNUAL REPORT
OF
INSURANCE BUSINESS
transacted in the
CANAL ZONE
DURING THE CALENDAR YEAR
1974
Including Laws Concerning Licensing
Of Insurance Companies
BANKERS LIFE INSURANCE COMPANY OF AMERICA
ORDINARY Num
Policies in force December 31, 1973 ------------------ 65
Policies issued during 1974---------------------
Total ------------------------------- 65
Ceased to be in force during 1974----- ---- 6
Policies in force December 31, 1974-- ---- 5
Losses and claims:
Unpaid December 31, 1973 -_------ ----
Incurred during 1974 -------------------------
Total------------------ 1
Settled during 1974 --------------
Unpaid December 31, 1974 ------ ------
GRouP-None
Net premiums collected in Canal Zone'during 1974:
Life Insurance ---------------------
Accident and Health ------ ------
Total----------------- --- ----
Premium tax paid in Canal Zone-------------
ber
8
0
8
9
9
Amount
$2,788,019.00
0.00
$2,788,019.00
250,224.00
$2,537,795.00
1 $2,500.00
9 9,524.00
.0 $12,024.00
9 9,524.00
1 $2,500.00
$78,336.98
0.00
$78,336.98
$1,175.05
BENEFICIAL NATIONAL LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
CITIZENS STANDARD LIFE INSURANCE COMPANY
ORDINARY
Number
Policies in force December 31, 1973 ______- __ 1,072
Policies issued during 1974 -__- _----.- 1
Total---- ------- 1,073
Ceased to be in force during 1974 ------------------ 103
Policies in force December 31, 1974 -__- 970
Losses and claims:
Unpaid December 31, 1973 0
Incurred during 1974-------------------------- 5
Total ___---------------- 5
Settled during 1974 -___----- 5
Unpaid December 31, 1974 0
GRoun-None
Net premiums collected in Canal'Zone during 1974:
Life Insurance -- -------_---
Accident and Health- --------- -------
Total ------------
Premium tax paid in Canal Zone -- _- ----__--
r Amount
$3,782,411.00
5,000.00
$3,787,411.00
361,241.00
$3,426,170.00
$0.00
15,804.00
$15,804.00
15,804.00
S$0.00
$111,613.45
33,014.64
$144,628.09
$2,169.42
PAN-AMERICAN LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973
Policies issued during 1974
Total .- ---------.-------
Ceased to be in force during 1974 --- -------
Policies in force December 31, 1974 ___- --
Losses and claims:
Unpaid December 31, 1973
Incurred during 1974 --
Total ------.. --.
Settled during 1974 -__--- -- --........
Unpaid December 31, 1974-
GRouP-None
Net premiums collected in Canal Zone during 1974:
Life Insurance-__ __
Accident and Health ..
Total -. .- ---_-_. -
Premium tax paid in Canal Zone--------
Number
103
11
114
9
105
0
0
0
0
0
PENINSULAR LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
Amount
$1,292,560.00
221,000.00
$1,513,560.00
127,816.00
$1,385,744.00
$0.00
0.00
$0.00
0.00
$0.00
$33,343.29
0.00
$33,343.29
$500.15
Travelers Indemnity Company ------------------ Hartford, Conn.
United Benefit Life Insurance Company -------------Omaha, Nebr.
United Services General Life Company6 ____ Washington, D.C.
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.
3 Compafnia Istmefia de Seguros, S.A.. discontinued doing business in the Canal Zone effective
December 31, 1973.
4 Investors Life Insurance Company of Nebraska licensed in the Canal Zone December 10,
1974.
5 The Lafayette Life Insurance Company licensed in the Canal Zone November 6, 1974.
6 United Services General Life Company licensed in the Canal Zone August 26, 1974.
CANAL ZONE GOVERNMENT
OFFICE OF THE GOVERNOR
BALBOA HEIGHTS, May 1, 1975.
GOVERNOR OF THE CANAL ZONE,
Balboa Heights, C.Z.
Sin: There is submitted herewith a report of insurance business
transacted in the Canal Zone during the calendar year 1974.
Respectfully,
J. PATRICK CONLEY,
Executive Secretary.
The following companies were authorized to transact business in the
Canal Zone during the year 1974.
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 Fidelity Life Insurance Company' .._ Pensacola, Fla.
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.
American Re-Insurance Company2 _. __ New York, N.Y.
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 Fidelity Life Insurance Company licensed in the Canal Zone October 25, 1974.
2American Re-Insurance Company licensed in the Canal Zone July 3, 1974.
Digitized by the Internet Archive
in 2009 with funding from
University of Florida, George A. Smathers Libraries
http://www.archive.org/details/annualreportofin1974cana
HARTFORD ACCIDENT AND INDEMNITY COMPANY
Net
Premiums
Worlkmen's compensation__ .. -(Cr.)_ $428.00
Liability other than auto (B.I.) ____(Cr.)__ 134.00
Fire ..... _______._______ 114.00
Auto liability (B.I.) (Cr.) 19.00
Miscellaneous -------.------ -- 14.00
Auto physical damage 376.00
Inland marine-------------------------------- 602.00
Fidelity --------------------------- (Cr.)__ 231.00
Surety__ ------------------------ 160.00
Total -------- $454.00
Premium tax paid in Canal Zone-
$6.81
INSURANCE COMPANY OF NORTH AMERICA
Miscellaneous*.
Total
Premium tax paid in Canal Zone
Net
Premiums
_(Cr.)__ $33,218.00
_(Cr.)__ $33,218.00
$0.00
INTERNATIONAL SERVICE INSURANCE COMPANY
Auto liability ------------------------------
Auto physical damage --
Total --_---_------- -.. _.
Premium tax paid in Canal Zone.- ---- - -- -
Net
Premiums
$11,230.00
16,183.00
$27,413.00
$411.20
THE LIBERTY MUTUAL INSURANCE COMPANY
Class. ....--- -------__ ____ ---
Health and accident _-____
Liability other than auto (B.I.)
Total --_-- -----.-...---- -- --_-
Premium tax paid in Canal Zone ---_-..---------
0 (Breakdown by type of insurance unavailable.)
Net
Premiums
$53.00
130.00
900.00
$1,083.00
$16.25
Losses
Paid
$142.00
0.00
0.00
551.00
5,214.00
1,617.00
1,575.00
0.00
0.00
$9,099.00
Losses
Paid
$0.00
$0.00
Losses
Paid
$3,102.62
10,535.27
$13,637.89
Losses
1'aid
$0.00
0.00
0.00
$0.00
AETNA CASUALTY AND SURETY COMPANY
(No transactions in Canal Zone during 1974)
AMERICAN EMPLOYERS' INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
AMERICAN HOME ASSURANCE COMPANY
Net
Premiums
Fire --------------------- $49,397.53
Motor Vehicle --------- ------ 376,253.44
Workmen's compensation ---------- 217,783.79
Liability other than auto -- -------- 146,713.15
Total-- ---------- $790,147.91
Premium tax paid in Canal Zone ------------------- $11,852.22
AMERICAN MOTORISTS INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
AMERICAN RE-INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
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
$786.90
46,696.23
27,799.73
14,383.71
5,805.65
34,593.43
1,623.58
785.43
417.20
125.00
$133,016.86
$1,995.25
Losses
Paid
$695.69
185,838.91
61,409.02
23,820.42
$271,764.04
Losses
Paid
$0.00
4,259.36
18,978.73
2,538.70
2,467.37
18,162.25
0.00
0.00
0.00
0.00
$46,406.41
CONTINENTAL INSURANCE COMPANY
NXt
Premiums
Fire -------- ----- $286.00
Miscellaneous ---------------------- 34,817.00
Inland marine ------------- -------- 1,066.00
Group accident and health -------------- 33.00
Accident only ----------------------------------- 10.00
Health and accident ----------------------------- 6,595.00
Workmen's compensation ------------------------- 31,336.00
Liability other than auto------------ 7,093.00
Auto liability ------------------------------ 54,117.00
Auto physical damage ---------------------------- 46,039.00
Fidelity --------------------------- ---- 1,239.00
Surety -- ----------------------- 1,976.00
Glass ------------------------- 115.00
Burglary and theft ------------------ 4,694.00
Total ---------------------------- $189,416.00
Premium tax paid in Canal Zone. ------- $2,841.24
FIDELITY AND CASUALTY COMPANY
Fire
Miscellaneous ------------- -----
Liability other than auto ---------- --
Total---------- -- --
Premium tax paid in Canal Zone
OF NEW YOR
Net
Premiums
$102.00
2,097.00
150.00
$2,349.00
---- $35.24
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
Net
Premiums
------ ---- ------ $4,721.00
tal --. ------------- ---.- $4,721.00
ax paid in Canal Zone ..--- ----- $70.82
GENERAL INSURANCE COMPANY OF AMERICA
(No transactions in Canal Zone during 1974)
GREAT AMERICAN INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
Losses
Paid
$4,284.00
0.00
35.00
0.00
0.00
0.00
11,911.00
176.00
11,340.00
10,724.00
0.00
0.00
0.00
187.00
$38,657.00
K
Losses
Paid
$0.00
0.00
0.00
$0.00
Losses
Paid
$0.00
$0.00
Surety
Tol
Premium t
UNITED SERVICES GENERAL LIFE COMPANY
(No transactions in Canal Zone during 1974)
UNITED SERVICES LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973____-
Policies issued during 1974-----------------------
Total- -_-_----. .......------.. -----.-.
Ceased to be in force during 1974 -- ----
Policies in force December 31, 1974-
Losses and claims:
Unpaid December 31, 1973 ------
Incurred during 1974 ---
Total ._____-_.. .- __ _
Settled during 1974 ------------------
Unpaid December 31, 1974 -.----------
GROUP
Policies in force December 31, 1973 ----------------
Policies issued during 1974__ _____ ------
Total --
Ceased to be in force during 1974 -
Policies in force December 31, 1974-
Losses and claims:
Unpaid December 31, 1973
Incurred during 1974-
Total __ ________
Settled during 1974 ---------------------.-_---
Unpaid December 31, 1974
Net premiums collected in Canal Zone during 1974:
Life Insurance ---.------ ---- ----
Number
463
154
617
295
322
0
0
0
0
0
162
0
162
162
0
0
0
0
0
0
Accident and Health
Total -
Premium tax paid in Canal Zone -__
Amount
$6,959,756.00
3,485,849.00
$10,445,605.00
4,917,234.00
$5,528,371.00
$0.00
0.00
$0.00
0.00
$0.00
$1,819,239.00
0.00
$1,819,239.00
1,819,239.00
$0.00
$0.00
0.00
$0.00
0.00
$0.00
$102,587.00
0.00
$102,587.00
$1,538.81
RECAPITULATION
MISCELLANEOUS COMPANIES
Accident---- --------------
Automobile and motor vehicle ------ --
Auto comprehensive --------------------
Auto collision ------------ ----
Auto liability (B.I.) _____-
Auto property damage.----- --
Auto physical damage --- _----------------_
Burglary and theft---------------
Extended coverage
Fidelity----_-----------------------
Fire -_--------- ------
Class ---------
Group accident and health ---------
Health and accident (includes
hospital and medical).------ ---
Inland marine --_-- _-___------
Liability other than auto
Miscellaneous ---
Ocean Marine
Property damage other than auto
Surety -- __ ------
Workmen's compensation -- ____-_______
Total --- -----------
Premium taxes paid in Canal Zone ------.-
Net
Premiums
$517.00
393,969.22
5,805.65
34,593.43
308,213.23
27,799.73
188,008.00
33,778.23
0.00
10,391.00
60,861.85
168.00
10,501,766.50
Losses
Paid
$95.00
188,377.61
2,467.37
18,162.25
97,674.98
18,978.73
124,277.27
7,350.00
0.00
240.00
24,979.69
50.00
6,670,250.50
279,634.50 192,444.50
6,186.00 7,192.00
191,528.05 25,416.42
9,945.75 5,214.00
(Cr.) 36.00 0.00
0.00 0.00
82,387.40 (Cr.) 153,224.00
454,927.11 246,241.02
$12,590,444.65 $7,476,187.34
$189,362.31
AMERICAN DEFENDER LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973 ---------------
Policies issued during 1974---------------------
Total---------------------
Ceased to be in force during 1974 ----------
Policies in force December 31, 1974 ----------
Losses and claims:
Unpaid December 31, 1973 .... ------ ---
Incurred during 1974--------------------
Total -----------------------
Settled during 1974 --------------
Unpaid December 31,1974
GROUP-None
Net premiums collected in Canal Zone during 1974:
Number
36
51
87
22
65
0
0
0
0
0
Life Insurance -----------------------
Accident and Health
Total -----------------------
Premium tax paid in Canal Zone.------ --------
AMERICAN FIDELITY LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
Amount
$1,563,506.00
1,381,167.00
$2,944,673.00
1,268,282.00
$1,676,391.00
$0.00
0.00
$0.00
0.00
$0.00
$20,943.00
0.00
$20,943.00
$314.14
showing that the company is authorized to transact business in the State or
country under whose laws the company is organized;
(2) A duly certified copy of the last annual statement of the insurance
company to an authorized official in the State or country where the company
is organized;
(3) A deposit with the executive secretary of the Canal Zone Government
of $10,000 in cash or current marketable securities, which shall be held in
trust by the executive secretary for the account of the company, to satisfy
any judgment that may be rendered against the company, under insurance
policies that it may issue.
SEC. 874. Annual statement and license tax for insurance companies.-
An insurance company licensed pursuant to this chapter shall file with the
executive secretary of the Canal Zone Government before March 1 of each
year a verified statement showing the business transacted within the Canal
Zone by the company during the previous calendar year and a duly certified
copy of its annual report to an authorized official of the State or country in
which the company is organized. Upon a showing of good cause therefore,
the executive secretary may extend the time for filing the statement for a
period not exceeding two months after March 1.
An insurance company licensed pursuant to this chapter shall pay before
March 1 of each year, in lieu of all other taxes except the annual fee provided
for by section 876 of this title, a license tax equal to 1% percent of its net
premium receipts in the Canal Zone for the proceeding calendar year.
SEC. 875. Issuance of license.-Upon compliance by a corporation with
the conditions prescribed by sections 872-874 of this title, and if the Governor
is satisfied that the business desired to be transacted is proper, legitimate and
permissible under the laws of the Canal Zone, and not in conflict with the
policy of administering the Canal Zone as an adjunct of the Panama Canal
he may issue a license to do business in the Canal Zone.
SEC. 876. Continuance after first license period.-The right of a corpora-
tion to continue to do business for the calendar year, and the successive
calendar years, after the calendar year during which the original license
was issued, shall be contingent upon: (1) Compliance with the provisions
of this chapter applicable to corporations licensed under it;
(2) Payment of a license fee of $10, payable in advance, on January 1
of each year; and
(3) Designation of a new process agent before March 1, if the process
agent previously designated has ceased during a preceding calendar year
to reside within the Canal Zone.
SEC. 877. Revocation of license.-The Governor may revoke a license
issued pursuant to this chapter if, upon examination, he is satisfied that the
operations of the corporation are conducted in an illegal manner, or in a
manner contrary to public policy or to the policy of administering the Canal
Zone as an adjunct of the Panama Canal.
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY
OF NEW YORK
ORDINARY
Policies in force December 31, 1973
Policies issued during 1974
Total. __- _ ___________-
Ceased to be in force during 1974
Policies in force December 31, 1974 ---- -
Losses and claims:
Unpaid December 31, 1973 -- ----
Incurred during 1974 --____...
Total -____- __- __-
Settled during 1974 ____ -- --
Unpaid December 31,1974 ----- --------
* Number
1
0
1
0
1
0
0
0
0
0
GRouP
Policies in force December 31, 1973
Policies issued during 1974 -_._._.__
Total ._ ..
Ceased to be in force during 1974 --
Policies in force December 31, 1974_
Losses and claims:
Unpaid December 31, 1973
Incurred during 1974 ...--.....
Total _. __ .. .. _-__
Settled during 1974 --..-.. .
--- 1
-__----- 0
----- 0
-- 1
Unpaid December 31, 1974
Net premiums collected in Canal Zone during 1974:
Life Insurance ___ ___- -- -
Accident and Health ---..___ ___ _
Total -_ _______- _____ _______ _-_-__ _-
Premium tax paid in Canal Zone -__-_-_ _______ _
-- 0
0
0
0
ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO
(No transactions in Canal Zone during 1974)
Amount
$100,000.00
0.00
$100,000.00
3,606.00
$96,394.00
$0.00
0.00
$0.00
0.00
$0.00
$964,506.00
0.00
$964,506.06
599,508.00
$364,998.00
$0.00
0.00
$0.00
0.00
$0.00
$2,667.97
0.00
$2,667.97
$40.02
UNITED BENEFIT LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973 ---- --
Policies issued during 1974_ _-_______-. __-_______
Total ... ..
Ceased to be in force during 1974-------------
Policies in force December 31, 1974 _- _
Losses and claims:
Unpaid December 31, 1973 ---- -----
Incurred during 1974 --
Total- -----
Settled during 1974
Unpaid December 31, 1974
GRour
Policies in force December 31, 1973 ...... _____.__
Policies issued during 1974 - _____________________
Total __- __ _-__ __-
Ceased to be in force during 1974 -...
Policies in force December 31, 1974 ---
Losses and claims:
Unpaid December 31, 1973 ......
Incurred during 1974 ..............
T otal __ __-_____ -_
Settled during 1974_
Unpaid December 31, 1974 --
Net premiums collected in Canal Zone during 1974:
Life Insurance
Accident and Health _- __ _____
Total -- __ __- __- _- ___
Premium tax paid in Canal Zone ______ _
Number Amount
546 $4,291,692.00
241 3,433,430.00
787 $7,725,122.00
152 2,022,947.00
635 $5,702,175.00
1 $2,000.00
5 12,266.00
6 $14,266.00
5 12,266.00
1 $2,000.00
2 $123,299,550.00
0 0.00
2 $123,299,550.00
0 1,315,850.00
2 $121,983,700.00
3 $31,750.00
125 502,250.00
128 $534,000.00
124 498,500.00
4 $35,500.00
$627,936.32
84,341.76
_---_ $712,278.08
-- $10,684.17
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA
ORDINARY
Policies in force December 31, 1973---------------
Policies issued during 1974 ..- -- _____- ________
Total___ _.
Ceased to be in force during 1974 -
Policies in force December 31, 1974 ____-__-___- ___
Losses and claims:
Unpaid December 31, 1973 ------ --
Incurred during 1974 --------------.--
Total------------------------
Settled during 1974
Unpaid December 31, 1974 ---- ___
GnouP-None
Net premiums collected in Canal Zone during 1974:
Life Insurance
Accident and Health ---------.--- ___
Total----------
Premium tax paid in Canal Zone -- --._ _--
INVESTORS LIFE INSURANCE COMPANY OF NEBRASKA
(No transactions in Canal Zone during 1974)
Number
997
34
1,031
109
922
0
17
17
17
0
Amount
$9,164,187.00
558,000.00
$9,722,187.00
691,667.00
$9,030,520.00
$0.00
42,306.95
$42,306.95
42,306.95
$0.00
$197,289.23
0.00
$197,289.23
$2,959.34
LINCOLN NATIONAL LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973
Policies issued during 1974 __-- -- ____--- -----
Total. ----- ---__
Ceased to be in force during 1974 ____ ---
Policies in force December 31, 1974
Losses and claims:
Unpaid December 31, 1973 ----- ------
Incurred during 1974 ------------- -. .
Total __
Settled during 1974 -__.- _---.--.-- -
Unpaid December 31,1974 ---------
GnoUP
Policies in force December 31, 1973 ...........
Policies issued during 1974 --------------------
Total --_ --
Ceased to be in force during 1974-
Policies in force December 31, 1974
Losses and claims:
Unpaid December 31, 1973 -___________ -
Incurred during 1974 -
Total -.
Settled during 1974 -----. ___ -_-__ --- ---
Unpaid December 31, 1974
Net premiums collected in Canal Zone during 1974:
Life Insurance _______
Accident and Health -_---- .--_-__.-----
Total -_.-- --.- __.--______ -___- ____-..
Premium tax paid in Canal Zone
19
Number
392
1
393
35
358
0
3
3
3
0
0
0
0
0
0
0
0
0
0
0
Amount
$3,103,058.00
20,000.00
$3,123,058.00
294,290.00
$2,828,768.00
$0.00
6,000.00
$6,000.00
6,000.00
$0.00
$23,254.00
0.00
$23,254.00
(814.00)
$24,068.00
$0.00
0.00
$0.00
0.00
$0.00
$63,828.00
279.00
$64,107.00
$961.61
LIFE INSURANCE COMPANIES
ORDINARY
Policies in force December 31, 1973 -----
Policies issued during 1974 - ------
Total --------------
Ceased to be in force during 1974 -
Policies in force December 31, 1974 ---------
Losses and claims:
Unpaid December 31, 1973 ------ -----
Incurred during 1974 ---------------
Total --- ------------
Settled during 1974 --- -----
Unpaid December 31, 1974 ------ -.
Number
5,231
532
5,763
915
4,848
2
46
---- 48
---- 45
3
GROUP
Policies in force December 31, 1973 ----------
Policies issued during 1974 ----- -- -------
Total .-. .- ..... ...
Ceased to be in force during 1974 -------------
Policies in force December 31, 1974 ---- --
Losses and claims:
Unpaid December 31, 1973 ------------
Incurred during 1974
Total ------
Settled during 1974 -----
Unpaid December 31, 1974 -- -------
Net premiums collected in Canal Zone during 1974:
Life Insurance _. --.-----
Accident and Health -.
Total -.. -
Premium tax paid in Canal Zone --
166
0
166
162
4
Amount
$38,348,667.00
10,093,370.00
$48,442,037.00
10,339,510.00
$38,102,527.00
$4,500.00
96,500.95
$101,000.95
95,500.95
85,500.00
$126,334,489.00
0.00
$126,334,489.00
3.817,723.00
$122,516,766.00
3 $31,750.00
127 504,250,00
130 $536,000.00
126 500,500.00
4 $35,500.00
.-- $1,379,558.96
123,139.50
$1,502,698.46
-..- $22,540.74
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.
-----------------
-----------------
RELIANCE INSURANCE COMPANY
Worlanen's compensation _- _
Ocean marine --. ------
Inland marine
Total -_ '.- -
Premium tax paid in Canal Zone
- (Cr.)
(Cr.)
ROYAL INDEMNITY COMPANY
Workmen's compensation
Liability other than auto ....-- -
Suretv. ._ ._
Total
Premium tax paid in Canal Zone
Net Losses
Premi, ms Paid
$209.00 $0.00
23.00 0.00
0.00 (Cr.) $153,178.00
$232.00 (Cr.) $153,178.00
$3.48
SEABORD SURETY COMPANY
(No transactions in Canal Zone during 1974)
TRANSAMERICA INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
TRAVELERS INDEMNITY COMPANY
Auto physical damage -
S u rety .. .. . . ... . . . . . . ... ... .
Total --. -- -- -----
Premium tax paid in Canal Zone .-______-____-.-
Net
Premiums
$428.00
11,675.00
$12,103.00
$181.55
Net
Premiums
$425.00
36.00
146.00
$315.00
$0.00
Losses
Paid
$0.00
0.00
0.00
$0.00
Losses
Paid
$0.00
0.00
$0.00
Compaiiia General de Seguros, S.A.
Compafiia Interamericana de Seguros, S.A.
Compafiia Internacional de Seguros, S.A.
Compaiiia Istmefia de Seguros, S.A.3 ...
Compafifa Nacional de Seguros, S.A. -.
Continental Casualty Company
Continental Insurance Company-- _- _
Executive Fund Life Insurance Co. -----
Fidelity and Casualty Company of New York ----
Fidelity and Deposit Company
Fidelity and Guaranty Life Insurance Company--
General Insurance Company of America
Gibraltar Life Insurance Company of America
Great American Insurance Company
Hartford Accident and Indemnity Company
Insurance Company of North America
International Service Insurance Company -------
Investors Life Insurance Company of Nebraska4
Jackson National Life Insurance Company
Lafayette Life Insurance Company5
Liberty Mutual Insurance Company
Lincoln National Life Insurance Company
Maryland Casualty Company
Mutual of Omaha Insurance Company
National Surety Corporation -
National Union Fire Insurance Company
Panama Insurance Company, Inc.
Pan-American Life Insurance Company
Peninsular Life Insurance Company _____._
Reliance Insurance Company- ---
Royal Indemnity Company
Seabord Surety Company
Transamerica Insurance Company
____Panama, R. of P.
Panama, R. of P.
Panama, R. of P.
Panama, R. of P.
Panama, R. of P.
Chicago, I11.
.-New York, N.Y.
Omaha, Nebr.
New York, N.Y.
Baltimore, Md.
.-..Baltimore, Md.
Seattle, Wash.
Dallas, Tex.
New York, N.Y.
Hartford, Conn.
Philadelphia, Pa.
__Fort Worth, Tex.
-Watertown, S. Dak.
-. Jackson, Mich.
____ Lafayette, Ind.
Boston, Mass.
Fort Wayne, Ind.
Baltimore, Md.
Omaha, Nebr.
Chicago, Ill.
Pittsburgh, Pa.
Panama, R. of P.
New Orleans, La.
Jacksonville, Fla.
Philadelphia, Pa.
New York, N.Y.
New York, N.Y.
Los Angeles, Calif.
MARYLAND CASUALTY COMPANY
Net Losses
Premiums Paid
Accident only---- -----------------. $360.00 $95.00
Accident and health ----------------- ---- 1,220.00 688.00
Group accident and health 1,923.00 277.00
Auto liability- 41,871.00 43,340.00
Liability other than auto 13,384.00 333.00
Fidelity-- -- ------------ 1,773.00 240.00
Surety_ ---------------- 57,445.00 0.00
Glass-.--- ...0.00 50.00
Burglary and theft ----------------- 26,118.00 1,993.00
Inland marine ----------------------------------- 4,272.00 5,582.00
Workmen's compensation_ 82,204.00 141,515.00
Auto physical damage --------------------------- 29,835.00 42,277.00
Fire ------------------------------------- ----- 3,827.00 20.000.00
Miscellaneous ------- ------------------------ 964.00 0.00
Total -.- --------------- $265,196.00 $256,390.00
Premium tax paid in Canal Zone_. _-___ $3,977.96
MUTUAL OF OMAHA INSURANCE COMPANY
Group accident and health --------------------- $10,493,577.50 $6,665,321.50
Individual and health ------------------------ 270,909.50 191,456.50
Total- ..- $10,764,487.00 $6,856,778.00
Premium tax paid in Canal Zone $161,467.32
NATIONAL SURETY CORPORATION
Net Lossey
Premiums Paid
Surety --------------------------------(Cr.)__ $170.00 $0.00
Total ---- ------------- (Cr.)-- $170.00 $0.00
Premium tax paid in Canal Zone ---------- $0.00
NATIONAL UNION FIRE INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
PANAMA INSURANCE COMPANY
Net Losses
Premiums Paid
Theft --------------- ---------- -- -- $23.76 $0.00
Workmen's compensation ------------------------- 63.91 0.00
Fire ------------------------------------------ 1,731.69 0.00
Automobile ------------------------------------ 370.48 0.00
Surety ------------------------- 623.00 0.00
Total .-------------------------- $2,812.84 $0.00
Premium tax paid in Canal Zone.------------------- $42.20
AMERICAN CAPITOL INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973 ---------
Policies issued during 1974 .. - ____- _____-- _
Total-- --__ ____
Ceased to be in force during 1974 --__._______.___
Policies in force December 31, 1974
Losses and claims:
Unpaid December 31,1973 ---------
Incurred during 1974-----------------
Total --------------
Settled during 1974
Unpaid December 31,1974 __ -----
Number
785
8
793
85
708
0
7
7
6
1
GRoup-None
Net premiums collected in Canal Zone during 1974:
Life Insurance ---------------
Accident and Health ---------------__ _____
Total_ _______ ___--------------------------
Premium tax paid in Canal Zone .._____
AMERICAN CONTINENTAL LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973______ -
Policies issued during 1974 ____--
Total ____ __- ____
Ceased to be in force during 1974----------------
Policies in force December 31, 1974 -- ---
Losses and claims:
Unpaid December 31, 1973 ___-----
Incurred during 1974 ................ .
Total __
Settled during 1974
Unpaid December 31, 1974 ______-- -_____ __-
Number
2
0
2
2
0
0
0
0
0
0
GRouP-None
Net premiums collected in Canal Zone during 1974:
Life Insurance-- ------_ ___ _________ ------
Accident and Health____ ____________ _________
Total _---------------__________--___--__
Premium tax paid in Canal Zone .. _______-________.-----
Amount
$3,042,607.00
58,930.00
$3,101,537.00
205,581.00
$2,895,956.00
$0.00
10,600.00
$10,600.00
9,600.00
$1,000.00
$84,470.72
5,386.10
$89,856.82
$1,347.85
Amount
$15,000.00
0.00
$15,000.00
15,000.00
$0.00
$0.00
0.00
$0.00
0.00
$0.00
$0.00
118.00
$118.00
$1.77
WABASH LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
WORLD SERVICE LIFE INSURANCE COMPANY
ORDINARY
Number Amount
Policies in force December 31, 1973 ------------ 11 $134,849.00
Policies issued during 1974 ------------------------- 1 15,000.00
Total----------- ----------- 12 $149,849.00
Ceased to be in force during 1974 -_------ 9 117,200.00
Policies in force December 31, 1974 ------------------ 3 $32,649.00
Losses and claims:
Unpaid December 31, 1973 ----------- 0 $0.00
Incurred during 1974 --------- 0 0.00
Total .- 0 $0.00
Settled during 1974 --------------------------- 0 0.00
Unpaid December 31, 1974.-__--------- 0 $0.00
GRouP
Policies in force December 31, 1973 ----------------- 0 $53,259.00
Policies issued during 1974 -------------------------__ 0 0.00
Total ------- -------------- 0 $53,259.00
Ceased to be in force during 1974 ------------ 0 53,259.00
Policies in force December 31, 1974 ---------- 0 $0.00
Losses and claims:
Unpaid December 31, 1973 --------------------- 0 $0.00
Incurred during 1974 ---------------------.--- 0 0.00
Total --------------------- 0 $0.00
Settled during 1974 --------------- 0 0.00
Unpaid December 31, 1974 -- 0 $0.00
Net premiums collected in Canal Zone during 1974:
Life Insurance-- ----------------- $11,768.00
Accident and Health------- -------- 0.00
Total ---------------------------- $11,768.00
Premium tax paid in Canal Zone ---------------------------- $176.53
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,
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.
JACKSON NATIONAL LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973 ---
Policies issued during 1974____ ----_ --
Total---------------------
Ceased to be in force during 1974 ----------
policies in force December 31, 1974 ---------
Losses and claims:
Unpaid December 31, 1973 --
Incurred during 1974 _-- ----
Total ------------ -------------------
Settled during 1974 ---------------
Unpaid December 31, 1974 -------------
Number
2
0
2
0
2
0
0
0
0
0
GCRour-None
Net premiums collected in Canal Zone during 1974:
Life Insurance -- ---- ---
Accident and Health----------------------------
Total-----------------------
Premium tax paid in Canal Zone------------------------
THE LAFAYETTE LIFE INSURANCE COMPANY
(No transactions in Canal Zone during 1974)
Amount
$43,650.00
0.00
$43,650.00
0.00
$43,650.00
$0.00
0.00
$0.00
0.00
$0.00
$1,780.00
0.00
$1,780.00
$26.70
UNITED STATES FIDELITY AND GUARANTY COMPANY
Net Losses
Premiums Paid
Accident only -- $147.00 $0.00
Fire ------------------------------------------ 1,137.00 0.00
Inland marine ..-.------------ 100.00 0.00
Accident and health ----------------------------- 419.00 0.00
Workmen's compensation --------------- 124,140.00 31,264.00
Liability other than auto (B.I.) .. ---- --- 22,034.00 1,087.00
Auto liability (B.I.) -- ----------- ------ 154,318.00 35,082.00
Auto physical damage ---------------------------- 95,147.00 59,124.00
Fidelity------------------------- 7,610.00 0.00
Surety-- ----------------------- 342.00 (Cr.) 46.00
Burglary and theft ------------------------------- 2,141.00 5,170.00
Miscellaneous ------------(Cr.)-- 66.00 0.00
Total ------------------------------ $407,469.00 $131,681.00
Premium tax paid in Canal Zone---- ------- $6,112.05
AMERICAN-AMICABLE LIFE INSURANCE COMPANY
ORDINARY
Number Amount
Policies in force December 31, 1973 ---- --- 17 $165,702.00
Policies issued during 1974 ----- 8 109,791.00
Total------- 25 $275,493.00
Ceased to be in force during 1974 ------- ----- 6 98,000.00
Policies in force December 31, 1974 --------------19 $177,493.00
Losses and claims:
Unpaid December 31,1973 ------------- 0 $0.00
Incurred during 1974 ----------- ------0 0.00
Total ------------------------------------- 0 $0.00
Settled during 1974 ------- ------ 0 0.00
Unpaid December 31, 1974 -. ----- 0 $0.00
GRouP-None
Net premiums collected in Canal Zone during 1974:
Life Insurance $6,143.00
Accident and Health ------------------0.00
,Total --- --------------- $6,143.00
Premium tax paid in Canal Zone ----------..-- ---- ---- $92.15
UNITED STATES LIFE INSURANCE COMPANY
ORDINARY
Policies in force December 31, 1973 __-
Policies issued during 1974__ _____
Total ..
Ceased to be in force during 1974 .-
Policies in force December 31, 1974 .__------ --
Losses and claims:
Unpaid December 31, 1973 ---------
Incurred during 1974 _---___________ --.-_
Total _
Settled during 1974-__------------------
Unpaid December 31, 1974 ------ ---
Gnour
Policies in force December 31, 1973 --
Policies issued during 1974__ __-_-- -- ---- -
Total._. -. _.. __._.. _.
Ceased to be in force during 1974 __
Policies in force December 31, 1974
Losses and claims:
Unpaid December 31, 1973 -------- -- -
Incurred during 1974 ____
Total .....
Settled during 1974 --- -- ---
Number
-_- _- 0
9
.---- ----- 0
9
0
0
0
0
0
1
0
1
0
1
Unpaid December 31, 1974 -- -
Net premiums collected in Canal Zone during 1974:
Life Insurance -------- -- _-
Accident and Health --_ ____ .
Total .
Premium tax paid in Canal Zone
Amount
$67,595.00
23.00
$67,618.00
0.00
$67,618.00
$0.00
0.00
$0.00
0.00
$0.00
$174,681.00
0.00
$174,681.00
30,681.00
$144,000.00
$0.00
2,000.00
$2,000.00
2,000.00
$0.00
$2,783.00
0.00
$2,783.00
$42.00
EXECUTIVE FUND LIFE INSURANCE COMPANY
ORDINARY
Number Amount
Policies in force December 31, 1973 ______ 19 $196,000.00
Policies issued during 1974 ------------------------- 0 0.00
Total -- --- --------- 19 $196,000.00
Ceased to be in force during 1974 -------------------- 3 27,657.00
Policies in force December 31, 1974_ 16 $168,343.00
Losses and claims:
Unpaid December 31, 1973 -------------- 0 $0.00
Incurred during 1974 -------------------------- 0 0.00
Total ------------------------------------- 0 $0.00
Settled during 1974_ 0 0.00
Unpaid December 31, 1974 --------------------- 0 $0.00
Gnoup-None
Net premiums collected in Canal Zone during 1974:
Life Insurance ---------------- ---------------------_ $1,749.00
Accident and Health ------ ----- ------------------------- 0.00
Total -------------------------------------------- $1,749.00
Premium tax paid in Canal Zone _----__--------_---_----- -- $26.23
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY
ORDINARY
Number Amount
Policies in force December 31, 1973 ----------------- 118
Policies issued during 1974------------------------ 22
Total ----------------------------------- 140
Ceased to be in force during 1974 ------------------- 16
Policies in force December 31, 1974 ----------------- 124
Losses and claims:
Unpaid December 31,1973-------------- 0
Incurred during 1974---------------- 0
Total------------------------------------- 0
Settled during 1974 --------------------------- 0
Unpaid December 31,19741............. 0
Guour-None
Net premiums collected in Canal Zone during 1974:
Life Insurance------ -----------------
Accident and Health--- ------
Total-------------------- -----------------
Premium tax paid in Canal Zone ----------------
$1,638,075.00
805,180.00
$2,443,255.00
(61,235.00)
$2,504,490.00
$0.00
0.00
$0.00
0.00
$0.00
$32,320.00
0.00
$32,320.00
$484.80
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.
30
54144 -550
CANAL ZONE GOVERNMENTT,,'' --
AN'N'UA RE'.
, ... .
ANNUAL REPOR^^^,I
-'^^'^ /
OF
INSURANCE BUSINESS
transacted in the
CANAL ZONE
DURING THE CALENDAR YEAR
1974
Including Laws Concerning Licensing
Of Insurance Companies
/
COMPARIA GENERAL DE SEGUROS, S.A.
Net
Premiums
Miscellaneous* $4,920.55
Total _ $4,920.55
Premium tax paid in Canal Zone ----.
Losses
Paid
$0.00
$0.00
$73.81
COMPARIA INTERAMERICANA DE SEGUROS, S.A.
Theft __-__-_------
Automobile- -----
Fire ..- -.. ___
Surety . -------.-
Workmen's compensation -------
Total .. - -.
Premium taxpaid in Canal Zone -----
Net
Premiums
$16.04
248.59
1,168.05
415.40
43.41
$1,891.49
$28.37
COMPANIA INTERNATIONAL DE SEGUROS, S.A.
Net
Prenmiumss s
_ $1,475.00
--______-- ---- 5,075.00
.. ._ 2,713.00
.. $9,263.00
paid in Canal Zone $138.95
COMPARIA NATIONAL DE SEGUROS, S.A.
(No transactions in Canal Zone during 1974)
Losses
Paid
$0.00
0.00
0.00
0.00
0.00
$0.00
Losses
Paid
$0.00
0.00
0.00
$0.00
Group accident and
Health and accident
Liability other than
Total _
CONTINENTAL CASUALTY COMPANY
Net
Premiums
health $6,233.00
t- 361.00
auto 578.00
-.- - __ $7,172.00
Premium tax paid in Canal Zone .-.-
(Breakdown by types of insurance unavailable.)
$107.59
Fire
Surety-___.
Automobile
Total
Premium tax
Losses
Paid
$4,652.00
300.00
0.00
$4,952.00
|
|
PAGE 1
CZl.^.'^'?'^ s^ CANE ZONE GOVERNMENT'^toRiaTM y0--^S .1 ANNUAL REPOip,j,iiJ;r OF INSURANCE BUSINESS transacted in the CANAL ZONE DURING THE CALENDAR YEAR 1974 Including Laws Concerning Licensing Of Insurance Companies
PAGE 3
CANAL ZONE GOVERNMENT ANNUAL REPORT OF INSURANCE BUSINESS transacted in the CANAL ZONE DURING THE CALENDAR YEAR 1974 Including Laws Concerning Licensing Of Insurance Companies
PAGE 4
Digitized by tine Internet Arciiive in 2009 witii funding from University of Florida, George A. Smathers Libraries http://www.archive.org/details/annualreportofin1974cana
PAGE 5
CANAL ZONE GOVERNMENT OFFICE OF THE GOVERNOR Balboa Heights, May 1, 1975. Governor of The Canal Zone, Balboa Heights, C.Z. Sir: There is submitted herewith a report of insurance business transacted in the Canal Zone during the calendar year 1974. Respectfully, J. Patrick Conley, Executive Secretary. The following companies were authorized to transact business in the Canal Zone during the year 1974. 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 Fidelity Life Insurance Company^ Pensacola, Fla. 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. American Re-Insurance Company^ New York, N.Y. 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 Fidelity Life Insurance Company licensed in the Canal Zone October 25, 1974. 2American Re-Insurance Company licensed in the Canal Zone July 3, 1974. 1
PAGE 6
Compailia General de Seguros, S.A Panama, R. of P. Compania Interamericana de Seguros, S.A Panama, R. of P. Compania Internacional de Seguros, S.A Panama, R. of P. Compania Istmefia de Seguros, S.A.^ Panama, R. of P. Compania Nacional de Seguros, S.A Panama, R. of P. Continental Casualty Company Chicago, 111. Continental Insurance Company New York, N.Y. Executive Fund Life Insurance Co Omaha, Nebr. Fidelity and Casualty Company of New York New York, N.Y. Udelity 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. Investors Life Insurance Company of Nebraska^ .Watertown, S. Dak. Jackson National Life Insurance Company Jackson, Mich. Lafayette Life Insurance Company^ Lafayette, Ind. 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. 2
PAGE 7
Travelers Indemnity Company Hartford, Conn. United Benefit Life Insurance Company Omaha, Nebr. United Services General Life Company" Washington, D.C. United Services Life Insm-ance 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. 3 Compania Istmena de Seguros, S.A., discontinued doing business in the Canal Zone effective December 31, 1973. 4 Investors Life Insurance Companv of Nebraska licensed in the Canal Zone December 10, 1974. 5 The Lafayette Life Insurance Company licensed in the Canal Zone November 6, 1974. 6 United Services General Life Company hcensed in the Canal Zone August 26, 1974.
PAGE 9
AETNA CASUALTY AND SURETY COMPANY (No transactions in Canal Zone during 1974) AMERICAN EMPLOYERS' INSURANCE COMPANY (No transactions in Canal Zone during 1974) AMERICAN HOME ASSURANCE COMPANY Net Losses Premiums Paid Fire $49,397.53 $695.69 Motor Vehicle 376,253.44 185,838.91 Workmen's compensation 217,783.79 61,409.02 Liability other than auto 146,713.15 23,820.42 Total $790,147.91 $271,764.04 Pren)ium tax paid in Canal Zone $11,852.22 AMERICAN MOTORISTS INSURANCE COMPANY (No transactions in Canal Zone during 1974) AMERICAN RE-INSURANCE COMPANY (No transactions in Canal Zone diuring 1974) COLONIAL INSURANCE COMPANY OF PANAMA Net Losses Premiums Paid Liability other than auto (B.I.) $786.90 $0.00 Auto liability (B.I.) 46,696.23 4,259.36 Auto propert)' damage 27,799.73 18,978.73 Automobile and motor vehicle 14,383.71 2,538.70 Auto comprehensive 5,805.65 2,467.37 Auto collision 34,593.43 18,162.25 Fire 1,623.58 0.00 Burglary and theft 785.43 0.00 Miscellaneous 417.20 0.00 Suret)' 125.00 0.00 Total $133,016.86 $46,406.41 Premitun tax paid in Canal Zone $1,995.25
PAGE 10
COMPANIA GENERAL DE SEGUROS, S.A. Miscellaneous" Total Premium tax paid in Canal Zone. Net Premiums $4,920.55 $4,920.55 $73.81 Losses Paid $0.00 $0.00 COMPA5JIA INTERAMERICANA DE SEGUROS, S.A. Theft _— — Automobile Fire _^ Suret)' Workmen's compensation Total IVemium taxpaid in Canal Zone. Net
PAGE 11
CONTINENTAL INSURANCE COMPANY \ct Losses Premiums Paid Fire $286.00 $4,284.00 Miscellaneous 34,817.00 0.00 Inland marine 1,066.00 35.00 Group accident and health 33.00 0.00 Accident only 10.00 0.00 Health and accident 6,595.00 0.00 Workmen's compensation 31,336.00 11,911.00 Liability other than auto 7,093.00 176.00 Auto liability 54,117.00 11,340.00 Auto physical damage 46,039.00 10,724.00 Fidehty 1,239.00 0.00 Surety 1,976.00 0.00 Glass 115.00 0.00 Burglary and theft 4,694.00 187.00 Total $189,416.00 $38,657.00 Premium tax paid in Canal Zone $2,841.24 FIDELITY AND CASUALTY COMPANY OF NEW YORK Net Losses Prt Fire Miscellaneous Liability other than auto Total $2,349.00 $0.00 Premium tax paid in Canal Zone $35.24 Premiums
PAGE 12
HARTFORD ACCIDENT AND INDEMNITY COMPANY Net Losses Premiums Paid Workmen's compensation (Cr.) $428.00 $142.00 Liability other than auto (B.I.) (Cr.)__ 134.00 0.00 Fire 114.00 0.00 Auto hability (B.I.) (Cr.)__ 19.00 551.00 Miscellaneous 14.00 5,214.00 Auto physical damage 376.00 1,617.00 Inlandmarine 602.00 1,575.00 Fidelity (Cr.)__ 231.00 0.00 Surety 160.00 0.00 Total $454.00 $9,099.00 Preniimn lax paid in Canal Zone $6.81 INSURANCE COMPANY OF NORTH AMERICA Net Pretniums Miscellaneous" (Cr.)_^ $33,218.00 Total (Cr.)__ $33,218.00 Premium tax paid in Canal Zone $0.00 Losses Paid $0.00 $0.00 INTERNATIONAL SERVICE INSURANCE COMPANY Net Losses PTejniuTns Paid Auto liability $11,230.00 $3,102.62 Auto physical damage 16,183.00 10,535.27 Total $27,413.00 $13,637.89 Premium tiix paid in CanalZone $411.20 THE LIBERTY MUTUAL INSURANCE COMPANY Glass Health and accident Liability other than auto (B.L) Total Premium tax paid in Canal Zone • ( Breakdown by type of insurance unavailable. ) Net Premiums
PAGE 13
MARYLAND CASUALTY COMPANY Net Losses Premiums Paid Accident only $360.00 $95.00 Accident and health 1,220.00 688.00 Group accident and health 1,923.00 277.00 Auto liability 41,871.00 43,340.00 Liability other than auto 13,384.00 333.00 Fidelity 1,773.00 240.00 Suret)57,445.00 0.00 Glass' 0.00 50.00 Burglary and theft . 26,118.00 1,993.00 Inland marine 4,272.00 5,582.00 Workmen's compensation 82,204.00 141,515.00 Auto physical damage 29,835.00 42,277.00 Fire 3,827.00 20.000.00 Miscellaneous 964.00 0.00 Total $265,196.00 $256,390.00 Premium tax paid in Canal Zone $3,977.96 MUTUAL OF OMAHA INSURANCE COMPANY Group accident and health $10,493,577.50 $6,665,321.50 Individual and health 270,909.50 191,456.50 Total $10,764,487.00 $6,856,778.00 Premium tax paid in Canal Zone $161,467.32 NATIONAL SURETY CORPORATION Surety (Cr.). Total (Cr.)_ Premium tax paid in Canal Zone Net Premiums $170.00 $170.00 $0.00 Losses Paid $0.00 $0.00 NATIONAL UNION FIRE INSURANCE COMPANY (No transactions in Canal Zone during 1974) PANAMA INSURANCE COMPANY Theft Workmen's compensation Fire Automobile Surety Total $2,812.84 Premium tax paid in Canal Zone $42.20 9 Net Premiums $23.76 63.91
PAGE 14
RELIANCE INSURANCE COMPANY Net Losses Premiums Paid Worbiien's compensation (Or.)— $425.00 $0.00 Ocean marine (Or.) 36.00 0.00 Inland marine 146.00 0.00 Total : (Cr.) $315.00 $0.00 Premimn tax paid in Canal Zone $0.00 ROYAL INDEMNITY COMPANY Net Ln.^^ps Pramiiims Paid Workmen's compensation $209.00 $0.00 Liability other than auto 23.00 0.00 Surety' , 0.00 (Cr.) $153,178.00 Total $232.00 (Cr.) $153,178.00 Premium rax paid in Canal Zone $3.48 SEABORD SURETY COMPANY (No transactions in Canal Zone diuring 1974) TRANSAMERICA INSURANCE COMPANY (No transactions in Canal Zone during 1974) TRAVELERS INDEMNITY COMPANY Net Losses Premiums Paid Auto physical damage $428.00 $0.00 Surety^.' 11,675.00 0.00 Total ^___ $12,103.00 $0.00 Premium tax paid in Canal Zone $181.55 10
PAGE 15
UNITED STATES FIDELITY AND GUARANTY COMPANY Net Losses Premiums Paid Accident only $147.00 $0.00 Fire 1,137.00 0.00 Inland marine 100.00 0.00 Accident and health 419.00 0.00 Workmen's compensation 124,140.00 31,264.00 LiabUit}' other than auto (B.I.) 22,034.00 1,087.00 Auto liability (B.I.) 154,318.00 35,082.00 Auto physical damage 95,147.00 59,124.00 Fidelit)' 7,610.00 0.00 Suretyl 342.00 (Cr.) 46.00 Burglary and theft 2,141.00 5,170.00 Miscellaneous (Cr.)._ 66.00 0.00 Total $407,469.00 $131,681.00 Premium tax paid in Canal Zone . $6,112.05 AMERICAN-AMICABLE LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1973 — 17 $165,702.00 Policies issued during 1974 8 109,791.00 Total 25 $275,493.00 Ceased to be in force during 1974 6 98,000.00 Policies in force December 31, 1974 19 $177,493.00 Losses and claims: Unpaid December 31, 1973 1— $0.00 Incurred during 1974 0.00 Total $0.00 Settled during 1974 0.00 Unpaid December 31, 1974 $0.00 Group— None Net premiums collected in Canal Zone during 1974: ,; Life Insurance $6,143.00 Accident and Health 0.00 Total $6,143.00 Preniiuni tax paid in Canal Zone _, ,-:^ $92.15 11
PAGE 16
AMERICAN CAPITOL INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1973 785 $3,042,607.00 Policies issued during 1974 8 58,930.00 Total 793 $3,101,537.00 Ceased to be in force during 1974 85 205,581.00 Policies in force December 31, 1974 708 $2,895,956.00 Losses and claims: Unpaid December 31, 1973 $0.00 Incurred during 1974 7 10,600.00 Total ^__ 7 $10,600.00 Settled during 1974 6 9,600.00 Unpaid December 31, 1974 1 $1,000.00 Group— None Net premiums collected in Canal Zone during 1974: Life Insurance $84,470.72 Accident and Health 5,386.10 Total $89,856.82 Premium tax paid in Canal Zone $1,347.85 AMERICAN CONTINENTAL LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1973 2 $15,000.00 Policies issued during 1974 0.00 Total . 2 $15,000.00 Ceased to be in force during 1974 2 15,000.00 Policies in force December 31, 1974 $0.00 Losses and claims: Unpaid December 31, 1973 $0.00 Incurred during 1974 0.00 Total $0.00 Settled during 1974 0.00 Unpaid December 31, 1974 $0.00 Group— None Net premiums collected in Canal Zone during 1974: Life Insurance $0.00 Accident and Health 118.00 Total $118.00 Premium tax paid in Canal Zone $1.77 12
PAGE 17
AMERICAN DEFENDER LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1973 36 $1,563,506.00 Policies issued during 1974 51 1,381,167.00 Total 87 $2,944,673.00 Ceased to be in force during 1974 22 1,268,282.00 Policies in force December 31, 1974 65 $1,676,391.00 Losses and claims: Unpaid December 31, 1973 $0.00 Incurred during 1974 0.00 Total $0.00 Setded during 1974 0.00 Unpaid December 31, 1974 $0.00 Group— None Net premiums collected in Canal Zone during 1974: Life Insurance $20,943.00 Accident and Health 0.00 Total $20,943.00 Premium tax paid in Canal Zone $314.14 AMERICAN FIDELITY LIFE INSURANCE COMPANY (No transactions in Canal Zone dicing 1974) 13
PAGE 18
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY OF NEW YORK Ordinary Number Amount Policies in force December 31, 1973 1 $100,000.00 Policies issued during 1974 0.00 Total 1 $100,000.00 Ceased to be in force during 1974 3,606.00 Policies in force December 31, 1974 1 $96,394.00 Losses and claims: Unpaid December 31, 1973 $0.00 Incurred during 1974 0.00 Total ^ $0.00 Settled during 1974 ' 0.00 Unpaid December 31, 1974 i $0.00 Group Policies in force December 31, 1973 1 $964,506.00 Policies issued during 1974 0.00 Total 1 $964,506.06 Ceased to be in force during 1974 599,508.00 Policies in force December 31, 1974 1 $364,998.00 Losses and claims: Unpaid December 31, 1973 ^__________ $0.00 Incurred during 1974 0.00 Total $0.00 Setded during 1974 0.00 Unpaid December 31, 1974 $0.00 Net premiums collected in Canal Zone during 1974: Life Insurance $2,667.97 Accident and Health 0.00 Total $2,667.97 Premium tax paid in Canal Zone $40.02 ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO (No transactions in Canal Zone during 1974) 14
PAGE 19
BANKERS LIFE INSURANCE COMPANY OF AMERICA Ordinary Number Amotmt Policies in force December 31, 1973 658 $2,788,019.00 Policies issued during 1974 0.00 Total 658" $2,788,019.00 Ceased to be in force during 1974 69 250,224.00 Policies in force December 31, 1974 589 $2,537,795.00 Losses and claims: Unpaid December 31, 1973 1 $2,500.00 Incurred during 1974 9 9,524.00 Total "lO" $12,024.00 Settled during 1974 9 9,524.00 Unpaid December 31, 1974 "T" $2,500.00 Groxjp— None Net premiums collected in Canal Zone during 1974: Life Insurance .—^ -^— .^ ^_______ $78,336.98 Accident and Health 0.00 Total ^^^^J .;>... $78,336.98 Premium tax paid in Canal Zone $1,175.05 BENEFICIAL NATIONAL LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1974) CITIZENS STANDARD LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1973 1,072 $3,782,411.00 Policies issued during 1974 1 5,000.00 Total ^-_1,073 $3,787,411.00 Ceased to be in force during 1974 103 361,241.00 Policies in force December 31, 1974 1970 $3,426,170.00 Losses and claims: C Unpaid December 31, 1973 — $0.00 Incurred during 1974 5 15,804.00 Total 5 $15,804.00 Settled during 1974 5 15,804.00 Unpaid December 31, 1974 _— _ ^ $0.00 Group— None Net premiums collected in Canal Zone during 1974: " •' Life Insurance $111,613.45 Accident and Health 33,014.64 Total $144,628.09 Premium tax paid in Canal Zone — $2,169.4ii 15
PAGE 20
EXECUTIVE FUND LIFE INSURANCE COMPANY Ordinary Number Ainount Policies in force December 31, 1973 19 $196,000.00 Policies issued during 1974 0.00 Total 19 $196,000.00 Ceased to be in force during 1974 3 27,657.00 Policies in force December 31, 1974 16 $168,343.00 Losses and claims: Unpaid I>ecember 31, 1973 $0.00 Incurred during 1974 0.00 Total $0.00 Settled during 1974 0.00 Unpaid December 31, 1974 $0.00 Group— None Net premiums collected in Canal Zone during 1974: Life Insurance $1,749.00 Accident and Health 0.00 Total $1,749.00 Premium tax paid in Canal Zone $26.23 FIDELITY AND GUARANTY LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1973 118 $1,638,075.00 Policies issued during 1974 _22_ 805,180.00 Total 140 $2,443,255.00 Ceased to be in force during 1974 16 (61,235.00) Policies in force December 31, 1974 124 $2,504,490.00 Losses and claims: Unpaid December 31, 1973 $0.00 Incurred during 1974 0.00 Total $0.00 Settled during 1974 0^ OOP Unpaid December 31, 1974 $0.00 Group— None Net premiums collected in Canal Zone during 1974: Life Insurance $32,320.00 Accident and Health 0^ Total $32,320.00 Premiiun tax paid in Canal Zone $484.80 16
PAGE 21
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA Ordinary Number Ainount Policies in force December 31, 1973 997 $9,164,187.00 Policies issued during 1974 34 558,000.00 Total 1,031 $9,722,187.00 Ceased to be in force during 1974 109 691,667.00 Policies in force December 31, 1974 922 $9,030,520.00 Losses and claims: Unpaid December 31, 1973 $0.00 Incurred during 1974 17 42,306.95 Total 17 $42,306.95 Setded during 1974 17 42,306.95 Unpaid December 31, 1974 $0.00 Group— None Net premiums collected in Canal Zone during 1974: Life Insvirance $197,289.23 Accident and Health 0.00 Total $197,289.23 Premium tax paid in Canal Zone $2,959.34 INVESTORS LIFE INSURANCE COMPANY OF NEBRASKA (No transactions in Canal Zone diuing 1974) 17
PAGE 22
JACKSON NATIONAL LIFE INSURANCE COMPANY Ordinary Number Policies in force December 31, 1973 2 Policies issued during 1974 Total 2 Ceased to be in force during 1974 Policies in force December 31, 1974 2 Losses and claims: Unpaid December 31, 1973 Incurred during 1974 Total Settled during 1974 Unpaid December 31, 1974 Group— None Net premiums collected in Canal 2^ne during 1974: 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 $1,780.00 0.00 $1,780.00 $26.70 THE LAFAYETTE LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1974) £8
PAGE 23
LINCOLN NATIONAL LIFE INSURANCE COMPANY Ordinary Sumher Amount Policies in force December 31, 1973 392 $3,103,058.00 Policies issued during 1974 1 20,000.00 Total 393 $3,123,058.00 Ceased to be in force during 1974 35 294,290.00 Policies in force December 31, 1974 358 $2,828,768.00 Losses and claims: Unpaid December 31, 1973 $0.00 Incurred during 1974 3 6,000.00 Total 3 $6,000.00 Settled during 1974 3 6,000.00 Unpaid December 31, 1974 $0.00 Group Policies in force December 31, 1973 $23,254.00 Policies issued during 1974 0.00 Total $23,254.00 Ceased to be in force during 1974 (814.00) Policies in force December 31, 1974 $24,068.00 Losses and claims: Unpaid December 31, 1973 $0.00 Incurred during 1974 : 0.00 Total . O" $0.00 Settled during 1974 0.00 Unpaid December 31, 1974 $0.00 Net premiiuns collected in Canal Zone during 1974: Life Insurance _ $63,828.00 Accident and Health 279.00 Total $64,107.00 Premium tax paid in Canal Zone $961.61 19
PAGE 24
PAN-AMERICAN LIFE INSURANCE COMPANY Ordinaby Number Amount Policies in force December 31, 1973 103 $1,292,560.00 Policies issued during 1974 11 221,000.00 Total 114 $1,513,560.00 Ceased to be in force during 1974 9 127,816.00 Policies in force December 31, 1974 105 $1,385,744.00 Losses and claims: Unpaid December 31, 1973 $0.00 Incurred during 1974 0.00 Total $0.00 Settled during 1974 0.00 Unpaid December 31, 1974 $0.00 Group— None Net premiums collected in Canal Zone during 1974: Life Insurance $33,343.29 Accident and Health 0.00 Total $33,343.29 Premium tax paid in Canal Zone $500.15 PENINSULAR LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1974) 20
PAGE 25
UNITED BENEFIT LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1973 546 $4,291,692.00 Policies issued during 1974 241 3,433,430.00 Totals ^ ^ _ 787 $7,725,122.00 Ceased to be in force during 1974 152 2,022,947.00 Policies in force December 31, 1974 635 $5,702,175.00 Losses and claims: Unpaid December 31, 1973 1 v$2,000.00 Incurred during 1974 5 12,266.00 Total 6 $14,266.00 Settled during 1974 5 12,266.00 Unpaid December 31, 1974 1 $2,000.00 Group Policies in force December 31, 1973 2 $123,299,550.00 Policies issued during 1974 0.00 Total 2 $123,299,550.00 Ceased to be in force during 1974 1,315,850.00 Policies in force December 31, 1974 2 $121,983,700.00 Losses and claims: Unpaid December 31, 1973 3 $31,750.00 Incurred during 1974 125 502,250.00 Total 128 $534,000.00 Setded during 1974 124 498,500.00 Unpaid December 31, 1974 4 $35,500.00 Net premiums collected in Canal Zone during 1974: Life In.surance $627,936.32 Accident and Health 84,341.76 Total $712,278.08 Premium tax paid in Canal Zone $10,684.17 21
PAGE 26
UNITED SERVICES GENERAL LIFE COMPANY (No transactions in Canal Zone during 1974) UNITED SERVICES LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1973 463 $6,959,756.00 Policies issued during 1974 154 3,485,849.00 Total 617 $10,445,605.00 Ceased to be in force during 1974 295 4,917,234.00 Policies in force December 31, 1974 322 $5,528,371.00 Losses and claims: Unpaid December 31, 1973 $0.00 Incurred during 1974 0.00 Total $0.00 Settled during 1974 0.00 Unpaid December 31, 1974 $0.00 GROtnp Policies in force December 31, 1973 162 $1,819,239.00 Policies issued during 1974 0.00 Total 162 $1,819,239.00 Ceased to be in force during 1974 162 1,819,239.00 Policies in force December 31, 1974 $0.00 Losses and claims: Unpaid December 31, 1973 $0.00 Incurred during 1974 0.00 Total $0.00 Settled during 1974 0.00 Unpaid December 31, 1974 $0.00 Net premiums collected in Canal Zone during 1974: Life Insurance $102,587.00 Accident and Health 0.00 Total $102,587.00 Premium tax paid in Canal Zone $1,538.81 22
PAGE 27
UNITED STATES LIFE INSURANCE COMPANY Ordinary Policies in force December 31, 1973_ Policies issued during 1974 Total Ceased to be in force during 1974 Policies in force December 31, 1974_ Losses and claims: Unpaid December 31, 1973 Incurred during 1974 Total Settled during 1974 Unpaid December 31, 1974 Group Policies in force I>ecember 31, 1973 Policies issued during 1974 Total . Ceased to be in force during 1974 Policies in force December 31, 1974 Losses and claims: Unpaid December 31, 1973 Incurred diu-ing 1974 Total ._ Settled during 1974 Unpaid December 31, 1974 Net premiums collected in Canal Zone during 1974: Life Insurance Accident and Health Total Premium tax paid in Canal Zone iter
PAGE 28
WABASH LIFE INSURANCE COMPANY (No transactions in Canal Zone diuring 1974) WORLD SERVICE LIFE INSURANCE COMPANY Ordinaky Number Policies in force December 31, 1973 11 Policies issued during 1974 1 Total 12 Ceased to be in force during 1974 9 Policies in force December 31, 1974 3 Losses and claims: Unpaid December 31, 1973 Incurred during 1974 Total Settled during 1974 Unpaid December 31, 1974 Group Policies in force December 31, 1973 Policies issued diuing 1974 Total Ceased to be in force during 1974 Policies in force December 31, 1974 Losses and claims: Unpaid December 31, 1973 Incurred during 1974 Total Settled during 1974 Unpaid December 31, 1974 Net premiums collected in Canal Zone during 1974: Life Insurance Accident and Health Total Premium tax paid in Canal Zone Amount $134,849.00 15,000.00 $149,849.00 117,200.00 $32,649.00 $0.00 0.00 $0.00 0.00 $0.00 $53,259.00 0.00 $53,259.00 53,259.00 $0.00 $0.00 0.00 $0.00 0.00 $0.00 $11,768.00 0.00 $11,768.00 $176.53 24
PAGE 29
RECAPITULATION MISCELLANEOUS COMPANIES Net Losses Premiums Paid Accident $517.00 $95.00 Automobile and motor vehicle 393,969.22 188,377.61 Auto comprehensive 5,805.65 2,467.37 Auto collision 34,593.43 18,162.25 Auto liability (B.I.) 308,213.23 97,674.98 Auto property damage 27,799.73 18,978.73 Auto physical damage 188,008.00 124,277.27 Burglary and theft 33,778.23 7,350.00 Extended coverage 0.00 0.00 Fidelity 10,391.00 240.00 Fire 60,861.85 24,979.69 Glass 168.00 50.00 Group accident and health 10,501,766.50 6,670,250.50 Health and accident ( includes hospital and medical) 279,634.50 192,444.50 Inland marine 6,186.00 7,192.00 Liability other than auto 191,528.05 25,416.42 Miscellaneous 9,945.75 5,214.00 Ocean Marine (Cr.) 36.00 0.00 Propert) damage other than auto 0.00 0.00 Suret)' 82,387.40 (Cr.) 153,224.00 Workmen's compensation 454,927.11 246,241.02 Total $12,590,444.65 $7,476,187.34 Premium taxes paid in Canal Zone $189,362.31 25
PAGE 30
LIFE INSURANCE COMPANIES Ordinary Number Amount Policies in force December 31. 1973 5,231 $38,348,667.00 Policies issued during 1974 532 10,093.370.00 Total 5,763 $48,442,037.00 Ceased to be in force during 1974 915 10,339,510.00 Policies in force December 31, 1974 4,848 $38,102,527.00 Losses and claims: Unpaid December 31, 1973 2 $4,500.00 Incurred during 1974 46 96,500.95 Total 48 $101,000.95 Settled during 1974 45 95,500.95 Unpaid December 31, 1974 3 $5,500.00 Group Policies in force December 31, 1973 166 $126,334,489.00 Policies issued during 1974 0.00 Total 166 $126,334,489.00 Ceased to be in force during 1974 162 3.817,723.00 Policies in force December 31, 1974 4 $122,516,766.00 Losses and claims: Unpaid December 31, 1973 3 $31,750.00 Incurred during 1974 127 504,250.00 Total 130 $536,000.00 Settled during 1974 126 500,500.00 Unpaid December 31, 1974 4 $35,500.00 Net premiums collected in Canal Zone during 1974: Life Insurance $1,379,558.96 Accident and Health 123,139.50 Total $1,502,698.46 Premium tax paid in Canal Zone $22,540.74 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. 26
PAGE 31
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 imtil it has filed with the executive secretary of the Canal Zone Government: (1) An application for a license setting forth: A. The name of the corporation; B. The names of its officers and directors; and C. The general nature of the business in which it desires to engage in the Canal Zone; (2) A copy, duly 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 certffied 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 sei-vice. (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, 27
PAGE 32
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 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 pax before March 1 of each year, in lieu of all other taxes except the annual fee provided for by section 876 of this title, a license tax equal to IVz percent of its net premium receipts in the Canal Zone for the preceeding calendar year. Sec. 875. Issuance of license —Upon compliance by a corporation with the conditions prescribed by sections 872-874 of this title, and if the Governor is satisfied that the business desired to be transacted is proper, legitimate and permissible under the laws of the Canal Zone, and not in conflict with the policy of administering the Canal Zone as an adjunct of the Panama Canal he may issue a license to do business in the Canal Zone. Sec. 876. Continuance after first license period— The right of a corporation to continue to do business for the calendar year, and the successive calendar years, after the calendar year during which the original license was issued, shall be contingent upon: (1) Compliance with the provisions of this chapter applicable to corporations licensed under it; (2) Payment of a license fee of $10, payable in advance, on January 1 of each year; and (3) Designation of a new process agent before March 1, if the process agent previously designated has ceased during a preceding calendar year to reside within the Canal Zone. Sec. 877. Revocation of license.— The Governor may revoke a license issued pursuant to this chapter if, upon examination, he is satisfied that the operations of the corporation are conducted in an illegal manner, or in a manner contrary to public policy or to the policy of administering the Canal Zone as an adjunct of the Panama Canal. 28
PAGE 33
Sec. 878. Loss of benefit of statute of limitations.— Corporations doing business in the Canal Zone which fail to comply with this chapter are not entitled to the benefit of the laws of the Canal Zone limiting the time for the commencement of civil actions. Sec. 879. Penalties for violation; validity of contracts.— (a) A corporation which does business in the Canal Zone without having complied with this chapter shall be fined not more than $500. (b) Whoever acts as an officer of, or agent for, a corporation which has not complied with this chapter, shall be fined not more than $100 or imprisoned in jail not more than 30 days, or both. (c) Every contract made by or on behalf of such a corporation afiFecting 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 tide is not required to comply with sections 871-879 of this tide. Sec. 881. Surrender of license to do business.— (a) A corporation licensed to do business in the Canal Zone may surrender its license by filing with the executive secretary of the Canal Zone Government a certificate signed and acknowledged by its president or a vice president and its secretary or an assistant secretary or treasurer, setting forth: (1) The name of the corporation as shown on the records of the executive secretary, and the State or place of incorporation; (2) That it revokes its designation of agent for the service of process; (3) That it surrenders its authority to do business in the Canal Zone 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 ofiice address to which the executive secretary may mail a copy of any process served upon him, which address may be changed from time to time by filing a certificate entided "certificate of change of address of surrendered foreign corporation" signed and acknowledged by the president, a vice president, secretary, assistant secretary, or treasurer. (b) The Hcense shall be attached to the certificate of surrender unless the license has been lost or destroyed, in which case there shall be attached an affidavit of the president, vice president, secretary, assistant secretary, or treasiirer to that eflFect. (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. 29
PAGE 34
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 Uability or obligation incurred within the Canal Zone prior to the revocation or the filing of the certificate of surrender. (b) Section 872(b) of this title applies to service of process upon the executive secretary pursuant to this section. (c) The revocation or surrender of a license does not aflFect any action pending at the time. 30 54144-550
PAGE 35
UNIVERSITY OF FLORIDA 3 1262 04728 2859
|
