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

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
Digitized by tine Internet Arciiive

in 2009 witii 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.

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
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
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.

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
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
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
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
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
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
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
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
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
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
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 1- 970 $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
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
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
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
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
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
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
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
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
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
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

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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.

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CANAL ZONE CODE-Title 2, Chapter 61

Sec. 871. Corporation; joint stock company.—As used in this chapter,

"corporation" includes joint stock companies.

Sec. 872. Application for license to do business; service of process;

filing fee.— (a.) A corporation organized under the laws of a State of the United States or of a foreign country may not do business in the Canal Zone

or maintain an office therein 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
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.

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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.

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Sec. 882. Service of process after revocation or surrender of license.—

(a) After the license of a corporation has been revoked or surrendered,

process against the corporation may be served upon the executive secretary

of the Canal Zone Government in any action upon a 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.

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54144-550
UNIVERSITY OF FLORIDA

3 1262 04728 2859