•c.z- i.^r^is- dU.

CANAL ZONE GOVERNM

ANNUAL REP

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1975

Including Laws Concerning Licensing

Of Insurance Companies

CANAL ZONE GOVERNMENT

ANNUAL REPORT

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1975

Including Laws Concerning Licensing

Of Insurance Companies

CANAL ZONE GOVERNMENT

OFFICE OF THE GOVERNOR

Balboa Heighis, July 19, 1976. 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 1975. Respectfully,

J. Patrick Conley,

Executive Secretary.

The following companies were authorized to transact business in the

Canal Zone during the year 1975. Aetna Casualty and Surety Company Hartford, Conn.

American-Amicable Life Insurance Company Birmingham, Ala. American Capitol Insurance Company Houston, Tex. American Continental Life Insurance Company 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 Insuu-ance Company of Panama Panama, R. of P.

lAmerican Motorists Insurance Co. discontinued doing business in the Canal Zone e£Fective August 28, 1975.
Compania General de Seguros, S.A Panama, R. of P. Compania Interamericana de Seguros, S.A Panama, R. of P. Compania Intemacional 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.

Fidelity and Deposit Company of Maryland Baltimore, Md.

Fidelity and Guaranty Life Insxirance Company Baltimore, Md.

First National Life Insurance Company of America^ - Atlanta, Ga.

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 Sei-vice 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 Insiurance 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. The Prudential Insurance Company of America* Newark, N.J.

2First National Life Insurance Company of America licensed in the Canal Zone October 3, 1975. 3The Lafayette Life Insurance Company discontinued doing business in the Canal Zone

effective December 22, 1975. 4The Prudential Insurance Company of America licensed in the Canal Zone November 19, 1975.

2
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 Company Washington, D.C.

United Services Life Insurance Co Washington, D.C.

United States Fidelity and Guaranty Company Baltimore, Md.

United States Life Insiu-ance Company in the City of New YorkNew York, N.Y. Wabash Life Insurance Co Indianapolis, Ind.

World Service Life Insurance Company Fort Worth, Tex.

STransamerica Insiirance Company discontinued doing business in the Canal Zone effective December 31, 1975.
Digitized by tine Internet Arciiive

in 2009 witii funding from

University of Florida, George A. Smathers Libraries

http://www.archive.org/details/annualreportofin1975cana
AETNA CASUALTY AND SURETY COMPANY

(No transactions in Canal Zone during 1975)

Net Losses Premiums Paid

AMERICAN EMPLOYERS' INSURANCE COMPANY

Net Premiums

Liability other tban auto $1,280.00 $0.00

Total $1,280.00 $0.00

Premiiun tax paid in Canal Zone $19.20

AMERICAN HOME ASSURANCE COMPANY

Net Losses Premiums Paid Auto liability (B.I.) $231,400.78 $111,142.97 Auto physical damage 198,323.36 98,149.54

Fire 15,460.19 223.67

Liability other than auto 60,034.16 0.00 Miscellaneous 0.00 40,127.22

Workmen's compensation -j. ._ _ 252,506.26 86,432.19

Total $757,724.75 $336,075.59

Premium tax paid in Canal Zone $11,365.87

AMERICAN MOTORISTS INSURANCE COMPANY

(No transactions in Canal Zone during 1975)

AMERICAN RE-INSURANCE COMPANY

(No transactions in Canal Zone dining 1975)

COLONIAL INSURANCE COMPANY OF PANAMA

Liability other than auto (B.I.) Auto liability (B.I.) Auto propert)' damage

Automobile and motor vehicle Auto comprehensive Auto collision Fire Bm-glary and theft Miscellaneous

Suret\' Total Premium tax paid in Canal Zone.

Net Premiums
COMPANIA GENERAL DE SEGUROS, S.A. Net Losses Premiunu Paid Automobile $488.67 $17.76

Fire 5,689.73 0.00 Surety 5,752.43 0.00

Total $11,930.83 $17.76

Premium tax paid in Canal Zone $178.96

COMPANIA INTERAMERICANA DE SEGUROS, S.A. Net Losses Premiums Paid Automobile $399.82 $14.53

Fire 4,655.24 0.00

Surety 11,679.18 0.00

Total $16,734.24 $14.53

Premium taxpaid in Canal Zone $251.01

CONfPASiA INTERNACIONAL DE SEGUROS, S.A. Net Premiums Miscellaneous* $29,004.00

Total $29,004.00

Premium tax paid in Canal Zone $430.06

Losses Paid$0.00

$0.00

COMPAJ^JIA NACIONAL DE SEGUROS, S.A. (No transactions in Canal Zone during 1975)

CONTINENTAL CASUALTY COMPANY

Group accident and health Health and accident Workmen's compensation

Miscellaneous (Cr.). Total $4,423.00

Premium tax paid in Canal Zone $66.36

"(Breakdown by types of insurance unavailable.) 6

Net
CONTINENTAL INSURANCE COMPANY

Net Losses Premiums Paid Fire ^ $10,095.00 $0.00

Ocean marine 2,038.00 156.00

Inland marine 9,647.00 150.00 Accident only 3,557.00 45.00 Health and accident 1L995.00 2,190.00

Workmen's compensation 221,033.00 25,808.00

Liability other than auto 46,349.00 2,099.00 Auto liability 78,990.00 26,622.00 Auto physical damage 52,923.00 31,257.00

Fidelit) 2,926.00 0.00 Surety 71,103.00 0.00

Glass 65.00 0.00 Burglary and theft 4,040.00 8,268.00

Total $514,761.00 $96,595.00

Premium tax paid in Canal Zone $7,721.41

FIDELITY AND CASUALTY COMPANY OF NEW YORK

Net Premiums

Fire - $39,929.00

Miscellaneous 2,364.00

Liability other than auto 880.00 Auto liability 104.00 Auto physical damage 55.00

Total $43,332.00

Premiimi tax paid in Canal Zone $649.98

Lossen Paid$0.00

0.00

0.00 0.00 0.00 $0.00

FIDELITY AND DEPOSIT COMPANY OF MARYLAND

Net Premiums Surety $64,760.00

Total $64,760.00

Premium tax paid in Canal Zone $971.40

Losses Paid $0.00

$0.00

GENERAL INSURANCE COMPANY OF AMERICA

(No transactions in Canal Zone during 1 975)

GREAT AMERICAN INSURANCE COMPANY

/No transactions in Canal Zone during 1975)
HARTFORD ACCTOENT AND INDEMNITY COMPANY

Workmen's compensation

Liability other than auto (B.I.) (Cr.) Fire (Cr.) Auto liability (B.I.) (Cr.), Miscellaneous (Cr.)_ Auto physical damage (Cr.) Group accident and heald) Total (Cr.) $1,349.00

Premium tax paid in Canal Zone $0.00

Net Premiums
MARYLAND CASUALTY COMPANY

Net Louet

Premiums Paid Accident only . $0.00 $680.00

Group accident and health 281.00 0.00 Auto liabiJit>' (Cr.) 2,325.00 20,972.00

Liability other than auto (Cr.) 305.00 380.00

Fidelity 137.00 1,572.00

Suret}' —- 2,594.00 0.00 Glass 0.00 95.00

Burglar) and theft 0.00 165.00 Workmen's compensation (Cr.) _ 2,242.00 7,510.00 Auto physical damage 134.00 404.0<J Fire--.' (Cr.) 25.00 0.00 Miscellaneous (Cr.)-_ 15.00 2,398.00

Total -- (Cr.)__ $1,766.00 $34,176.00

Premium tax paid in Canal Zone $0.00

MUTUAL OF OMAHA INSURANCE COMPANY

Grouii accident and health $10,335,858.00 $9,355,498.00

Individual and health 260,153.00 232,690.00

Total SI 0,596,01 1.00 $9,588,188.00

Premium tax paid in Canal Zone $158,940.17

NATIONAL SURETY CORPORATION

Net Premiums Surety $6,563.00

Total $6,563.00

Premium tax paid in Canal Zone $98.45

Losses Paid $0.00

$0.00

NATIONAL UNION FIRE INSURANCE COMPANY

(No transactions in Canal Zone during 1975)

PANAMA INSURANCE COMPANY

Net Losses Premiums Paid Fire $6,896.64 $0.00

Automobile 592.33 21.53

Total $7,488.97 $21.53

Premium tax paid in Canal Zone $112.33

a"
RELIANCE INSURANCE COMPANY

(No transactions in Canal 2k)ne during 1975)

ROYAL INDEMNITY COMPANY

Net Losset Premiums Paid Medical malpractice $93.00 $0.00

Surety 0.00 (Cr.) 169,038.00

Total , $93.00 (Cr.) $169,038.00

Premium tax paid in Canal Zone $1.40

SEABORD SURETY COMPANY

(No transactions in Canal Zone during 1975)

TRANSAMERICA INSURANCE COMPANY

(No transactions in Canal Zone during 1975)

TRAVELERS INDEMNITY COMPANY

Net Losses Premiums Paid Fire $1,913.00 $91.56

Miscellaneous 0.00 29,444.42 Auto physical damage 0.00 105.00 Surety^ 14,785.00 0.00 Total $16,698.00 $29,640.98

Premium tax paid in Canal Zone $250.47

10
Net
AMERICAN CAPITOL INSURANCE COMPANY

Ordinaby

Sumber Amount

Policies in force December 31, 1974 708 $2,895,956.00

Policies issued during 1975 18 360,490.00

Total 726 $3,256,446.00

Ceased to be iq force during 1975 66 289,422.00

Policies in force December 31, 1975 660 $2,967,024.00 Losses and claims: Unpaid December 31, 1974 1 $1,000.00 Incurred during 1975 5 13,011.00

Total 6 $14,011.00

Settled during 1975 6 14,011.00

Unpaid December 31, 1975 $0.00

Group—None

Net premiums collected in Canal Zone during 1975:

Life Insurance $77,632.00

Accident and Health 4,614.00

Total i $82,246.00

Premium tax paid in Canal Zone : $1,234.00

AMERICAN CONTINENTAL LIFE INSURANCE COMPANY

Ordinaiiy—None

Group—None

Net premiums collected in Canal 2k>ne during 1975:

Life Insurance $0.00 Accident and Health 141.00

Total $141.00

Premium tax paid in Canal Zone. $2.12

12
AMERICAN DEfDNDER LIFE INSURANCE COMPANY

Obdinabt

Number Amount

Policies in force December 31, 1974 65 $1,676,391.00

Policies issued during 1975 13 376,671.00

Total 78 $2,053,062.00

Ceased to be in force during 1975 28 761,591.00

Policies in force December 31, 1975 50 $1,291,471.00

Losses and claims; Unpaid December 31, 1974 $0.00

Incurred during 1975 2 617.00

Total 2 $617.00

Settled during 1975 2 617.00 Unpaid December 31, 1975 $0.00

Group

Policies in force December 31, 1974 $0.00

Policies issued dxiring 1975 1 19,422.00 Total 1 $19,422.00

Ceased to be in force during 1975 0.00

Policies in force December 31, 1975 1 $19,422.00

Losses and clainis: Unpaid December 31, 1974 $0.00 Incurred dming 1975 0.00 Total $0.00

Settled during 1975 0.00 Unpaid December 31, 1975_ $0.00 Net premiums collected in Canal Zone during 1975:

Life Insurance $2,078.00 Accident and Healtb 0.00

Total $2,078.00

Premium tax paid in Canal Zone $31.17

13
AMERICAN FroELITY LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1974 _ Policies issued during 1975 10

Total 10

Ceased to be in force during 1975 2

Policies in force December 31, 1975 8

Losses and claims: Unpaid December 31, 1974

Inctirred during 1975

Total

Settled during 1975 ^ Unpaid December 31, 1975 Group—None

Net TTTpmiums collected in Canal Zone during 1975:

Life Insurance Accident and Health

Total Premium tax p«dd in Canal Zone

Amount

$0.00

165,100.00

$165,100.00

15,600.00

$149,500.00

$0.00

0.00 $0.00

0.00 $0.00

$3,293.00

0.00 $3,293.00

$49.40

14
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY

OF NEW YORK

Obdinaby

Number Amount

Policies in force December 31, 1974 1 $96,394.00

Policies issued during 1975 0.00 Total 1 $96,394.00

Ceased to be in force during 1975 (3,606.00)

Policies in force December 31, 1975 1 $100,000.00

Losses and claims: Unpaid December 31, 1974 $0.00 Incurred during 1975 0.00 Total $0.00

Settled during 1975 0.00 Unpaid December 31, 1975 $0.00

Groxjp

Policies in force December 31, 1974 1 $364,998.00

Policies issued during 1975 0.00 Total 1 $364,998.00

Ceased to be in force during 1975 (1) (1,801,677.00)

Policies in force December 31, 1975 2 $2,166,675.00

Losses and claims: Unpaid December 31, 1974 $0.00 Incurred during 1975 0.00 Total $0.00

Settled during 1975 0.00 Unpaid December 31, 1975 $0.00 Net premiums collected in Canal Zone during 1975:

Life Insurance $2,202.00 Accident and Health 0.00

Total $2,202.00

Premium tax paid in Canal Zone $33.03

ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO

(No transactions in Canal Zone dtiring 1975)

15
BANKERS LIFE INSURANCE COMPANY OF AMERICA

Ordinary Number Amount

Policies in force December 31, 1974 589 $2,537,795.00

Policies issued during 1975 1 4,296.00 Total ~590 $2,542,091.00

Ceased to be in force during 1975 - 59 223,579.00

Policies in force December 31, 1975 "531 $2,318,512.00

Lasses and claims: Unpaid December 31, 1974 1 $2,500.00 Incurred during 1975 11 11,932.00 Total ~~12 $14,432.00

Settled during 1975 12 14,432.00

Unpaid December 31, 1975 $0.00

Group—None

Net premiums collected in Canal Zone during 1975:

Life Insurance $71,035.47

Accident and Health 0.00

Total $71,035.47

Premium tax paid in Canal Zone $1,065.53

BENEFICIAL NATIONAL LIFE INSURANCE COMPANY

Ordinary—None

Group

Policies in force December 31, 1974 $0.00

Policies issued during 1975 _0_ 16,573.00 Total $16,573.00

Ceased to be in force during 1975 0.00

Policies in force December 31, 1975 $16,573.00

Losses and claims: Unpaid December 31, 1974 $0.00 Incurred during 1975 _0^ 0-00 Total ^

$0.00

Settled during 1975 _0^ 0.00 Unpaid December 31, 1975 $0.00 Net premiums collected in Canal Zone during 1975:

Life Insurance $0.00

Accident and Health 0.00 Total $0.00

Premiiim tax paid in Canal Zone $0.00

16
CITIZENS STANDARD LIFE INSURANCE COMPANY

ObDINABY Number Amount

Policies in force December 31, 1974 970 $3,426,170.00

Policies issued during 1975 1 15,000.00 Total ^n $3,441,170.00

Ceased to be in force during 1975 _94 302,894.00

Policies in force December 31, 1975 877 $3,138,276.00

Losses and claims: Unpaid December 31, 1974 $0.00 Incurred during 1975 1 5.042.00

Total 1 $5,042.00

Settled during 1975 1 5,042.00

Unpaid December 31, 1975 $0.00

Group—None

Net premiums collected in Canal Zone during 1975:

Life Insurance $100,793.37

Accident and Health 28,752.00

Total $129,545.37

Premium tax paid in Canal Zone -_ $1,943.18

EXECUTIVE FUND LIFE INSURANCE COMPANY

Ordinaky

Number Amount

Policies in force December 31, 1974 16 $168,343.00

Policies issued during 1975 OOP

Total 1i $168,343.00

Ceased to be in force during 1975 _26 168,343.00

Policies in force December 31, 1974 $0.00

Losses and claims: Unpaid December 31, 1974 $0.00 Incurred during 1975 OOP

Total $0.00

Settled during 1975 0^ OOP

Unpaid December 31, 1975 $0.00

Group—None

Net premimns collected in Canal Zone during 1975:

Life Insurance $0.00 Accident and Health 0.00

Total $000

Premium tax paid in Canal Zone . 0.00

17
FIDELITT AND GUARANTY LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1974 124 $2,504,490.00

Policies issued during 1975 74 1,259,676.00 Total 198 $3,764,166.00

Ceased to be in force during 1975 (65) 1,156.625.00

Policies in force December 31, 1975 263 $2,607,541.00

Losses and claims: Unpaid December 31, 1974 $0.00

Incurred during 1975 1 1,000.00 Total 1 $1,000.00

Settled during 1975 1_ 1.000.00 Unpaid December 31, 1975 $0.00

Group—None

Net premitims collected in Canal Zone during 1975:

Life Insurance $36,200.00

Accident and Health 000

Total $36,200.00

Premium tax paid in Canal Zone $543.00

FIRST NATIONAL LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

Policies in force December 31, 1974 _ $0.00

Policies issued during 1975 3 35,000.00

Total 3 $35,000.00

Ceased to be in force during 1975 OjOO

Policies in force December 31, 1975 3 $35,000.00

Losses and claims: Unpaid December 31, 1974 $0.00 Incurred during 1975 OOP

Total $0.00

Settled during 1975 OOP

Unpaid December 31, 1975 $0.00

Gboxjp—None

Net premiums collected in Canal Zone during 1975:

Life Insurance $53.61 Accident and Health 0-00

Total $53.61

Premium tax paid in Canal Zone $0.00

18
THE GraRALTAR LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

Policies in force December 31, 1974 922 $9,030,320.00

Pobcies issued during 1975 _20 549,000.00

Total 942 $9,579,520.00

Ceased to be in force during 1975 66 _^ 531,034.00

Policies in force December 31, 1975 876 $9,048,486.00

Losses and claims: Unpaid December 31, 1974 $0.00

Incurred during 1975 _18_ 32,196.61

TotaL 18 $32,196.61

Settled during 1975 JL8 32,196.61

Unpaid December 31, 1975 $0.00

Group—None

Net premiums collected in Canal Zone during 1975:

Life Insurance $182,752.99 Accident and Health 0.00

Total $182,752.99

Premium tax paid in Canal Zone $2,741.29

INVESTORS LIFE INSURANCE COMPANY OF NEBRASKA

(No transactions in Canal Zone during 1975)

JACKSON NATIONAL LIFE INSURANCE COMPANY

Ordinary

Numbm Amout^

Policies in force December 31, 1974 2 $43,650.00

Policies issued during 1975 0.00 Total 2 $43,650.00

Ceased to be in force during 1975 - - 0.00

Policies in force December 31, 1975 2 $43,650.00

Losses and claims: Unpaid December 31, 1974 $0.00 Incurred during 1975 0.00

Total $0.00

Settled during 1975 0.00 Unpaid December 31, 1975 "o" $0.00

Group—None

Net premiums collected in Canal Zone during 1975:

Life Insurance $2,161.00 Accident and Health 0.00

Total $2,161.00

Premium tax paid in Canal Zone $32.41

19
THE LAFAYETTE LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1975)

LINCOLN NATIONAL LIFE INSURANCE COMPANY

Obdinart

Number Amount

Policies in force December 31, 1974 358 $2,828,768.00

Policies issued during 1975 0.00 Total 358 $2,828,768.00

Ceased to be in force during 1975 40 392,244.00

Policies in force December 31, 1975 318 $2,436,524.00

Losses and claims: Unpaid December 31, 1974 $0.00 Incurred during 1975 7 36,000.00

Total 7 $36,000.00

Settled during 1975 7 36,000.00

Unpaid December 31, 1975 $0.00

Group

Policies in force December 31, 1974 $24,068.00

Policies issued during 1975 0.00 Total $24,068.00

Ceased to be in force during 1975 24.068.00

Policies in force December 31, 1975 $0.00

Losses and claims: Unpaid December 31, 1974 $0.00

Inctirred during 1975 0.00

Total $0.00

Settled during 1975 0.00 Unpaid December 31, 1975 $0.00 Net premiums collected in Canal Zone during 1975:

Life Insurance , $50,974.00 Accident and Health 247.00

Total $51,221.00

Premium tax paid in Canal Zone . $768.32

20
PAN-AMERICAN LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1974 105 $1,385,744.00

Policies issued during 1975 14 384,000.00

Total Tl9 $1,769,744.00

Ceased to be in force during 1975 ^__ 8 83,694.00

Policies in force December 31, 1975 111 $1,686,050.00

Losses and claims: Unpaid December 31, 1974 $0.00 Incurred during 1975 0.00

Total $0.00

Settled during 1975 0.00 Unpaid December 31, 1975 $0.00

Group—None

Net premivuns collected in Canal Zone during 1975:

Life Insturance $33,108.59 Accident and Health 0.00

Total $33,108.59

Premium tax paid in Canal Zone $497.00

PENINSULAR LIFE INSURANCE COMPANY

(No transactions in Canal Tkme during 1975)

21
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

Ordinary

Policies in force December 31, 1974_-

Policies issued during 1975

Total Ceased to be in force during 1975

Policies in force December 31, 1975-

Losses and claims: Unpaid December 31, 1974

Incxirred during 1975

Total

Settled during 1975

Unpaid December 31, 1975

Group/Industrial

Policies in force December 31, 1974

Policies issued during 1975

Total Ceased to be in force during 1975

Policies in force December 31, 1975

Losses and claims: Unpaid December 31, 1974

Inciu-red during 1975

Total

Settled during 1975

Unpaid December 31, 1975 Net premiums collected in Canal Zone during 1975:

Life Insurance Accident and Health

Total

Premitutn tax paid in Canal Zone

Number Amoxtnt 254 $2,269,342.00

2 87,273.00

256 $2,356,615.00

5 9,963.00 251 $2,346,652.00

$117.00

75,181.00

$75,298.00

71,317.00

$3,981.00

$0.00

800,608.00

$800,608.00

0.00 $800,608.00

$196.00

22,085.00

$22,281.00

22,082.00

$199.00

$62,212.57 160.00

$62,372.57

$935.59

22
UNITED BENEFIT LIFE INSURANCE COMPANY

Ordinary

Number AmoutU

Policies in force December 31, 1974 635 $5,702,175.00 PoUcies issued during 1975 27 338,748.00

Total 662 $6,040,923.00

Ceased to be in force during 1975 220 2,832,078.00

Policies in force December 31, 1975 442 $3,208,845.00

Losses and claims: Unpaid December 31, 1974 1 $2,000.00 Incurred during 1975 1 2,000.00 Total 2 $4,000.00

Settled during 1975 2 4,000.00

Unpaid December 31, 1975 $0.00

Croup

Policies in force December 31, 1974 2 $121,983,700.00

Policies issued during 1975 0.00 Total 2 $121,983,700.00

Ceased to be in force during 1975 413,050.00

Policies in force December 31, 1975 2 $121,570,650.00

Losses and claims: Unpaid December 31, 1974 4 $35,500.00

Incurred during 1975 119 519,250.00

Total 123 $554,750.00

Settled during 1975 118 507,250.00

Unpaid December 31, 1975 5 $47,500.00 Net premivmis collected in Canal Zone during 1975:

Life Insurance $739,169.26

Accident and Health 53,579.45

Total $792,748.71

Fremiimi tax paid in Canal Zone $11,891.23

23
UNITED SERVICES GENERAL LIFE COMPANY

Obdinaky

Number Amount

Policies in force December 31, 1974 $0.00

Policies issued during 1975 39 954,375.00

Total "39 $954,375.00

Ceased to be in force during 1975 9 348,284.00

Policies in force December 31, 1975 _. _ 30 $606,091.00

Losses and claims: Unpaid December 31, 1974 $0.00 Incurred during 1975 0.00

Total $0.00

Setded during 1975 0.00 Unpaid December 31, 1975 $0.00

GROUP—None

Net premiums collected in Canal 2^ne during 1975:

Life Insurance $8,539.30

Accident and Health 0.00

Total $8,539.30

Premium tax paid in Canal Zone $128.09

24
UNITED SERVICES LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1974 322 $5,528,371.00

Policies issued during 1975 135 3,136,017.00 Total 457 $8,664,388.00

Ceased to be in force during 1975 281 4,741,842.00

Policies in force December 31, 1975 176 $3,922,546.00 Losses and claims: Unpaid December 31, 1974 $0.00 Incurred during 1975 0.00 Total $0.00

Settled during 1975 0.00 Unpaid December 31, 1975 $0.00

Group

Policies in force December 31, 1974 $0.00

Policies issued during 1975 1 3,065.00 Total 1 $3,065.00

Ceased to be in force during 1975 (3) (79,710.00)

Policies in force December 31, 1975 4 $82,775.00

Losses and claims: Unpaid December 31, 1974 $0.00

Incurred during 1975 0.00 Total $0.00

Setded during 1975 0.00 Unpaid December 31, 1975 $0.00 Net premiimis collected in Canal Zone during 1975:

Life Insurance $80,052.00 Accident and Health 0.00

Total $80,052.00

Premium tax paid in Canal Zone $1,201,00

25
UNITED STATES IJFE INSURANCE COMPANY

Obdinary

Number

Policies in force December 31, 1974 9

Policies issued during 1975

Total 9

Ceased to be in force diuring 1975 (1) Policies in force December 31, 1975 10

Losses and claims: Unpaid December 31, 1974

Incurred during 1975

Total

Settled during 1975

Unpaid December 31, 1975

Group

Policies in force December 31, 1974 1

Policies issued during 1975

Total 1 Ceased to be in force during 1975

Policies in force December 31. 1975 1

Losses and claims: Unpaid December 31, 1974

Incurred during 1975

Total

Settled during 1975 —

Unpaid December 31, 1975 ~0"

Net premiums collected in Canal Zone during 1975:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone

Amount

$67,618.00 23.00 $67,641.00

(1,000.00) $68,641.00

$0.00 0.00

$0.00

0.00 $0.00

$144,000.00

0.00 $144,000.00

(50,721.00) $194,721.00

$0.00

0.00 $0.00

0.00 $0.00

$2,807.00

0.00 $2,807.00

$42.00

26
WABASH LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1975)

WORLD SERVICE LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1974 3

Policies issued during 1975 8

Total 11 Ceased to be in force dining 1975

Policies in force December 31, 1975 11 Losses and claims: Unpaid December 31, 1974

Incurred during 1975

Total

Settled during 1975

Unpaid December 31, 1975

Groxtp

Policies in force December 31, 1974

Policies issued during 1975

Total Ceased to be in force during 1975

Policies in force December 31, 1975

Losses and claims: Unpaid December 31, 1974

Incurred during 1975

Total ~0^

Settled during 1975

Unpaid December 31, 1975 Net premiums collected in Canal Zone during 1975:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone

Amount

$32,649.00

248,755.00

$281,404.00

0.00 $281,404.00

$0.00 0.00 $0.00

0.00

$0.00

$0.00

35,844.00

$35,844.00

0.00 $35,844.00

$0.00 0.00

$0.00

0.00 $0.00

$9,286.00 0.00 $9,286.00

$139.29

27
RECAPITULAnON

MISCELLANEOUS COMPANIES

Ntt Loste* Premiunu Paid Accident 1 $3,582.00 $725.00

Automobile and motor vehicle 16,021.11 3,258.28 Auto comprehensive 4,611.46 2,875.56 Auto collision 33,970.54 14,327.83 Auto liability (B.I.) 495,936.61 225,513.16 Auto property damage 30,378.48 14,781.19 Auto physical damage 352,053.36 208,493.54

Burglary and theft 12,021.06 12,300.00

Extended coverage 0.00 0.00

Fidelity 2,580.00 149.00

Fire 91,041.91 1,015.23

Glass 65.00 95.00 Group accident and health 10,341,819.00 9,359,021.00 Health and accident (includes

hospital and medical) 273,217.00 234,930.00

Inland marine 9,769.00 150.00

Liability other than auto 145,212.16 8,098.54

Medical malpractice 93.00 0.00 Miscellaneous 31,356.06 71,969.64

Ocean Marine 8,841.21 5,898.44

Proper t)- damage other than auto 0.00 0.00 Surety 179,722.61 (Cr.) 169,038.00

Workmen's compensation 745,699.26 206,902.77

Total $12,777,990.83 $10,201,466.18

Premium taxes paid in Canal Zone $191,711.62

28
LIFE INSURANCE COMPANIES

Obdinary

Number Amonta

Policies in force December 31, 1974 5,102 $40,371,869.00

Policies issued during 1975 460 9,327,821.00 Total 5,562 $49,699,690.00

Ceased to be in force during 1975 874 12,504,201.00

Policies in force December 31, 1975 4,688 $37,195,489.00

Losses and claims: Unpaid December 31, 1974 3 $5,617.00 Included dining 1975 51 176,979.61

Total 54 $182,596.61

Settled during 1975 53 178,615.61

Unpaid December 31, 1975 1 $3,981.00

Group

Policies in force December 31, 1974 ^ 4 $122,516,766.00

Policies issued during 1975 2 875,512.00

Total 6 $123,392,278.00

Ceased to be in force during 1975 (4) (1,494,990.00)

Policies in force December 31, 1975 10 $124,887,268.00

Losses and claims: Unpaid December 31, 1974 5 $35,696.00

Incurred during 1975 120 541,335.00

Total 125 $577,031.00

Setded during 1975 120 529,332.00

Unpaid December 31, 1975 5 $47,699.00 Net premiums collected in Canal Zone during 1975:

Life Insurance : $1,496,414.16

Accident and Health 87,493.45

Total $1,583,907.61

Premium tax paid in Canal Zone $23,758.61

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.

29
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; fling jee.— {z) 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 oflBce therein until it has filed with the executive secretary of the Canal Zone Government:

(1) An application for a hoense setting forth: A. The name of the corporation;

B. The names of its oflficers 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 oflScer authorized by law to certify

it, of the: A. Articles of incorporation;

B. Charter; or

C. Statutory, executive, or govenmiental acts creating the

corporation, when it has been so created; (3) An a£Bdavit sworn by an authorized oflBcer of the corporation

stating the amoimt 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 imder 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 vaHd 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 defaidt 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 hcensed pm-suant 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 hcense is issued. Sec. 873. Additional requirements for insurar^ce companies—Jn 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 oflRcial,

30
showing that the company is authorized to transact business in the State or country luider 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 seciuities, which shall be held in

tnist by the executive secretary for the account of the company, to satisfy

any judgment that may be rendered against the company, imder insurance

poHcies that it may issue. Sec. 874. Annual statement and license tax for insurance companies.—

An insurance company hcensed 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 C!aual 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 hcensed pursuant to this chapter shall pa\' before

March 1 of each year, in lieu of all other taxes except the annual fee provided

for by section 876 of this title, a license tax equal to 1^ percent of its net premium receipts in the Canal 2k>ne 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 imder the laws of the Canal Zone, and not in conffict with the pohcy of administering the Canal Zone as an adjunct of the Panama Canal

he may issue a hcense to do business in the Canal Zone.

Sec. 876. Continuance after first license period.—The right of a corporation to continue to do business for the calendar year, and the successive

calendar years, after the calendar year during which the original hcense was issued, shall be contingent upon: (1) Compliance with the provisions

of this chapter appUcable to corporations Hcensed under it; (2) Payment of a hcense 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 adjimct of the Panama Canal.

31
Sec. 878. Loss of benefit of statute of Kmtf<rt«ons.—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 oflBcer 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 Hability thereof or relating to property vvdthin 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

hability 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 siurendered 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 siurender 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 eflFect. (c) Mere retirement from doing business in the Canal Zone without filing a certificate of smrender of hcense does not revoke the appointment of any

agent for the service of process within the Canal Zone.
Sec. 882. Service of process after revocation or surrender of license.—

(a) ^\fter tlie license of a corporation has been revoked or surrendered,

process against the corporation may be served upon the executive secretary of the Cwial 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 licease does not a£Fect any action pending at the time.

33
89240—5Srt
UNIVERSITY OF FLORIDA

3 1262 04728 2842