C-2L. \ • Vr ?(,->- ly

CANAL ZONE

;^ ' JUN 1963 ,rr,i|

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1962

Including Laws Concerning Licensing

Of Insurance Companies

CANAL ZONE GOVERNMENT

ANNUAL REPORT

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1962

Including Laws Concerning Licensing

Of Insurance Companies
Digitized by the Internet Archive

in 2009 with funding from

University of Florida, George A. Smathers Libraries

http://www.archive.org/details/annualreportofin1962cana
CANAL ZONE GOVERNMENT

OFFICE OF THE GOVERNOR

Balboa Heights, C.Z., April 22, 1963.

GOVEHNOR OF The CaNAL ZoXE,

Balboa Heights, C.Z.

Sir: There is submitted herewith a report of insurance business transacted

in the Canal Zone during the calendar year 1962.

Respectfully,

Paul M. Runnestrand,

Executive Secretary.

The following companies were authorized to transact business in the Canal

Zone during the year 1962: American Life Insurance Company Birmingham, Ala. American Motorists Insurance Co Chicago, 111. American Surety Company of New York New York, N.Y. Bankers Life Insurance Company of America Dallas, Tex.

Colonial American Life Insurance Company Corpus Christi, Tex.

Colonial Insurance Company Los Angeles, Calif. Colonial Insurance Company of Panama^ Panama, R. of P. Commercial Insurance Company Newark, N.J. Compaiiia General de Seguros, S.A Panama, R. of P. Compaiila Interamericana de Seguros, S.A.^ Panama, R. of P. Compania Internacional de Seguros, S.A Panama, R. of P. Compania Istmeiia de Seguros, S.A Panama, R. of P. Compaiiia Nacional de Seguros, S.A Panama, R. of P. Continental Casualty Company Chicago, 111. Continental Insurance Company New York, N.Y. Equity Annuity Life Insurance Company Washington, D.C.

Fidelity and Casualty Company of New York New York, N.Y.

Fidelity and Deposit Company Baltimore, Md.

Firemen's Insurance Company of Newark Newark, N.J. General Insurance Company of America Seattle, Wash.

Gibraltar Life Insurance Company of America Dallas, Tex. Hartford Accident and Indemnity Company Hartford, Conn.

Illinois Mid-Continent Life Insurance Company Chicago, 111. International Service Insurance Company Fort Worth, Tex.

Liberty Mutual Insurance Company Boston, Mass.

Lincoln National Life Insurance Company Fort Wayne, Ind. Mar\ land Casualt\' Comnanv Baltimore, Md.
Mutual of Omaha Insurance Company-^ Omaha, Nebr.

National Surety Corporation New York, N.Y.

National Union Fire hisurance Company Pittsburgh, Pa. Panama Insurance Company Inc i__ Panama, R. of P. Pan-American Life Insurance Company New Orleans, La. Royal Indemnity Company New York, N.Y. Seaboard Surety Company New York, N.Y.

Service Life Insurance Company Fort Worth, Tex. Time Life Insurance Company* San Antonio, Tex.

Travelers Indemnity Company Hartford, Conn. United Benefit Life Insurance Company Omaha, Nebr.

United Services Life Insurance Co "_ Washington, D.C. United States Fidelity and Guaranty Company Baltimore, Md.

United States Life Insurance Companv in the Citv of New YorkNew York, N.Y.

^Colonial Insurance Company of Panama licensed in the Canal Zone March 1, 1962. ^Compania Interamericana de Seguros, S.A. licensed in the Canal Zone March 5, 1962. ^Name changed from Mutual Benefit Health and Accident Association February 10, 1962.

4 Time Life Insurance Company discontinued doing business in the Canal Zone

effective December 31, 1962.
AMERICAN MOTORISTS INSURANCE COMPANY

(No transactions in Canal Zone during 1962)

AMERICAN SURETY COMPANY OF NEW YORK

Net

Premiums

Workmen's compensation $220.00

Liability other than auto (cr.) 83.09

Fidelity 708.75

Surety 19,983.63

Glass 39.38

Total $20,868.67

Premium tax paid in Canal Zone $313.03

COLONIAL INSURANCE COMPANY

Net

Premiums

Automobile—other (cr.) $19.49 Auto liability (B.I.) (cr.) 283.53 Auto property damage (cr.) 155.86 Auto physical damage (cr.) 977.36

Total (cr.) $1,436.24

Premium tax paid in Canal Zone $0.00

COLONIAL INSURANCE COMPANY OF PANAMA

Net

Premiums

Automobile and motor vehicle $105,169.58

Total $105,169.58

Premium tax paid in Canal Zone $1,577.54

COMMERCIAL INSURANCE COMPANY

Net

Premiums

Burglary and theft $899.37

Workmen's compensation 157,527.47

Liability other than auto 5,549.41 Accident 293.42

Total $164,269.67

Premium tax paid in Canal Zone $2,464.05

COMPANIA GENERAL DE SEGUROS, S.A. Net

Premiuins

Fire $30.00 Auto comprehensive 190.03 Auto collision 285.55 Auto lialjility (B.I.) 241.87

Hospital and medical 29.40 Auto property damage 214.76

Burglary and theft 30.95 Automobile and motor vehicle 3.71 Total $1,026.27

Premium tax paid in Canal Zone $15.39

Losses Paid

$0.00

0.00

0.00 0.00

0.00 $0.00

Losses Paid

$0.00 568.95

779.80 482.14

$1,830.89

Losses Paid

$32,296.83

$32,296.83

Losses Paid

$0.00

57,941.63

35.00

0.00 $57,976.63

$0.00
COMPANIA INTERAMERICANA DE SEGUROS, S.A. (No transactions in Canal Zone during 1962)

COMPANIA INTERNACIONAL DE SEGUROS, S. A.

Islet Losses Premiums

Fire $1,362.05

Total $1,362.05

Premium tax paid in Canal Zone $20.43

Paid

$0.00

$0.00

COMPANIA ISTMENA DE SEGUROS, S. A. Net

Premiums

Workmen's compensation $3,091.46

Total $3,091.46

Premium tax paid in Canal Zone $46.37

Losses Paid

$0.00

$0.00

COMPANIA NACIONAL DE SEGUROS, S. A. (No transactions in Canal Zone during 1962)

CONTINENTAL CASUALTY COMPANY

:

•; Net Losses Premiums Paid

Inland marine $3.00 $0.00 Accident 138.97 0.00 Accident and health 8,643.21 2,705.28

Hospital and medical expenses 107.50 0.00 Group accident and health 3,371.08 1,360.67

Liability other than auto (B.I.) 155.75 0.00 Auto liability (B.I.) 3,297.21 0.00 Auto liability (P.D.) 1,507.57 1,351.20 Auto physical damage 5,587.52 4,068.53

Surety 32,250.69 0.00

Total $55,062.50 $9,485.68

Premiimi tax paid in Canal Zone $825.94

CONTINENTAL INSURANCE COMPANY

Net

Premiums

Fire $929.68

Extended coverage 162.44

Total $1,092.12

Premium tax paid in Canal Zone $16.38

Losses Paid

$0.00

0.00 $0.00

FIDELITY AND CASUALTY COMPANY OF NEW YORK

(No transactions in Canal Zone during 1962)
FIDELITY AND DEPOSIT COMPANY

Net

Premiums

Surety $5,252.79

Total $5,252.79

Premium tax paid in Canal Zone $78.79

Losses Paid

$0.00

$0.00

FIREMAN'S INSURANCE COMPANY OF NEWARK

Net Losses Premiums Paid

Fire $10,298.42 $376.50

Automobile and motor vehicle 148,832.98 66,388.94

Miscellaneous 1,580.67 162.00

Total $160,712.07 $66,927.44

Premium tax paid in Canal Zone $2,410.68

GENERAL INSURANCE COMPANY OF AMERICA

(No transactions in Canal Zone during 1962)

HARTFORD ACCIDENT AND INDEMNITY COMPANY

Net Losses Premiums Paid

Workmen's compensation $399.95 $0.00

Liability other than auto , 8,89 0.00 Auto liability (P.O.) 0.00 175.00

Total $408.84 $175.00

Premium tax paid in Canal Zone $6.13

INTERNATIONAL SERVICE INSURANCE COMPANY

Net Losses Premiums Paid

Auto liability (B.I.) $8,316.38 $9,556.10 Auto property damage 4,143.61 4,662.37 Auto physical damage 27,245. 16 15,978.99

Liabilit}' other than auto 36.00 0.00

Total $39,741.15 $30,197.46

Premium tax paid in Canal Zone $596.12

THE LIBERTY MUTUAL INSURANCE COMPANY

Net Losses Premiums Paid

Health and accident $675.00 $0.00

Group accident and health 1,882.00 0.00 Workmen's compensation (cr.) 271.00 0.00 Auto liabihty (B.I.) (cr.) 9.00 0.00 Auto liability (P.D.) (cr.) 2.00 0.00

Liability other than auto 42.00 0.00

Glass 12.00 0.00 Total $2,329.00 $0.00

Premiiun tax paid in Canal Zone $34.94
MARYLAND CASUALTY COMPANY

Net Losses Premiums Paid

Hospital $2,038.06 $138.00

Accident 862.16 332.29 Health 47.50 0.00 Group accident and health 1,872.75 227.00 Auto liability 19,770.05 13,771.23

Liability other than auto 5,746.28 0.00

Fidelity 18,358.92 2,091.04

Surety 63,956.49 17,673.87

Glass 144.65 3.65 Bur^dary and theft 4,963.42 807.25 Auto property damage 10,906.87 7,913.23 Inland marine 2,236.79 674.98

Property damage other than auto 2,520.67 121.92 Workmen's compensation 49,386.83 18,607.70

Automobile physical damage 24,715.12 14,552.91

Fire 3,860.99 1,000.00

Extended coverage 124.30 0.00 Total $211,511.85 $77,915.04

Premium tax paid in Canal Zone $3,172.68

MUTUAL OF OMAHA INSURANCE COMPANY

Net Losses Premiums Paid

Group accident and health $11,599.62 $7,462.49 Accident 158.70 (cr.) 5.00 Health and accident 84,194.14 31,388.30

Hospital and medical 862,724.15 636,160.41

Total $958,676.61 $675,006.20

Premium tax paid in Canal Zone $14,380.15

NATIONAL SURETY CORPORATION

Net Losses Premiums Paid

Surety $96.71 $0.00

Total $96.71 $0.00

Premium tax paid in Canal Zone $1.45

NATIONAL UNION FIRE INSURANCE COMPANY

Net

Premiums

Automobile and motor vehicle $20,004.70

Total $20,004.70

Premium tax paid in Canal Zone $300.07

Losses Paid

$4,724.32

$4,724.32
PANAMA INSURANCE COMPANY

Net Losses Fremiums Paid

Fire $2,903.00 $0.00

\\'orkmen's compensation 143,703.67 33,499.87

Liability other than auto 21,371.18 6,005.40

Surety 5,042.85 0.00 Automobile 4,068.15 599.50

Total $177,088.85 $40,104.77

Premium tax paid in Canal Zone $2,656.33

ROYAL INDEMNITY COMPANY

Net Losses Fremiums Faid

Extended coverage $26.40 $0.00

Fire 73.60 0.00 Auto physical damage 1 10.66 0.00 Surety 19,009.75 0.00 Group accident and health (cr.) 209.04 0.00

Total $19,011.37 $0.00

Premium tax paid in Canal Zone $285.17

SEABOARD SURETY COMPANY

(No transactions in Canal Zone during 1962)

TRAVELERS INDEMNITY COMPANY

Net Losses Fremiums Faid

Surety $2,315.90 $0.00 Auto physical damage 79.70 0.00

Total $2,395.60 $0.00

Premium tax paid in Canal Zone $35.93

UNITED STATES FIDELITY AND GUARANTY COMPANY

Net Losses Fremiums Faid

Extended coverage $189.53 $0.00 Auto collision 21,831.67 8,566.84

Fire 4,995.73 35.65

Inland marine_ . 556.31 0.00 Accident 397.86 45.00 Workmen's compensation 27,101.41 11,204.80

Liability other than auto (B.I.) 5,321.37 419.80 Auto liability (B.I.) 29,555.28 7,076.98 Auto property damage 16,187.31 16,483.89 Auto physical damage 16,806.38 5,215.56

Property damage other than auto 2,279.42 172.15

Fidelity 2,496.98 1,275.19

Surety 9,427.36 (cr.) 150.00 Burglary and theft 4,367.48 1,514.28 Miscellaneous 46.11 0.00

Glass 854.83 0.00

Total $142,415.03 $51,860.14

Premium tax paid in Canal Zone $2,136.23
AMERICAN LIFE INSURANCE COMPANY

Ordinary

Nuniber

Policies in force December 31, 1961 133

Policies issued during 1962 3

Total 136 Ceased to be in force during 1962 51

Policies in force December 31, 1962 85

Losses and claims: Unpaid December 31, 1961 ^

' Incurred during 1962

Total

Settled during 1962 Unpaid December 31, 1962 Group—None

Net premiums collected in Canal Zone during 1962:

Life Insurance Accident and Healths _ --^-

Total _:,_-;._,____ _ _ _, ; Premium tax paid in Canal Zone

Amount

$634,249.00

15,000.00

$649,249.00

151,009.00

$498,240.00

$0.00

0.00 $0.00

o.po $0.00

$3,568.46

0.00 $3,568.46

$53.52

BANKERS LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

Policies in force December 31, 1961 3 $8,000.00

Policies issued during 1962 0.00

Total ^1 3 $8,000.00

Ceased to be in force during 1962 2 3,000.00

Policies in force December 31, 1962 1 $5,000.00 Losses and claims: Unpaid December 31, 1961 $0.00 Incurred during 1962 0.00 Total $0.00

Settled during 1962 0.00 Unpaid December 31, 1962 $0.00

Group—None

Net premiums collected in Canal Zone during 1962:

Life Insurance $243.06

Accident and Health 0.00 Total $243.06

Premium tax paid in Canal Zone $3.65

8
COLONIAL AMERICAN LIFE INSURANCE COMPANY

Ordinary Number Amount

Policies in force December 31, 1961 14 $72,985.00

Policies issued during 1962 67 404,488.00

Total 81 $477,473.00

Ceased to be in force during 1962 5 34,979.00

Policies in force December 31, 1962 76 $442,494.00

Losses and claims: Unpaid December 31, 1961 $0.00 Incurred during 1962 0.00 Total $0.00

Settled during 1962 0.00 Unpaid December 31, 1962 $0.00

Group Number Amount

Policies in force December 31, 1961 3 $461,900.00

Policies issued during 1962 13,900.00

Total ^3 $475,800.00

Ceased to be in force during 1962 66,450.00

Policies in force December 31, 1962 3 $409,350.00

Losses and claims: Unpaid December 31, 1961 14 $2,100.00 Incurred during 1962 206 23,400.00

Total 220 $25,500.00

Settled during 1962 206 24,050.00

Unpaid December 31, 1962 _-_ 14 $1,450.00 Net premiums collected in Canal Zone during 1962:

Life Insurance $35,036.30 Accident and Health 99,701.15

Total $134,737.45

Premium tax paid in Canal Zone $2,021.06

EQUITY ANNUITY LIFE INSURANCE COMPANY

Ordinary Number Amount

Policies in force December 31, 1961 22 $22,000.00

Policies issued during 1962 0X)0

Total 22 $22,000.00

Ceased to be in force during 1962 4 4,000.00

Policies in force December 31, 1962 18 $18,000.00

Losses and claims: Unpaid December 31, 1961 SO.OO Incurred during 1962 0.00 Total SO.OO

Settled during 1962 0.00 Unpaid December 31, 1962 $0.00

Group—None

Net premiums collected in Canal Zone during 1962:

Life Insurance $5,919.17 Accident and Health 0.00

Total ~ $5,919.17

Premium tax paid in Canal Zone S88.79
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

Policies in force December 31, 1961 1,189 $5,241,601.00

Policies issued during 1962 91 661,060.00

Total 1,280 $5,902,661.00

Ceased to be in force during 1962 117 572,744.00

Policies in force December 31, 1962 1,163 $5,329,917.00 Losses and claims: Unpaid December 31, 1961 $0.00 Incurred during 1962 1 500.00

Total 1 $500.00

Settled during 1962 1 500.00 Unpaid December 31, 1962 $0.00

Group—None

Net premiums collected in Canal Zone during 1962:

Life Insurance $152,336.16

Accident and Health 0.00 Total $152,336.16

Premium tax paid in Canal Zone $2,285.04

ILLINOIS MID-CONTINENT LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1962)

10
LINCOLN NATIONAL LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1961 1,658 $9,866,987.00

Policies issued during 1962 103 716,762.00

Total 1>761 $10,583,749.00

Ceased to be in force during 1962 109 653,240.00

Policies in force December 31, 1962_ _ 1,652 $9,930,509.00 Losses and claims: Unpaid December 31, 1961 1 $11,930.00

Incurred during 1962 1 7,500.00

Total 2 $19,430.00

Settled during 1962 2 19,430.00

Unpaid December 31, 1962 $0.00

Group

Number Amount

Policies in force December 31, 1961 3 $222,036.00

Policies issued during 1962 OOP

Total 3 $222,036.00

Ceased to be in force during 1962 (39,552.00)

Policies in force December 31, 1962 3 $261,588.00

Losses and claims: Unpaid December 31, 1961 $0.00 Incurred during 1962 OOO

Total $0.00

Settled during 1962 OOO

Unpaid December 31, 1962 $0.00 Net premiums collected in Canal Zone during 1962:

Life Insurance $122,317.02

Accident and Health 3,002.72 Total $125,319.74

Premium tax paid in Canal Zone $1,879.80

11
PAN-AMERICAN LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1961 234 $1,633,043.00

Policies issued during 1962 16 136,000.00

Total 250 $1,769,043.00

Ceased to be in force during 1962 ^^ 30 275,168.00

Policies in force December 31, 1962 220 $1,493,875.00 Losses and claims: Unpaid December 31, 1961 ^ -.1 $15,636.00

, Incurred during 1962 J. 5,000.00

Total 2 $20,636.00

Settled during 1962 2 20,636.00

Unpaid December 31, 1962 $0.00

Group—None

Net premiums collected in Canal Zone during 1962:

Life Insurance , $17,305.58 Accident and Health 0.00 Total $17,305.58

Premium tax paid in Canal Zone $259.58

THE SERVICE LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1961 12

Policies issued during 1962 1 Total 13 Ceased to be in force during 1962 1

Policies in force December 31, 1962 12

Losses and claims: Unpaid December 31, 1961

Incurred during 1962

Total

Settled during 1962 Unpaid December 31, 1962 Group—None

Net premiums collected in Canal Zone during 1962:

l^ife Insurance Accident and Health

Total Premium tax paid in Canal Zone j

Amount

$30,818.00

2,000.00

$32,818.00

5,000.00

$27,818.00

$0.00

0.00 $0.00

0.00 $0.00

$2,073.34

0.00 $2,073.34

$31.10

11
TIME LIFE INSURANCE COMPANY

Ordinary ,t 7 a Number Amount

Policies in force December 31, 1961 9 $44,568.00

Policies issued during 1962 . 0.00 Total 9 $44,568.00

Ceased to be in force during 1962 0.00

Policies in force December 31, 1962 " 9 $44,568.00

Losses and claims: Unpaid December 31, 1961 $0.00 Incurred during 1962 0.00

Total $0.00

Settled during 1962 0.00 llnpaid December 31, 1962 ~~~

$0.00

Group—None

Net premiums collected in Canal Zone during 1962:

Life Insurance $822 76

Accident and Health 0.00

Total _ . $822.76

Premium tax paid in Canal Zone $12.34

UNITED BENEFIT LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1961 131 $526,361.00

Policies issued during 1962 330 2,689.017.00

Total 461 $3,215,378.00

Ceased to be in force during 1962 40 307,168.00

Policies in force December 31, 1962 421 $2,908,210.00

Losses and claims: Unpaid December 31, 1961 $0.00 Incurred during 1962 0.00

Total $0.00

Settled during 1962 0.00 Unpaid December 31, 1962 $(X00

Group Number Amount

Policies in force December 31, 1961 1 $40 040 000 00

Policies issued during 1962 5,840,500.00

Total 1 $45,880,500.00

Ceased to be in force during 1962 158 000.00

Policies in force December 31, 1962 1 $45 722 500.00

Losses and claims: Unpaid December 31, 1961 $0 00

Incurred during 1962 37 159,500.00

Total 37 $159,500.00

Settled during 1962 34 155,000.00

Unpaid December 31, 1962 3 $4 500 00 Net premiums collected in Canal Zone during 1962:

Life Insurance ,^282 915.1] Accident and Health 32 375 J3 Total $315,290.21

Premium tax paid in Canal Zone $4 729 .32

13
UNITED SERVICES LIFE INSURANCE COMPANY

Obdinary

Number Amount

Policies in force December 31, 1961 118 $885,000.00

Policies issued during 1962 1 20,000.00

Total 119 $905,000.00

Ceased to be in force during 1962 5 49,500.00

Policies in force December 31, 1962 114 $855,500.00

Losses and claims: Unpaid December 31, 1961 $0.00 Incurred during 1962 0.00 Total $0.00

Settled during 1962 OOO

Unpaid December 31, 1962 $0.00

Group—None

Net premiums collected in Canal Zone during 1962:

Life Insurance $17,944.08

Accident and Health 0.00 Total $17,944.08

Premium tax paid in Canal Zone $269.16

u
UNITED STATES LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1961 68 $"25,454.00

Policies issued during 1962 4 71,127.00

Total 72 $7Se,;581.0O

Ceased to be in force during 1962 25 207,673.00

Policies in force December 31, 1962 47 $588,903.00

Losses and claims: Unpaid December 31, 1961 $0.00 Incurred during 1962 0.00 Total $000

Settled during 1962 0.00 Unpaid December 31, 1962 $0.00

Group

Number Amount

Policies in force December 31, 1961 4 $2,227,505.00

Policies issued during 1962 100,094.00

Total 4 $2,327,599.00

Ceased to be in force during 1962 3,006.00

Policies in force December 31, 1962 4 $2,324,593.00

Losses and claims: Unpaid December 31, 1961 $0.00 Incurred during 1962 0.00 Total $0.00

Settled during 1962 0.00 Unpaid December 31, 1962 $0.00 Net premiums collected in Canal Zone during 1962:

Life Insurance $22,383.37

Accident and Health 16,187.10 Total $38,570.47

Premium tax paid in Canal Zone $578.56

15
RECAPITULATION

MISCELLANEOUS COMPANIES

Net Losses Premiums Paid

Accident $1,851.11 $372.29

Automobile and motor vehicle 278,059.63 104,009.59 Auto comprehensive 190.03 0.00 Auto collision 22,117.22 8,566.84 Auto liability (B.I.) 60,888.26 30,973.23 Auto property damage 32,802.26 31,365.49 Auto physical damage 73,567.18 40,298.13

Burglary and theft 10,261.22 2,321.53

E.xtended coverage 502.67 0.00

Fidelity 21,564.65 3,366.23

Fire 24,453.47 1,412.15 Glass 1,050.86 3.65 Group accident and health 18,516.41 9,050.16 Health and accident 93,559.85 34,093.58

Hospital and medical 864,899.11 636,298.41

Inland marine 2,796.10 674.98

Liability other than auto 38,147.79 6,460.20 Miscellaneous 1 ,626.78 162.00 Property damage other than auto 4,800.09 294.07

Surety 157,336.17 17,523.87

Workmen's compensation 381,159.79 121,254.00

Total $2,090,150.65 $1,048,500.40

Premium taxes paid in Canal Zone $31,373.80

LIFE INSURANCE COMPANIES

Ordinary

Number Amount

Policies in force December 31, 1961 3,591 $19,691,066.00

Policies issued during 1962 616 4,715,454.00

Total 4,207 $24,406,520.00

Ceased to be in force during 1962 389 2,263,486.00

Policies in force December 31, 1962 3,818 $22,143,034.00

Losses and claims: Unpaid December 31, 1961 2 $27,566.00

Incurred during 1962 3 13,000.00

Total 5 $40,566.00

Settled during 1962 5 40,566.00

Ihipaid December 31, 1962 $0.00

16
Group

Number Amount

Policies in force December 31, 1961 11 $42,951,441.00

Policies issuing during 1962 5,954,494.00

Total 11 $48,905,935.00

Ceased to be in force during 1962 187,904.00

Policies in force December 31, 1962 11 $48,718,031.00

Losses and claims: Unpaid December 31, 1961 14 $2,100.00 Incurred during 1962 243 182,900.00

Total 257 $185,000.00

Settled during 1962 240 179,050.00

Unpaid December 31, 1962 17 $5,950.00 Net premiums collected in Canal Zone during 1962:

Life Insurance $662,864.41 Accident and Health 151,266.10

Total $814,130.51

Premium ta.\ paid in Canal Zone $12,211.92

The relatively small amount of fire insurance business written is due to the

fact that practically all structures in the Canal Zone are owned by the Government of the United States and are not covered by fire insurance. Following is a statement of property in the Canal Zone involved in fires and the damages resulting therefrom during the year ended December 31, 1962: Value of Amount of property damage

involved by fire The Panama Canal Company $13,229,868.07 $8,311.00 Canal Zone Covernment 325,496.81 35.00 Other U.S. Covernment 16,150.00 35.00

U.S. Armed Forces 10,753,256.46 25,857.35

Ships in Canal waters 8,367,966.00** 14,838.00*

Private property other than above 746,827.00 29,414.64

Total $33,439,564.34 $78,490.99

"Complete figures unavailable.

The following is an extract from Title 2 of the Canal Zone Code, as revised

effective January 2, 1963, pertaining to the licensing of foreign corporations

under which insurance companies are authorized to do business in the Canal Zone. CANAL ZONE CODE-Title 2, Chapter 61

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

"corporation" includes joint stock companies.

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

filing fee.— (a) A corporation organized under the laws of a State of the United States or of a for(>ign countrv mav not do business in the Canal Zone

17
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 coi-poration; 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

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

policies that it may issue.

Sec. 874. Aituual 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 companv during the previous calendar year and a duly certified copy of its annual report to an authorized official of the State or country in which the company is organized. Upon a showing of good cause therefor, the executive secretary may extend the time for filing the statement for a period not exceeding two months after March 1. An insurance company licensed pursuant to this chapter shall pay before March 1 of each year, in lieu of all other taxes except the annual fee provided

for by section 876 of this title, a license tax equal to IV2 percent of its net premium receipts in the Canal Zone for the preceeding calendar year.

Sec. 875. Issuance of license.—Upon compliance by a corporation with

the conditions prescribed by sections 872-874 of this title, and if the Governor

is satisfied that the business desired to be transacted is proper, legitimate and

permissible under the laws of the Canal Zone, and not in 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 vear

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.—Coiporaiions 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.

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UNIVERSITY OF FLORIDA

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