^za9/%^

CANAL ZONE GOVERNME

ANNUAL RE

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1968

Including Laws Concerning Licensing

Of Insurance Companies

CANAL ZONE GOVERNMENT

ANNUAL REPORT

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1968

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/annualreportofin1968cana
CANAL ZONE GOVERNMENT

OFFICE OF THE GOVERNOR

Balboa Heights, May 13, 1969.

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 1968.

Respectfully, PAXn. M. RUNNESTRAND,

Executive Secretary.

The following companies were authorized to transact business in the Canal

Zone diiring the year 1968: Aetna Casualty and Surety Company Hartford, Conn.

American-Amicable Life Insurance Company Birmingham, Ala. American Capitol Insurance Company Houston, Tex. American Employers' Insurance Company Boston, Mass. American Home Assurance Company^ New York, N.Y. American International Life Assurance Company of New YorkNew York, N.Y. American Motorists Insurance Co Chicago, 111. Bankers Life Insurance Company of America Dallas, Tex.

Citizens Standard Life Insurance Company Corpus Christi, Tex.

Colonial Insurance Company of Panama Panama, R. of P. Commercial Insurance Company Newark, N.J. Compania General de Seguros, S.A Panama, R. of P. Compaiiia Interamericana de Seguros, S.A Panama, R. of P. Compania Intemacional de Seguros, S.A Panama, R. of P. Compania Istmefia de Seguros, S.A Panama, R. of P. Compaiiia Nacional de Seguros, S.A Panama, R. of P. Continental Casualty Company Chicago, 111. Continental Insurance Company New York, N.Y. Executive Fund Life Insurance Co.^ Omaha, Neb.

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

Fidelity and Deposit Company Baltimore, Md.

1 American Home Assurance Company licensed in the Canal Zone May 2, 1968.

2 Executive Fund Life Insurance Company licensed in the Canal Zone October 21, 1968
Fidelity and Guaranty Life Insurance Company Baltimore, Md.

Firemen's Insiu-ance Company of Newark Newark, N.J. 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. 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 New York, N.Y.

National Union Fii'e Insurance Company Pittsburgh, Pa. National Western Life Insurance Company Denver, Colo. 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. Seaboard Surety Company New York, N.Y. Transamerica Insurance Company San Francisco, Calif. Travelers Indemnity Company Hartford, Conn.

United Benefit Life Insurance Company Omaha, Nebr.

United Sei-vices Life Insurance Co Washington, D.C.

United States Fidelity and Guaranty Company Baltimore, Md.

United States Life Insurance Company in the City of New YorkNew York, N.Y. Wabash Life Insurance Co Indianapolis, Ind. World Service Life Insurance Company Forth Worth, Tex.

3 Great American Insurance Company licensed in the Canal Zone January 2, 1968.
AETNA CASUALTY AND SURETY COMPANY

(No transactions in Canal Zone during 1968)

AMERICAN EMPLOYERS' INSURANCE COMPANY

(No transactions in Canal Zone during 1968)

AMERICAN HOME ASSURANCE COMPANY

(No transactions in Canal Zone during 1968)

AMERICAN MOTORISTS INSURANCE COMPANY

(No transactions in Canal Zone during 1968)

COLONIAL INSURANCE COMPANY OF PANAMA

Net Premiums Auto liability (B.I.) $48,093.44 Auto property damage 27,917.98

Hospital and medical 3,306.45 Auto comprehensive 6,921 .40 Auto collision 32,647.03

Fire 6,974.84

Bulglary and theft 6,982.98

Total $132,844.12

Premium tax paid in Canal Zone $1,992.66

COMMERCIAL INSURANCE COMPANY

Net

Prem.iums Accident $233.00

Automobile and motor vehicle 237.00 Workmen's compensation 54,977.32

MisceUaneous 14,941.30

Total $70,388.62

Premium tax paid in Canal Zone $1,055.83

COMPANIA GENERAL DE SEGUROS, S.A.Net Premiums

Fire $393.75

Surety 8,900.48

Liability other than auto 232.86 Workmen's compensation 24,979.82 Auto comprehensive 555.33 Auto liability (B.I.) 819.11 Auto collision 621.31 Auto property damage 670.26 Extended coverage 100.43

Hospital and medical 80.89

Total $37,354.24

Premium tax paid in Canal Zone $560.32

Losses Paid $2,318.74

16,047.70 423.23

1,657.49

8,009.93 314.96

3,261.08

$32,033.13

Losses Paid$0.00

23.35

20,945.87 82.86

$21,052.08

Losses Paid $0.00

0.00

0.00 3,313.26

0.00

0.00

0.00 0.00

0.00

0.00 $3,313.26
COMPANIA INTERAMERICANA DE SEGUROS, S.A. Net Losses Premiums Paid Workmen's compensation $1,360.36 $0.00

Fire 1,436.68 0.00 Automobile 580.30 0.00

Total $3,377.34 $0.00

Premium tax paid in Canal Zone $50.66

COMPANIA INTERNACIONAL DE SEGUROS, S.A. Net Losses Premiums Paid Fire $1,155.03 $0.00

Surety 2,303.54 0.00 Workmen's compensation 8,964.08 0.00

Total $12,422.65 $0.00

Premium tax paid in Canal Zone $186.34

COMPAI^IA ISTMElSJA DE SEGUROS, S.A. (No transactions in Canal Zone during 1968)

COMPAf^IA NACIONAL DE SEGUROS, S.A. Net Losses Premiums Paid Workmen's compensation $40,353.00 $14,900.07

Automobile and motor vehicle 1,989.01 0.00 Total $42,342.01 $14,900.07

Premium tax paid in Canal Zone $635.14

CONTINENTAL CASUALTY COMPANY

Net Losses Premiums Paid Accident and health $1,043.54 $812.39

Group accident and health 2,826.15 4,502.40

Liability other than auto (B.I.) 125.00 203.00

Surety 18.00 0.00 Auto liability (B.I.) 2,871.77 8,618.00 Auto property damage 1,401.26 3,871.72 Auto physical damage 3,777.70 5,499.60

Total $12,063.42 $23,507.11

Premium tax paid in Canal Zone $180.96

CONTINENTAL INSURANCE COMPANY

Net Losses Premiums Paid Surety $100.00 $0.00

Total $100.00 $0.00

Premium tax paid in Canal Zone $1.50

FIDELITY AND CASUALTY COMPANY OF NEW YORK

Net Losses Premiums Paid Surety $339.00 $0.00

Total $339.00 $0.00

Premium tax paid in Canal Zone $5.09

4
FIDELITY AND DEPOSIT COMPANY OF MARYLAND

Net Losses Premiums Paid

Fidelity- $626.00 $0.00

Surety 49,852.00 0.00 Total $50,478.00 $0.00

Premium tax paid in Canal Zone $757.17

FIREMEN'S INSURANCE COMPANY OF NEWARK

Net Losses Premiums Paid Fire $26,795.32 $1,384.10 .AutomobUe and motor vehicle 257,044.73 70,714.22

MisceUaneous 17,681.27 6,101.37

Total $301,521.32 $78,199.69

Premium tax paid in Canal Zone $4,522.82

GENERAL INSURANCE COMPANY OF AMERICA

(No transactions in Canal Zone during 1968)

GREAT AMERICAN INSURANCE COMPANY

(No transactions in Canal Zone during 1968)

HARTFORD ACCIDENT AND IDEMNITY COMPANY

Net Losses Premiums Paid Workmen's compensation $41.00 (Cr.) $71.00

Liability other than auto (B.I.) 667.29 0.00

Property damage other than auto 0.15 0.00 Auto liabihty (B.I.) 92.00 0.00 Auto property damage 44.00 0.00 Auto physical damage 250.00 0.00 Surety (Cr.) 25.00 0.00

Total $1,069.44 (Cr.) $71.00

Premium tax paid in Canal Zone $16.04

INSURANCE COMPANY OF NORTH AMERICA

Net Losses Premiums Paid Ocean marine $2,853.00 $0.00

Surety 20.00 0.00 Total $2,873.00 $0.00

Premium tax paid in Canal Zone $43.10

INTERNATIONAL SERVICE INSURANCE COMPANY

Net Losses Premiums Paid Auto liability (B.I.) $7,380.48 $2,687.50 Auto property damage 3,879.72 7,513.36 Auto physical damage 34,501.67 36,221.90

Total $45,761.87 $46,422.76

Premium tax paid in Canal Zone $686.43

5^
THE LIBERTY MUTUAL INSURANCE COMPANY

'Net Losses Premiums Paid Workmen's compensation $834.00 $0.00 Health and accident 96.00 0.00

Liability other than auto (B.I.) 23.00 0.00 Property damage other than auto 22.00 0.00

Total $975.00 $000

Premium tax paid in Canal Zone $14.63

MARYLAND CASUALTY COMPANY

Net Losses Premiums Paid Accident $618.06 $12.50

Group accident and health 1,738.90 541.50 Auto liability 36,318.52 27,263.85

Liability other than auto (B.L) 7,149.19 14.00 FideHty 19,066.00 10,065.60

Surety 97,442.50 0.00

Glass 14.00 0.00 Burglary and theft 22,537.70 3,942.27 Auto property damage 20,109.79 23,862.74

Inland marine 4,417.71 2,898.50

Property damage other than auto 3,299.29 35.00 Workmen's compensation 26,530.05 43,998.28 Auto physical damage 54,651 .57 32,100.76

Fire 4,071.61 0.00 Extended coverage 261.50 0.00 Miscellaneous 1 1,180.99 1,558.20 Total $299,407.38 $146,293.20

Premium tax paid in Canal Zone $4,491.11

MUTUAL OF OMAHA INSURANCE COMPANY

Net Losses Premiums Paid Group accident and health $0.00 $7,100.37

Individual and health 1,938,165.72 1,699,520.16 Total $1,938,165.72 $1,706,620.53

Premium tax paid in Canal Zone $29,072.49

NATIONAL SURETY CORPORATION

(No transactions in Canal Zone during 1968)

NATIONAL UNION FIRE INSURANCE COMPANY

(No transactions in Canal Zone during 1968)

PANAMA INSURANCE COMPANY

Net Losses Premiums Paid Fire $1,622.33 $0.00

Workmen's compensation 116,856.76 96,874.61

Liability other than auto 12,619.63 957.20

Surety 36,423.19 30,898.57

AutomobQe 2,452.30 684.13

Miscellaneous 7,514.70 4,489.34

Total $177,488.91 $133,903.85

Premium tax paid in Canal Zone $2,662.33

RELIANCE INSURANCE COMPANY

(No transactions in Canal Zone during 1968)

6
ROYAL liNDEMNITY COMPANY

Net Losses Premiums Paid Fire $22.75 $0.00 Extended coverage 6.00 0.00 Workmen's compensation 479.00 0.00

Surety 0.00 2,492.00

Total $507.75 $2,492.00

Premium tax paid in Canal Zone $7.62

SEABOARD SURETY COMPANY

(No transactions in Canal Zone during 1968)

TRANSAMERICA INSURANCE COMPANY

Net Losses Premiums Paid Fire (Cr.) $55.00 $0.00

Extended coverage (Cr.) 6.00 0.00 Auto liability (B.I.) 31.00 0.00 Auto property damage 33.00 0.00 Auto physical damage 50.00 5.00

Total $53.00 $5^00

Premium tax paid in Canal Zone $0.00

TRAVELERS INDEMNITY COMPANY

Net Losses Premiums Paid Fire $3,287.64 $0.00

Extended coverage 680.34 0.00

Burglary and theft 351.00 0.00

LiabiHty other than auto (B.I.) (Cr.) 0.78 0.00 Property damage than auto 0.00 (Cr.) 55.00 Auto liability (B.I.) 151.00 0.00 Auto property damage 350.00 0.00 Auto physical damage (Cr.) 182.82 (Cr.) 76.11

Total $4,636.38 (Cr.) $131.11

Premium tax paid in Canal Zone $69.55

UNITED STATES FIDELITY AND GUARANTY COMPANY

Net Losses Premiums Paid Extended coverage $1,507.00 $0.00 Auto collision 50,286.00 28,654.54

Fire 13,921.00 0.00

Inland marine 111.00 0.00 Accident (Cr.) 18.00 33.00 Workmen's compensation 19,597.89 2,204.79

Liability other than auto (B.I.) 3,715.00 500.00 Auto liability (B.I.) 47,312.00 8,491.67 Auto property damage 27,906.00 24,912.83 Auto physical damage 33,695.48 7,628.72

Property damage other than auto 1,475.00 219.55

Fidelity 5,871.00 170.43

Surety 982.50 (Cr.) 60.00

Burglary and theft 11,297.00 6,374.99 Miscellaneous 11,828.00 1,207.60 Total $229,486.87 $80,338.12

Premium tax paid in Canal Zone $3,442.30

7
AMERICAN-AxMICABLE LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1967 16 $113,702.00

Policies issued during 1968 0.00 Total 16 $113,702.00

Ceased to be in force during 1968 0.00

Policies in force December 31, 1968 16 $113,702.00

Losses and claims: Unpaid December 31, 1967 $0.00

Incurred during 1968 0.00

Total $0.00

Settled during 1968 0.00 Unpaid December 31, 1968 $0.00

Group—None

Net premiums collected in Canal Zone during 1968:

Life Insurance $2,350.22

Accident and Health 0.00 Total $2,350.22

Premiiun tax paid in Canal Zone $35.25

AMERICAN CAPITOL INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1967 1,398 $5,963,039.00

Policies issued during 1968 80 572,500.00

Total 1,478 $6,535,539.00

Ceased to be in force during 1968 404 1,727,486.00

Policies in force December 31, 1968 1,074 $4,808,053.00

Losses and claims: Unpaid December 31, 1967 $0.00 Incurred during 1968 2 5,233.75

Total 2 $5,233.75

Settled during 1968 2 5,233.75

Unpaid December 31, 1968 SO.OO

Group—None

Net premiums collected in Canal Zone during 1968:

Life Insurance $125,949.08

Accident and Health 10,741.61

Total $136,690.69

Premium tax paid in Canal Zone $2,050.36

8
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY

OF NEW YORK

Ordinary—None

Group

Number Amount

Policies in force December 31, 1967 $288,867.00

Policies issued during 1968 44,435.00

Total $333,302.00

Ceased to be in force during 1968 0.00

Policies in force December 31, 1968 $333,302.00

Losses and claims: Unpaid December 31, 1967 $277.31

Incurred during 1968 319.97

Total $597.28

Settled during 1968 0.00 Unpaid December 31, 1968 $597.28 Net premiums collected in Canal Zone diu-ing 1968:

Life Insurance $4,508.66

Accident and Health 0.00

Total $4,508.66

Premium tax paid in Canal Zone $67.63

BANKERS LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

Policies in force December 31, 1967 1,203 $4,786,901.00

Policies issued during 1968 11 30,500.00

Total 1,214 $4,817,401.00

Ceased to be in force during 1968 109 417,997.00

Policies in force December 31, 1968 1,105 $4,399,404.00

Losses and claims: Unpaid December 31, 1967 4 $3,500.00 Incurred during 1968 6 8,625.00

Total 10 $12,125.00 Setded during 1968 6 8,625.00

Unpaid December 31, 1968 4 $3,500.00

Group—None

Net premiums collected in Canal Zone during 1968:

Life Insurance $144,624.45

Accident and Health 0.00 Total $144,624.45

Premivmi tax paid in Canal Zone $2,169.37

9
CITIZENS STANDARD LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1967 1,960 $7,240,051.00

Policies issued during 1968 0.00 Total 1,960 $7,240,051.00

Ceased to be in force during 1968 226 1,062,871.00

Policies in force December 31, 1968 1,734 $6,177,180.00

Losses and claims: Unpaid December 31, 1967 $0.00 Incurred during 1968 4 3,788.00

Total 4 $3,788.00

Settled during 1968 4 3,788.00

Unpaid December 31, 1968 $0.00

Group—None

Net premiums collected in Canal Zone during 1968:

Life Insurance $208,378.01

Accident and Health 74,210.54

Total $282,588.55

Premiim:i tax paid in Canal Zone $4,238.83

EXECUTIVE FUND LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1968)

FIDELITY AND GUARANTY LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1967 64 $402,580.00

Policies issued during 1968 1 5,536.00

Total 65 $408,116.00

Ceased to be in force during 1968 4 85,028.00

Policies in force December 31, 1968 eT $323,088.00

Lasses and claims: Unpaid December 31, 1967 $0.00 Incurred during 1968 0.00

Total $0.00

Settled during 1968 0.00 Unpaid December 31, 1968 $0.00

Group—None

Net premiums collected in Canal Zone during 1968:

Life Insurance -___ $7,282.26

Accident and Health 0.00 Total $7,282.26

Premiimx tax paid in Canal Zone $109.23

10
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA

Ordinaby

Number Amount

Policies in force December 31, 1967 1,306 $8,996,939.00

Policies issued during 1968 83 749,500.00

Total 1,389 $9,746,439.00

Ceased to be in force during 1968 141 854,808.00

Policies in force December 31, 1968 1,248 $8,891,631.00

Losses and claims Unpaid December 31, 1967 $0.00 Incurred during 1968 32 42,908.32

Total 32 $42,908.32

Settled during 1968 32 42,908.32

Unpaid December 31, 1968 $0.00

Group—None

Net premiums collected in Canal Zone during 1968:

Life Insurance $242,584.16

Accident and Health 10.00

Total $242,594.16

Premium tax paid in Canal Zone $3,638.76

11
LINCOLN NATIONAL LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1967 672 $4,583,685.00

Policies issued during 1968 12 99,000.00

Total 684 $4,682,685.00

Ceased to be in force during 1968 63 544,926.00

Policies in force December 31, 1968 621 $4,137,759.00

Losses and claims: Unpaid December 31, 1967 $0.00

Incurred during 1968 13 142,160.00

Total 13 $142,160.00

Settled during 1968 11 45,011.00

Unpaid December 31, 1968 2 $97,149.00

Group

Policies in force December 31, 1967 $72,391.00

Policies issued dimng 1968 858.00

Total $73,249.00

Ceased to be in force during 1968 28,742.00

Policies in force December 31, 1968 $44,507.00

Losses and claims: Unpaid December 31, 1967 $0.00 Incurred during 1968 0.00

Total $0.00

Settled during 1968 0.00 Unpaid December 31, 1968 $0.00 Net premiums collected in Canal Zone during 1968:

Life Insurance $110,122.43

Accident and Health 1,550.61 Total $111,673.04

Premivun tax paid in Canal Zone $1,675.10

12
NATIONAL WESTERN LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1967 5

Policies issued during 1968 4

Total 9

Ceased to be in force during 1968 1

Policies in force December 31, 1968 8

Losses and claims: Unpaid December 31, 1967

Incurred during 1968

Total

Settled during 1968 Unpaid December 31, 1968

Group—None

Net premiums collected in Canal Zone during 1968:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone

Amount

$70,500.00

15,000.00

$85,500.00

4,281.00

$81,219.00

$0.00

0.00 $0.00

0.00 $0.00

$1,474.86

0.00 $1,474.86

$22.12

FAN-AMERICAN LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1967 117 $1,094,880.00

Policies issued during 1968 7 70,000.00

Total 124 $1,164,880.00

Ceased to be in force during 1968 14 91,575.00

Policies in force December 31, 1968 110 $1,073,305.00

Losses and claims: Unpaid December 31, 1967 $0.00 Incurred during 1968 1 5,000.00

Total 1 $5,000.00

Settled during 1968 1 5,000.00

Unpaid December 31, 1968 $0.00

Group—None

Net premiums collected in Canal Zone during 1968:

Life Insurance $23,822.02

Accident and Health 0^

Total $23,822.02

Premium tax paid in Canal Zone $357.33

PENINSULAR LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1968)

13
UNITED BENEFIT LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1967 492 $1,948,592.00

Policies issued during 1968 78 958,464.00

Total 570 $2,907,056.00

Ceased to be in force during 1968 47 226,773.00

Policies in force December 31, 1968 ' 523" $2,680,283.00

Losses and claims: Unpaid December 31, 1967 1 $5,000.00 Incurred during 1968 1 6,000.00 Total 2 $11,000.00

Settled during 1968 2 11,000.00

Unpaid December 31, 1968 $0.00

Group

Policies in force December 31, 1967 3 $109,516,200.00

Policies issued during 1968 3,653,010.00

Total 3 $113,169,210.00

Ceased to be in force during 1968 615,250.00

Policies in force December 31, 1968 3 $112,553,960.00

Losses and claims: Unpaid December 31, 1967 1 $4,500.00 Incurred during 1968 106 536,750.00

Total l07 $541,250.00

Settled during 1968 107 541,250.00

Unpaid December 31, 1968 $0.00 Net premiums collected in Canal Zone during 1968:

Life Insurance $618,248.74

Accident and Health 55,782.39

Total $674,031.13

Premium tax paid in Canal Zone $10,110.47

UNITED SERVICES LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1967 241 $2,852,510.00

Policies issued during 1968 159 1,734,335.00 Total 400 $4,586,845.00

Ceased to be in force during 1968 77 772,320.00

Policies in force December 31, 1968 323" $3,814,525.00

Losses and claims: Unpaid December 31, 1967 $0.00 Incurred during 1968 1 2,000.00

Total r $2,000.00

Settled during 1968 1 2,000.00

Unpaid December 31, 1968 O" $0.00

Group—None

Net premiums collected in Canal Zone during 1968:

Life Insurance $59,670.76

Accident and Health 0.00 Total $59,670.76

Premiimfi tax paid in Canal Zone $895.06

14
UNITED STATES LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1967 26

Policies issued during 1968

Total 26

Ceased to be in force during 1968 3

Policies in force December 31, 1968 23

Losses and claims: Unpaid December 31, 1967

Incurred during 1968

Total

Settled during 1968 Unpaid December 31, 1968 ^

Group

Policies in force December 31, 1967 :_ 1

Policies issued during 1968

Total 1 Ceased to be in force during 1968

Policies in force December 31, 1968 1 Losses and claims: Unpaid December 31, 1967

Incurred during 1968

Total Setded during 1968 Unpaid December 31, 1968 Net premiums collected in Canal Zone during 1968:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone

Amount

$404,491.00 23.00

$404,514.00

35,645.00

$368,869.00

$0.00

0.00 $0.00

0.00 $0.00

$196,000.00

0.00 $196,000.00

(-) 1,000.00

$197,000.00

$0.00

0.00 $0.00

0.00 $0.00

$10,021.50

7,741.33

$17,762.83

$266.44

WABASH LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1968)

15
WORLD SERVICE LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1967 53 $499,288.00

Policies iss-ued during 1968 U 82,054.00

Total 64 $581,342.00

Ceased to be in force during 1968 ]£ 125,016.00

Policies in force December 31, 1968 49 $456,326.00

Losses and claims: Unpaid December 31, 1967 $0.00 Incurred during 1968 0.00

Total $0.00

Settled during 1968 0.00 Unpaid December 31, 1968 $0.00

Group—None

Net premiums collected in Canal Zone during 1968:

Life Insurance $6,052.83

Accident and Health 0.00 Total $6,052.83

Premium tax paid in Canal Zone $90.79

16
RECAPITULATION

MISCELLANEOUS COMPANIES

Net Losses Premiums Paid Accident $833.06 $45.50

Automobile and motor vehicle 262,303.34 71,421 .70 Auto comprehensive 7,476.73 1,657.49 Auto collision 83,554.34 36,664.47 Auto liability (B.I.) 143,069.32 49,379.76 Auto property damage 82,312.01 76,208.35 Auto physical damage 126,743.60 81,379.87

Burglary and theft 41,168.68 13,578.34

Extended coverage 2,549.27 0.00

Fidelity 25,563.00 10,236.03

Fire 59,625.95 1,699.06

Glass 14.00 0.00 Group accident and health 4,565.05 12,144.27 Health and accident (includes

hospital and medical) 1,942,692.60 1,700,755.78

Inland marine 4,528.71 2,898.50

Liability other than auto 24,531.19 1,674.20 Miscellaneous 53,146.26 13,439.37 Ocean Marine 2,853.00 0.00 Property damage other than auto 4,796.44 199.55

Surety 196,356.21 33,330.57

Workmen's compensation 294,973.28 182,165.88

Total $3,363,656.04 $2,288,878.69

Premium taxes paid in Canal Zone $50,454.09

LIFE INSURANCE COMPANIES

Ordinary

Number Amount

Policies in force December 31, 1967 7,553 $38,957,158.00

Policies issued during 1968 446 4,316,912.00

Total 7,999 $43,274,070.00

Ceased to be in force during 1968 1,104 5,948,726.00

Policies in force December 31, 1968 6,895 $37,325,344.00

Losses and claims: Unpaid December 31, 1967 5 $8,500.00 Incurred during 1968 60 215,715.07

Total 65 $224,215.07

Settled during 1968 59 123,566.07

Unpaid December 31, 1968 6 $100,649.00

17
Group

Number Amount

Policies in force December 31, 1967 4 $110,073,458.00

Policies issued during 1968 3,698,303.00

Total 4 $113,771,761.00

Ceased to be in force during 1968 642,992.00

Policies in force December 31, 1968 4 $113,128,769.00

Losses and claims: Unpaid December 31, 1967 1 $4,777.31 Incurred during 1968 106 537,069.97

Total 107 $541,847.28

Settled during 1968 107 541,250.00

Unpaid December 31, 1968 $597.28 Net premiums collected in Canal Zone during 1968:

Life Insurance $1,565,089.98

Accident and Health 150,036.48

Total $1,715,126.46

Premimn tax paid in Canal Zone $25,726.74

The relatively small amount of fiire 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, 1968.

Value of Amount of property damage

involved by fire Panama Canal Company $3,739,504.91 $27,711.26

Canal Zone Government 2,633,706.42 70.00 Other U.S. ovemment 70,000.00 7,500.00

U.S. Anned Forces 12,072,850.69 10,568.16

Ships in Canal waters 23,773,822.60' 13,300.00*

Private property other than above 1,290,261.88 119,863.10

Total $43,580,146.50 $179,012.52

" 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-TiUe 2, Chapter 61

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

"coi"poration" 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

18
or maintain an office therein until it has filed with the executive secretary of the Canal Zone Government:

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

B. The names of its officers and directors; and

C. The general nature of the business in which it desires to engage in the Canal Zone;

(2) A copy, duly certffied by the officer authorized by law to certify

it, of the: A. Articles of incorporation;

B. Charter; or

C. Statutory, executive, or governmental acts creating the

corporation, when it has been so created; (3) An affidavit sworn by an authorized officer of the corporation

stating the amount of its authorized capital stock at or within 60 days

prior to the filing. (4) A designation of a person residing within the Canal Zone upon

whom process issued under any law of the Canal Zone may be served,

and his place of business or residence, and a certffied copy of the minutes

of the board of diiectors of the coi-poration 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 secretaiy 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, showing that the company is authorized to transact business in the State or country under whose laws the company is organized;

(2) A duly certffied 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 certffied

19
copy of its annual report to an authorized oflBeial of the State or countiy 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 Ucensed pursuant to this chapter shall pay before March 1 of each year, in lieu of all other taxes except the amiual 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 proceeding calendar year. Sec. 875. Issuance of license.—Upon compliance by a corporation with

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

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

permissible under the laws of the Canal Zone, and not in conflict with the pohcy 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 appHcable 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 pohcy 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.—Corporaiions 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.— (sl) 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 affecting the liability thereof or relating to property within the Canal Zone is void on its behalf and on behalf of its assigns, but is enforceable against it or them.

Sec. 880. Corporations dealing in securities.—A corporation licensed pmsuant to Chapter 79 of this title 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

20
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 suirender may be served upon the executive secretary

of the Canal Zone Government;

(5) A post office address to which the executive secretary may mail

a copy of any process served upon him, which address may be changed

from time to time by filing a certificate entitled "certificate of change of address of surrendered foreign corporation" signed and acknowledged

by the president, a vice president, secretary, assistant secretary, or

treasurer. (b) The license shall be attached to the certificate of surrender unless the

license has been lost or destroyed, in which case there shall be attached an

afiidavit of the president, vice president, secretary, assistant secretary, or

ti'easurer to that effect. (c) Mere retirement from doing business in the Canal Zone without fiUng a certificate of surrender of license does not revoke the appointment of any

agent for the service of process within the Canal Zone.

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

(a) After the license of a coi-poration has been revoked or surrendered,

process against the corporation may be served upon the executive secretaiy

of the Canal Zone Govemment in any action upon a liability or obligation

incurred within the Canal Zone prior to the revocation or the filing of the

certificate of surrender.

(b) Section 872(b) of this title applies to service of process upon the executive secretary pursuant to this section. (c) The revocation or surrender of a license does not affect any action pending at the time.

27120—550 21


JIVERSITY OF FLORIDA

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