^z/.9'y'7/ X

CANAL ZONE GOVERNMENT

ANNUAL RE

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1971

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/annualreportofin1971cana
CANAL ZONE GOVERNMENt^ \%

ANNUAL REPORT

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1971

Including Laws Concerning Licensing

Of Insurance Companies

CANAL ZONE GOVERNMENT

OFFICE OF THE GOVERNOR

Balboa Heights, May 17, 1972.

Governor of The Canal Zone,

Balboa Heights, C.Z.

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

in die Canal Zone during the calendar year 1971.

Respectfully,

J. Patrick Conley,

Executive Secretary.

The following companies were authorized to transact business in the Canal

Zone during the year 1971. Aetna Casualty and Surety Company Hartford, Conn.

American-Amicable Life Insm-ance Company Birmingham, Ala. American Capitol Insurance Company Houston, T^c. American Continental Life Insurance Phoenix, Ariz. 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. Atlantic Southern Insmance 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 Insm-ance Company of Panama Panama, R. of P. Commercial Insm-ance Company^ Newark, N.J. Compania General de Seguros, S.A Panama, R. of P. Compafiia Interamericana de Seguros, S.A Panama, R. of P. Compania Intemacional de Seguros, S.A Panama, R. of P. Compafiia Istmeiia de Seguros, S.A Panama, R. of P.

1 Commercial Insurance Company discontinued doing business in the Canal Zone efifective December 31, 1971.

I:
Compania Nacional de Seguros, S.A Panama, R. of P. Continental Casualty Company Chicago, 111. Continental Insm^ance Company New York, N.Y. Equitable Life Assmance Society of the United States^ New York, N.Y. Executive Fund Life Insurance Co Omaha, Nebr.

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

Fidelity and Deposit Company Baltimore, Md.

Fidelity and Guaranty Life Insurance Company Baltimore, Md.

Firemen's Insurance 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, Corm.

Insurance Company of North America Philadelphia, Pa. International Service Insurance Company Fort Worth, Tex. Jackson National Life Insurance Company Jackson, Mich.

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 Fire Insurance Company Pittsburgh, Pa. Panama Insurance Company, Inc Panama, R. of P. Pan-American Life Insurance Company New Orleans, La. Peninsular Life Insvu-ance Company Jacksonville, Fla. Reliance Insiu-ance Company Philadelphia, Pa. Royal Indemnity Company New York, N.Y. Seaboard 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 Life Insurance Co Washington, D.C.

United States Fidelity and Guarant}' Company Baltimore, Md.

United States Life Insiurance Company in the City of New YorkNew York, N.Y. Wabash Life Insurance Co Indianapolis, Ind. World Sci-\dce Life Insurance Company Fort Worth, Tex.

2Equitable Life Assurance Society of the United States discontinued doing business in the Canal Zone effective March 29, 1971.

3Firemen's Insurance Company of Newark discontinued doing business in the Canal Zone

effective December 31, 1971.
AETNA CASUALTY AND SURETY COMPANY

(No transactions in Canal Zone during 1971)

AMERICAN EMPLOYERS' INSURANCE COMPANY

(No transactions in Canal Zone during 1971)

AMERICAN HOME ASSURANCE COMPANY

Net Losses

Premittins Paid Fire ^ $70,460.02 $935.53 Motor Vehicle 313,221.90 63,963.15

Workmen's compensation 42,261.63 7,909.17

MisceUaneous 38,118.62 3,740.10

Total $464,062.17 $76,547.95

Premium tax paid in Canal Zone $6,960.93

AMERICAN MOTORISTS INSURANCE COMPANY

(No transactions in Canal Zone during 1971)

COLONIAL INSURANCE COMPANY OF PANAMA

Net Losses Premiums Paid

Liability other than auto (B.I.) $522.00 $0.00 Auto liability (B.I.) 53,575.25 2,358.80 Auto property damage 31,566.85 18,954.84

Automobile and motor vehicle 16,414.09 1,589.66 Auto comprehensive 6,322.76 3,339.41 Auto collision 33,315.29 12,548.05

Fire 1,196.67 0.00 Burglary and theft 827.00 0.00 Miscellaneous 244.80 0.00 Total $143,984.71 $38,790.76

Premium tax paid in Canal Zone $2,159.77
COMMERCIAL INSURANCE COMPANY

Net Premiums Workmen's compensation $25,224.22

Miscellaneous 1,376.20 Total $26,600.42

Premium tax paid in Canal Zone $399.01

COMPANIA GENERAL DE SEGUROS, S.A. Net Premiums

Fire $1,070.34

Surety 6,920.20

Liability other than auto 240.30 Workmen's compensation 5,069.08 Auto comprehensive 389.53 Auto liability (B.I.) 632.72 Auto collision 431.88 Auto property damage 471.14 Extended coverage 124.50

Hospital and medical 73.55

Total $15,423.24

Premium tax paid in Canal Zone $231.35

COMPANIA INTERAMERICANA DE SEGUROS, S.A. Net

Preiniums Miscellaneous $2,056.20

Workmen's compensation 14,269.01

Fire 1,545.04

Automobile 21,472.94

Total $39,343.19

Premium tax paid in Canal Zone $590.15

COMPANIA INTERNACIONAL DE SEGUROS, S.A. Net Premiums Miscellaneous $4,778.00

Fire 327.00 Smety 23,000.00

Automobile 9,221.00

Total $37,326.00

Premium tax paid in Canal Zone $559.90

COMPANIA ISTME5JA DE SEGUROS, S.A. (No transactions in Cannl Zone during 1971)

COMPAlSJIA NACIONAL DE SEGUROS, S.A. (No transactions in Canal Zone during 1971)

4

Losses Paid $29,148.47

6,032.27

$35,180.74

Losses Paid$0.00

0.00

0.00

1,919.00 0.00

0.00

0.00

0.00

0.00

0.00 $1,919.00

Losses Paid$0.00

1,562.00 0.00

1,218.17

$2,780.17

Losses Paid $0.00

0.00

0.00

0.00 $0.00
CONTINENTAL CASUALTY COMPANY

Net Premiums Accident and health $882.06

Group accident and health 6,682.85

Total $7,564.91

Premium tax paid in Canal Zone $113.47

CONTINENTAL INSURANCE COMPANY

(No transactions in Canal Zone during 1971)

FIDELITY AND CASUALTY COMPANY OF NEW YORK

(No transactions in Canal Zone during 1971)

FIDELITY AND DEPOSIT COMPANY OF MARYLAND

Net Premiums Surety $782.00

Total $782.00

Premimn tax paid in Canal Zone $11.73

FIREMEN'S INSURANCE COMPANY OF NEWARK

Net Premiums

Fire (Cr.) $16,166.00

Automobile and motor vehicle 209,31

Miscellaneous 49.83 Workmen's compensation 1,126.04 Total (Cr.) $14,780.82

Premium tax paid in Canal Zone $0.00

GENERAL INSURANCE COMPANY OF AMERICA

(No transactions in Canal Zone during 1971)

GREAT AMERICAN INSURANCE COMPANY

(No transactions in Canal Zone during 1971)

HARTFORD ACCIDENT AND IDEMNITY COMPANY

Net Premiums Workmen's compensation $164.00

Liability other than auto (B.I.) 783.00

Fire 38.00 Auto liability (B.I.) (Cr.) 96.20

Miscellaneous 421.00 Auto physical damage 0.00 Group accident and health 25.00

Total $1,334.80

Premium tax paid in Canal Zone $20.02

5

Losses Paid $33.00

1,581.75

$1,614.75

Losses Paid $189.45

$189.45

Losses Paid $6,036.77

60,536.95

25,080.44 793.62

$92,447.78

Losses Paid $273.00

0.00 0.00 174.15

0.00

2,144.92

0.00 $2,592.07
INSURANCE COMPANY OF NORTH AMERICA

Net Losses Premiums Paid

Fidelity- $2,997.00 $0.00 Misceflaneous (Or.) 1,057.88 0-00 Total $1,939.12 $0.00

Premium tax paid in Canal Zone $29.09

INTERNATIONAL SERVICE INSURANCE COMPANY

Net Premiums Auto liability $18,235.50 Auto physical damage 28,240.25 Total $46,475.75

Premium tax paid in Canal Zone $697.14

Losses Paid $22,267.54

16,628.66

$38,896.20

THE LIBERTY MUTUAL INSURANCE COMPANY

Health and accident Workmen's compensation

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

Total $2,087.00

Premium tax paid in Canal Zone $31.31

Net
MUTUAL OF OMAHA INSURANCE COMPANY

Net Losses Premiums Paid Group accident and health $4,832,490.42 $3,381,310.55

Individual and health ( Cr. ) 101,785.68 299,188.84

Total $4,730,704.74 $3,680,499.39

Premium tax paid in Canal Zone $70,960.57

NATIONAL SURETY CORPORATION

(No tiansactions in Canal Zone during 1971)

NATIONAL UNION FIRE INSURANCE COMPANY

(No transactions in Canal Zone during 1971)

PANAMA INSURANCE COMPANY

Net Losses Premiums Paid Workmen's compensation $69,895.01 $43,668.91

Liability other than auto 1 6,364.63 407.75

Fire 1,405.39 0.00 Inland Marine 1,076.76 15.00 Surety 5,371.62 175,887.74

Automobile 10,343.37 1,288.47 Miscellaneous 19,632.43 0.00

Total $124,089.21 $221,267.87

Premium tax paid in Canal Zone $1,861.34

RELIANCE INSURANCE COMPANY

.Vet Losses Premiums Paid Fire (Cr.) $27.00 $0.00

Miscellaneous (Cr.) 38.00 0.00

Total (Cr.) $65.00 $0.00

Premium tax paid in Canal Zone $0.00

ROYAL INDEMNITY COMPANY

Net Losses Premiums Paid Liability other than auto (B.I.) $66.32 $0.00 Auto habiEtv (B.I.) (Cr.) 16,683.00 0.00 Surety 0.00 28,544.16

Total (Cr.) $16,616.68 $28,544.16 Premiiun tax paid in Canal Zone $0.00

SEABOARD SURETY COMPANY

(No transactions in Canal Zone during 1971)

7
TRANSAMERICA INSURANCE COMPANY

Net Losses Premiums Paid Auto physical damage $0.00 $98.22

Total $0.00 $98.22

Premium tax paid in Canal Zone $0.00

TRAVELERS INDEMNITY COMPANY

Net Losses Premiums Paid Liability other than auto (B.I.) $48.00 $0.00 Auto physical damage 284.00 0.00

Suretv' 10,530.00 0.00 Total $10,862.00 $0.00

Premium tax paid in Canal Zone $162.93

UNITED STATES FIDELITY AND GUARANTY COMPANY

Net Losses PTemiums Paid Auto collision $54,765.00 $41,585.96

Fire 9,303.00 4,100.00

Inland marine 115.00 0.00 Accident and health 584.92 0.00 Workmen's compensation 23,329.00 6,120.27

LiabiHty other than auto (B.I.) 5,836.00 (Cr.) 46.50 Auto liability (B.I.) 106,616.00 51.108.32 Auto physical damage 31,638.00 14,019.58

Fidelity 8,458.00 573.30

Surety 805.00 (Cr.) 20,423.34

Burglary and theft 13,067.00 3,021 .50 Miscellaneous 1,122.00 452.09

Total $255,638.92 $100,511.18

Premium tax paid in Canal Zone $3,834.58

AMERICAN-AMICABLE LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1970 14 $107,702.00

Policies issued during 1971 0.00 Total 14 $107,702.00

Ceased to be in force during 1971 0.00

Policies in force December 31, 1971 14 $107,702.00

Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 0.00 Total $0.00

Settled during 1971 0.00 Unpaid December 31, 1971 $0.00

8
Group—None

Net premiums collected in Canal Zone during 1971

Life Insurance $1,929.35

Accident and Health 0.00 Total $1,929.35

Premium tax paid in Canal Zone $28.94

AMERICAN CAPITOL INSURANCE COMPANY

Ordinaby

Number Amount

Policies in force December 31, 1970 1,338 $8,957,105.00

Policies issued during 1971 70 570,510.00

Total 1,408 $9,527,615.00

Ceased to be in force during 1971 616 6,093,454.00

Policies in force December 31, 1971 792 $3,434,161.00

Losses and claims: Unpaid December 31, 1970 2 $6,150.34 Incurred during 1971 2 4,761.70

Total 4 $10,912.04

Settled during 1971 4 10,912.04

Unpaid December 31, 1971 $0.00

Group—None

Net premiums collected in Canal Zone during 1971

Life Insurance $130,765.09

Accident and Health 7,734.49

Total $138,499.58

Premium tax paid in Canal Zone $2,077.49

AMERICAN CONTINENTAL LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1970 1 $24,000.00

Policies issued during 1971 0.00 Total 1 $24,000.00

Ceased to be in force during 1971 0.00

Policies in force December 31, 1971 1 $24,000.00

Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 0.00 Total $0.00

Settled dvu-ing 1971 0.00 Unpaid December 31, 1971 $0.00

9
Group—Nwie

Net premiums collected in Caiial Zone diaring 1971

Life Insurance $727.06

Accident and Health 20.00

Total $747.06

Premiimi tax paid in Canal Zone $10.91

AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY

OF NEW YORK

Ordinary

Number Amount

Policies in force December 31, 1970 1 $100,000.00

Policies issued during 1971 O.OG Total 1 $100,000.00

Ceased to be in force during 1971 0.00

Policies in force December 31, 1971 1 ^100,000.00

Ixasses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 0.00

Total $0.00

Settled during 1971 0.00 Unpaid December 31, 1971 $0.00

Group

Numher Amount

Policies in force December 31, 1970 1 $406,143.00

Policies issued during 1971 0.00 Total 1 $406,143.00

Ceased to be in force during 1971 (38,237.00)

Policies in force December 31, 1971 I $444,380.00

Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 0.00 Total $0.00

Settled during 1971 0.00 Unpaid December 31, 1971 $0.00 Net premiums collected in Canal Zone during 1971:

Life Insurance $4,555.61

Accident and Health 0.00 Total $4,555.61

Premium tax paid in Canal Zone $68.33

ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO

(No transactions in Canal Zone during 1971

10
BANKERS LIFE INSURANCE COMPANY OF AMERICA

Ordinaky

Nuviber Amount

Policies in force December 31, 1970 891 $3,564,347.00

Policies issued during 1971 20 93,500.00

Total 911 $3,657,847.00

Ceased to be in force during 1971 87 336,985.00

Policies in force December 31, 1971 824 $3,320,862.00

Losses and claims: Unpaid December 31, 1970 2 $12,500.00 Incurred during 1971 8 13,553.00

Total 10 $26,053.00 Setded during 1971 6 11,053.00

Unpaid December 31, 1971 4 $15,000.00

Group—None

Net premiums collected in Canal Zone during 1971:

Life Insurance $106,964.26

Accident and Health 0.00 Total $106,964.26

Premium tax paid in Canal Zone $1,604.46

BENEFICIAL NATIONAL LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1971)

CITIZENS STANDARD LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1970 1,492 $5,319,463.00

Policies issued during 1971 12 14,359.00

Total 1,504 $5,333,822.00

Ceased to be in force during 1971 166 627,330.00

Policies in force December 31, 1971 1,338 $4,706,492.00

Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 4 22,908.00

Total 4 $22,908.00

Settled during 1971 4 22,908.00

Unpaid December 31, 1971 $0.00

Group—None

Net premiums collected in Canal Zone during 1971:

Life Insurance $147,617.29

Accident and Health 48,336.02

Total $195,953.31

Premium tax paid in Canal Zone $2,939.30 11
EXECUTIVE FUND LIFE INSURANCE COMPANY

( No transactions in Canal Zone during 1971

FIDELITY AND GUARANTY LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1970 61 $313,733.00

Policies issued during 1971 0.00 Total 61 $313,733.00

Ceased to be in force during 1971 61 313,733.00

Policies in force December 31, 1971 -. $0.00

Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 652.72

Total - $632.72

Settled during 1971 652.72 Unpaid December 31, 1971 $0.00

Groxjp—None

Net premiums collected in Canal Zone during 1971

Life Insurance $14,446.14

Accident and Health 0.00 Total $14,446.14

Premium tax paid in Canal Zone $216.69

THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

Policies in force December 31, 1970 1,160 $8,971,434.00

Policies issued during 1971 35 468,000.00

Total 1,195 $9,439,434.00

Ceased to be in force during 1971 126 867,203.00

Policies in force December 31, 1971 1,069 $8,572,231.00

Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 26 74,352.73

Total 26 $74,352.73

Settled during 1971 26 74,352.73

Unpaid December 31, 1971 $0.00

12
Group—None

Net premiums collected in Canal Zone during 1971:

Life Insurance $209,566.95

Accident and Health iO.OO Total $209,576.95

Premium tax paid in Canal Zone $3,143.65

JACKSON NATIONAL LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1970 $0.00

Policies issued during 1971 2 43,650.00

Total 2 $43,650.00

Ceased to be in force during 1971 0.00

Policies in force December 31, 1971 2 $43,050.00

Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 0.00 Total $0.00

Settled during 1971 0.00 Unpaid December 31, 1971 $0.00

Group—None

Net premiums collected in Canal Zone during 1971:

Life Insurance $358.00

Accident and Health 0.00

Total $358.00

Premium tax paid in Canal Zone $5.37

LINCOLN NATIONAL LIFE INSURANCE COMPANY

Ordinary

Number Amount

Polioies in force December 31, 1970 531 $3,552,540.00

Policies issued during 1971 4 33,729.00

Total 535 $3,586,269.00

Ceased to be in force during 1971 47 251,345.00

Pohcies in force December 31, 1971 488 $3,334,924.00

Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 7 39,782.00

Total 7 $39,782.00

Settled during 1971 . 7 39,782.00

Unpaid December 31, 1971 $0.00

13
Group

Policies in force December 31, 1970 $21,460.00

Policies issued during 1971 0.00 Total $21,460.00

Ceased to be in force during 1971 300.00

Policies in force December 31, 1971 $21,160.00

Losses and claims; Unpaid December 31, 1970 $0.00 Incurred during 1971 0.00 Total $0.00

Settled during 1971 0.00 Unpaid December 31, 1971 $0.00 Net premiums collected in Canal Zone during 1971

Life Insurance $81,949.22

Accident and Health 713.04

Total $82,662.31

Premium tax paid in Canal Zone $1,239.93

PAN-AMERICAN LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1970 112 $1,179,447.00

Policies issued during 1971 6 120,000.00

Total 118 $1,299,447.00

Ceased to be in force during 1971 11 116,457.00

Policies in force December 31, 1971 107 $1,182,990.00

Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 0.00 Total $0.00

Settled during 1971 0.00 Unpaid December 31, 1971 $0.00

Group—None

Net premiums collected in Canal Zone during 1971

Life Insurance $39,536.33

Accident and Health 0-00 Total $39,536.33

Premium tax paid in Canal Zone $593.04

14
PENINSULAR LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1971)

UNITED BENEFIT LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1970 527 83,120,449.00

Policies issued during 1971 63 909,107.00

Total 590 $4,029,556.00

Ceased to be in force diu-ing 1971 2 (-) 316,139.00

Policies in force December 31, 1971 588 $4,345,695.00

Losses and claims: Unpaid December 31, 1970 1 $2,000.00 Incurred during 1971 2 5,227.88

Total 3 $7,227.88 Setded during 1971 2 5,227.88

Unpaid December 31, 1971 1 $2,000.00

Group

Policies in force December 31, 1970 2 $139,341,738.00

Policies issued during 1971 1 128,339,900.00

Total 3 $267,681,638.00

Ceased to be in force during 1971 2 140,187,088.00

Policies in force December 31, 1971 1 $127,494,550.00

Losses and claims: Unpaid December 31, 1970 2 $3,250.00 Incurred during 1971 112 464,750.00

Total 114 $468,000.00

Settled during 1971 110 435,000.00

Unpaid December 31, 1971 4 $33,000.00 Net premiums collected in Canal Zk>ne during 1971:

Life Insurance $762,932.31

Accident and Health 70,126.06

Total $833,058.37

Premium tax paid in Canal Zone $12,495.88

15
UNITED SERVICES LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1970 209 $2,362,510.00

Policies issued during 1971 236 2,486,500.00

Total 445 $4,849,010.00

Ceased to be in force during 1971 109 1,138,482.00

Policies in force December 31, 1971 336 $3,710,528.00

Losses and claims: Unpaid December 31, 1970 $0.00 Incurred during 1971 0.00 Total $0.00

Settled during 1971 0.00 Unpaid December 31, 1971 $0.00

Group—None

Net premiums collected in Canal Zone during 1971:

Life Insurance $58,371.55

Accident and Health O.CO Total $58,371.55

Premium tax paid in Canal Zone $875.57

UNITED STATES LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1970 18

Policies issued during 1971

Total 18

Ceased to be in force during 1971 4

Policies in force December 31, 1971 14

Losses and claims: Unpaid December 31, 1970

Incurred during 1971

Total

Settled during 1971 Unpaid December 31, 1971

Amount

$308,485.00 23.00

$308,508.00

160,959.00

$147,549.00

$0.00

0.00 $0.00

0.00 $0.00

16
Group

Policies in force December 31, 1970 1 Policies issued during 1971

Total 1 Ceased to be in force during 1971

Policies in force December 31, 1971 1 Losses and claims: Unpaid December 31, 1970

Incun-ed during 1971 1 Total 1 Settled during 1971 1 Unpaid December 31, 1971 Net premiums collected in Canal Zone during 1971

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone WABASH LIFE INSURANCE COMPANY

(\o transactions in Canal Zone during 1971)

WORLD SERVICE LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1970 61

Policies issued during 1971 6

Total 67

Ceased to be in force during 1971 1

Policies in force December 31, 1971 66

Losses and claims: Unpaid December 31, 1970

Incurred during 1971

Total Setded during 1971 Unpaid December 31, 1971 Group—None

Net premiums collected in Canal Zone during 1971 : Life Insurance Accident and Health

Total Premium tax paid in Canal Zone

$209,000.00

0.00 $209,000.00

194,000.00

$15,000.00

$0.00

1,000.00

$1,000.00

1,000.00

$0.00

$9,078.17

5,952.48

$15,030.65

$225.46

Amount

$565,098.00

52,000.00

$617,098.00

7,800.00

$609,298.00

$0.00

0.00 $0.00

0.00

$0.00

$7,587.06

0.00 $7,587.06

$113.81

17
RECAPITULATION

MISCELLANEOUS COMPANIES

Net Losses Premiums Paid Accident $0.00 $0.00

Automobile and motor vehicle 370,882.61 128,596.40 Auto comprehensive 6,712.29 3,339.41 Auto collision 88,512.17 54,134.01 Auto liability (B.I.) 235.718.77 220,379.78 Auto property damage 32,037.99 18,954.84 Auto physical damage 121,147.75 59,128.92

Burglary and theft 38,340.00 6,288.31 Extended coverage 124.50 0.00

Fidelity 35,268.00 (Cr.) 139.70

Fire 73,367.46 11,072.30

Glass 50.00 88.00 Group accident and health 4,840,822.42 3,383,025.30 Health and accident (includes hospital and medical) (Cr.) 97,849.18 300,087.44

Inland marine 9.700.76 863.72

Liability other than auto 35,222.76 4,169.00 Miscellaneous 67,240.20 .35,304.90 Ocean Marine 0.00 0.00 Property damage other than auto 0.00 0.00 Surety 108,880.82 184,198.01

Workmen's compensation 216,592.73 126,790.75

Total $6,182,772.05 $4,536,281.39

Premium taxes paid in Canal Zone $93,213.54

LIFE INSURANCE COMPANIES

Ordinary

Number Amount

PoUcies in force December 31, 1970 6,416 $38,446,313.00

Pohcies issued during 1971 454 4,791,378.00

Total 6,870 $43,237,691.00

Ceased to be in force during 1971 1,230 9,597,609.00

Policies in force December 31, 1971 5,640 $33,640,082.00

Losses and claims: Unpaid December 31, 1970 5 $20,650.34 Incurred during 1971 49 161,238.03

Total 54" $181,888.37

Settled during 1971 49 164,888.37

Unpaid December 31, 1971 5 $17,000.00

18
Group

Number Amount

Policies in force December 31, 1970 4 $139,978,341.00

Policies issued during 1971 1 128,339,900.00

Total 5 $268,318,241.00

Ceased to be in force during 1971 2 140,343,151.00

Policies in force December 31, 1971 3 $127,975,090.00

Losses and claims: Unpaid December 31, 1970 2 $3,250.00 Incurred during 1971 113 465,750.00

Total 115 $469,000.00

Settled during 1971 . 111 436,000.00

Unpaid December 31, 1971 4 $33,000.00 Net premiums collected in Canal Zone during 1971:

Life Insurance $1,576,384.39

Accident and Health 132,892.14

Total $1,709,276.53

Premium tax paid in Canal Zone $25,638.83

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, 1971.

Value of Amount of property damage

involved by fire Panama Canal Company $18,576,750.45 $15,059.88

Canal Zone Government 2,478,491.57 1,772.00 Other U.S. Government 108,000.00 10.00

U.S. Armed Forces 10,067,405.05 63,037.40

Ships in Canal waters 79,215,503.01* 33,021.00'

Private property other than above 3,917,315.58 26,884.87

Total $114,363,465.66 $139,785.15

" Complete figures unavailable. The following is an extract from Title 2 of the Canal Zone Code, as revised

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

under which insurance companies are authorized to do business in the Canal Zone.

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CANAL ZONE CODE-TiUe 2, Chapter 61

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

"corporation" includes joint stock companies.

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

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

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

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

B. The names of its officers and directors; and

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

(2) A copy, duly 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 wdthin 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 Covernment, 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 Hcense 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 companv is authorized to tiMnsact business in the State or countiy under whose laws the company is organized;

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(2) A duly certified copy of the last annual statement of the insurance

company to an authorized official in the State or coxmtry 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 Covernment before March 1 of each

year a verified statement showing the business transacted within the Canal

Zone by the company during the previous calendar year and a duly certified copy of its annual report to an authorized official of the State or country in which the company is organized. Upon a showing of good cause therefor, the executive secretary may extend the time for filing the statement for a period not exceeding two months after March 1. An insurance company licensed pursuant to this chapter shall 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 IVz percent of its net premium receipts in the Canal Zone for the preceeding calendai' 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 desiied 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 hcense was issued, shall be contingent upon: (1) Compliance with the provisions

of this chapter applicable to corporations licensed imder 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. Revocatioii of liceiise.-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 —Corporsiiions 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.

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Sec. 879. Penalties for violation; validity of cantracts.— {a.) A corporation which does business in tlie Canal Zone without having complied with

this chapter shall be fined not more than $500.

(b) Whoever acts as an ofiicer of, or agent for, a corporation which

has not complied with this chapter, shall be fined not more than $100 or imprisoned in jail not more than 30 days, or both.

(c) Every contract made by or on behalf of such a corporation affecting the liability thereof or relating to property within the Canal Zone is void on its behalf and on behalf of its assigns, but is enforceable against it or them.

Sec. 880. Corporations dealing in securities.—A corporation licensed pursuant to Chapter 79 of this title is not required to comply with sections 871-879 of tiiis title. Sec. 881. Surrender of license to do business.— {^) A corporation

hcensed 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 tieasurer, 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 Ucense has been

lost or destroyed, if such is tlie fact; (4) That it consents that process against it in any action upon a

liability or obligation incurred within the Canal Zone prior to the filing of the certificate of surrender may be served upon the executive secretary of the Canal Zone Coveniment;

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

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

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

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

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

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

affidavit of the president, vice president, secretary, assistant secretary, or treasurer to that effect. (c) Mere retirement from doing business in the Canal Zone without filing a certfficate of surrender of license does not revoke the appointment of any

agent for the ser\'ice of process within the Canal Zone.

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

(a) After the license of a corporation has been revoked or surrendered, process against the corporation may be served upon the executive secretary

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

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

certificate of surrender.

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(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.

40316—550 23

UNIVERSITY OF FLORIDA

3 1262 04728 2883 J