C.Z/. 9 ! US

CANAL ZONE GOVERNMENT

/

ANNU

INSURA NESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1965

Including Laws Concerning Licensing

Of Insurance Companies

CANAL ZONE GOVERNMENT

ANNUAL REPORT

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1965

Including Laws Concerning Licensing

Of Insurance Companies
Digitized by tine Internet Archive

in 2009 with funding from

University of Florida, George A. Smathers Libraries

http://www.archive.org/details/annualreportofin1965cana
CANAL ZONE GOVERNMENT

OFFICE OF THE GOVERNOR

Balboa, Heights, C.Z. May 23, 1966.

GovEHNOR 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 1965.

Respectfully,

Paul M. Runnestrand,

Executive Secretary.

The following companies were authorized to transact business in the Canal

Zone during the year 1965:

Aetna Casualty and Stirety Company^ Hartford, Corm.

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

Citizen Standard Life Insurance Company Corpus Christi, Tex.

Colonial American 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. Compania Interamericana de Seguros, S.A Panama, R. of P. Compania Internacional de Seguros, S.A Panama, R. of P. Compania Istmena 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.

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. Hartford Accident and Indemnity Company Hartford, Conn.

Illinois Mid-Continent Life Insurance Company* Chicago, 111.
Insurance Company of North America Philadelphia, Pa.

International Sei-vice 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 Fire 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. Royal Indemnity Company New York, N.Y. Seaboard Surety Company New York, N.Y.

Service Life Insurance Company Fort Worth, Tex. Transamerica Insurance Company San Francisco, 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 Guaranty Company Baltimore, Md.

United States Life Insurance Company in the City of New YorkNew York, N.Y. Wabash Life Insurance Co Lidianapolis, Ind.

1 Aetna Casualty and Surety Company licensed in the Canal Zone April 27, 1965.

2 Amicable Life Insurance Company merged into American Life Insurance Company effective March 1, 1965, the surviving corporation being American-Amicable Life Insurance Company.

3 American Capitol Insurance Company merged with Colonial American Life Insurance Company effective December 31, 1964, the surviving corporation being American Capitol Insurance Company licensed in the Canal Zone January 20, 1965.

4 National Western Life Insurance Company merged with Ilhnois-Mid Continent Life Insurance Company effective May 12, 1965, the surviving corporation being National Western

Life Insurance Company licensed in the Canal Zone July 12, 1965.

5 Peninsular Life Insurance Company hcensed in the Canal Zone December 2, 1965.
AETNA CASUALTY AND SURETY COMPANY

(No transactions in Canal Zone during 1965)

AMERICAN MOTORISTS INSURANCE COMPANY

(No transactions in Canal Zone during 1965)

COLONIAL INSURANCE COMPANY OF PANAMA

Net Losses Premiums Paid

Auto liability (BI) $52,151.87 $26,645.28 Auto property damage 30,207.31 13,067.35

Hospital and medical 4,424.28 0.00 Auto comprehensive 8,440.40 5,488.78 Auto collision 34,980.23 9,653.17

Fire 8,143.42 32.00 Burglary and theft 8,044.51 1,022.84 Total $146,392.02 $55,909.42

Premium tax paid in Canal Zone $2,195.88

COMMERCIAL INSURANCE COMPANY

Net Losses Premiums Paid

Automobile and motor vehicle $10,940.28 $969.45

Burglary and theft 1,130.17 0.00 Workmen's compensation 92,785.64 54,439.30

Liability other tlian auto 6,261.68 97.95 Accident 15.20 0.00 Miscellaneous 2,255.42 0.00 Total $113,388.39 $55,506.70

Premium tax paid in Canal Zone $1,700.83

COMPANIA GENERAL DE SEGUROS, S.A. Net Losses Premiums Paid

Fire- - $1,327.60 $0.00

Surety 6,561.27 0.00

Liability other than auto 341.56 0.00 Workmen's compensation 9,886.03 5,534.52 Auto comprehensive 252.40 0.00 Auto liability (B.I.) 426.33 0.00 Auto collision 663.19 0.00 Auto property damage 307.74 0.00 Extended coverage 129.99 0.00

Hospital and medical 68.90 OOP

Total $19,965.01 $5,534.52

Premium tax paid in Canal Zone $299.47
COMPANIA INTERAMERICANA DE SEGUROS, S.A. Net Losses Premiums Paid

Workmen's compensation. _ . $104.95 $0.00

Liability other than auto 30.00 0.00

Fire 2,258.94 0.00 Automobile 5,100.71 1,468.00 Inland marine 12.87 0.00 Surety 878.08 0.00

Total $8,385.55 $1,468.00

Premium tax paid in Canal Zone $125.78

COMPAfJIA INTERNACIONAL DE SEGUROS, S. A. Net Losses Premiums Paid

Fire $1,167.64 $0.00

Total $1,167.64 $0.00

Premium tax paid in Canal Zone $17.51

COMPAf^IA ISTMENA DE SEGUROS, S. A. (No transactions in Canal Zone during 1965)

CONTINENTAL CASUALTY COMPANY

Net Losses Premiums Paid

Inland marine $3.08 $75.95

Accident 178.36 1,290.26

Accident and health 3,966. 12 3,965.98

Hospital and medical 164.81 275.35 Group accident and health 1,532.27 4,700.06

Liability other than auto (B.I.) 103.05 32.58

Property damage other than auto 2.00 0.00 Auto hability (B.I.) 4,323.83 0.00 Auto property damage 2,165.65 0.00 Auto physical damage ; 6,393.34 357.48

Total $18,832.51 $10,697.66

Premium tax paid in Canal Zone $282.49

CONTINENTAL INSURANCE COMPANY

Net Losses Premiums Paid

Miscellaneous $944.00 $0.00

Total $944.00 $0.00

Premium tax paid in Canal Zone $14.16

FIDELITY AND CASUALTY COMPANY OF NEW YORK

Net Losses Premiums Paid

Surety $7,370.03 $0.00

Workmen's compensation 0.00 19.00

Total $7,370.03 $19.00

Premium tax paid in Canal Zone $110.55
FIDELITY AND DEPOSIT COMPANY OF MARYLAND

ISIet Premiums

Fidelity $1,250.00

Surety (Cr.) 3,001.20 Total (Cr.) $1,751.20

Premium tax paid in Canal Zone $0.00

FIREMAN'S INSURANCE COMPANY OF NEWARK

Net

Premiums

Fire $25,124.17

Automobile and motor vehicle 240,774.33

Liability other than auto 8,449,47

Workmen's compensation 4,500.00

Total $278,847.97

Premium tax paid in Canal Zone $4,182.72

Losses Paid

$0.00

0.00 $0.00

Losses Paid

$183.25

83,229.14 483.00

0.00 $83,895.39

GENERAL INSURANCE COMPANY OF AMERICA

(No transactions in Canal Zone during 1965)

HARTFORD ACCIDENT AND INDEMNITY COMPANY

Net

Premiums

Property damage other than auto $2.38

Surety ^ 44.00 Workmen's compensation 50.62

Liability other than auto (B.I.) 201.87

Total $298.87

Premium tax paid in Canal Zone $4.48

INSURANCE COMPANY OF NORTH AMERICA

Net

Premiums

Ocean marine $550.50

Suret)' 2,060.12

Total $2,610.62

Premium tax paid in Canal Zone $39.16

INTERNATIONAL SERVICE INSURANCE COMPANY

Net

Premiums

Auto liability (B.I.) $16,711.25 Auto property damage 9,159.05 Auto physical damage 55,017.95

Liability other than auto ( B.I. ) 4.00 Total $80,892.25

Premium tax paid in Canal Zone $1,213.38

Losses Paid

$0.00

0.00

0.00

0.00 $0.00

Losses Paid

$0.00

0.00 $0.00

Losses Paid

$13,076.85

6,521.64

19,453.09

0.00 $39,051.58
THE LIBERTY MUTUAL INSURANCE COMPANY

Net

Premiums

Health and accident (Cr.) $12.00

Group accident and health 41.00 Workmen's compensation 146.00

Liability other than auto ( B.I. ) 321.00

Property damage other than auto 225.00

Total ' $721.00

Premium ta.\ paid in Canal Zone $10.82

Losses Paid

$0.00

0.00

0.00

0.00

0.00 $0.00

MARYLAND CASUALTY COMPANY

Net Losses Premiums Paid

Hospital $2,051.62 $552.30

Accident 446.18 0.00 Health ^ 47.50 0.00 Group accident and health 1,330.80 1,285.10 Auto liability 30,372.40 10,687.95

Liability other than auto 8,587.85 74.40 Fidehty 17,503.00 0.00 Surety 45,512.72 0.00

Glass 28.00 0.00 Burglary and theft 20,210.17 2,959.00 Auto property damage 15,586.68 14,950.12 Inland marine 2,468.30 406.55

Property damage other than auto 5,214.83 3,232.32

Workmen's compensation 88,782.37 46,273.59

Automobile physical damage 40,547.77 25,942.27

Fire 6,359.82 0.00 Extended coverage 226.20 0.00 Total $285,276.21 $106,363.60

Premium tax paid in Canal Zone $4,279.14

MUTUAL OF OMAHA INSURANCE COMPANY

Net Losses Premiums Paid

Group accident and health $12,981.38 $7,777.34

Accident 1,224.70 0.00 Health and accident 109,345.72 43,110.55

Hospital and medical 1,411,736.67 1,184,347.26

Total $1,535,288.47 $1,235,235.15

Premium tax paid in Canal Zone $23,029.33

NATIONAL SURETY CORPORATION

Net

Premiums

Surety $1,533.76

Total $1,533.76

Premium tax paid in Canal Zone $23.01

Losses Paid

$0.00

$0.00
Premiums

$3,019.24 296.08

53.00
UNITED STATES FIDELITY AND GUARANTY COMPANY

Islet Losses Premiums Paid

Extended coverage $56.10 $0.00 Auto collision 25,858.90 7,575.47

Fire 3,805.10 160.40

Inland marine 605.00 0.00 Accident 49.50 0.00 Workmen's compensation 18,108.00 5,155.25

Liability other than auto (B.I.) 3,305.95 142.40 Auto liability (B.I.) 32,859.89 2,672.88 Auto property damage 19,139.84 14,152.61 Auto physical damage 17,852.16 7,038.50

Property damage other tlian auto 1,221.07 211.82

Fidelity 2,582.12 365.50

Surety 2,178.98 (Cr.) 50.00

Burglary and theft 9,452.07 2,236.35

Miscellaneous 0.00 20.75

Total $137,074.68 $39,681.93

Premium tax paid in Canal Zone $2,056.12

AMERICAN-AMICABLE LIFE INSURANCE COMPANY

Ordinaby

Number Amount

Pohcies in force December 31, 1964 20 $148,972.00

Policies issued during 1965 0.00 Total 20 $148,972.00

Ceased to be in force during 1965 3 29,000.00

Policies in force December 31, 1965 17 $119,972.00

Losses and claims: Unpaid December 31, 1964 $0.00 IncuiTed during 1965 0.00

Settled during 1965 $0.00

Total 0.00 Unpaid December 31 , 1965 $0.00

Group—None

Net premiums collected in Canal Zone during 1965:

Life Insurance $2,019.14

Accident and Health 0.00

Total $2,019.14

Premium tax paid in Canal Zone $30.29

8
AMERICAN CAPITOL INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1964 900 $3,167,540.00

Policies issued during 1965 567 1,966,302.00

Total 1,467 $5,133,842.00

Ceased to be in force during 1965 95 44,958.00

Policies in force December 31, 1965 1,372 $5,088,884.00

Losses and claims: Unpaid December 31, 1964 $0.00 Incurred during 1965 0.00 Total $0.00

Settled during 1965 0.00 Unpaid December 31, 1965 $0.00

Group—None

Net premituns collected in Canal Zone during 1965:

Life Insurance $115,169.40

Accident and Health 4,003.00

Total $119,172.40

Premium tax paid in Canal Zone $1,787.58

AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY

OF NEW YORK

(No transactions in Canal Zone during 1965)
BANKERS LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

Policies in force December 31, 1964 1,613 $6,666,123.00

Policies issued during 1965 647 2,173,654.00

Total 2,260 $8,839,777.00

Ceased to be in force during 1965 564 2,133,316.00

Policies in force December 31, 1965 1,696 $6,706,461.00

Losses and claims: Unpaid December 31, 1964 1 $2,500.00 Incurred during 1965 12 18,253.02

Total 13 $20,753.02

Settled during 1965 13 20,753.02

Unpaid December 31, 1965 $0.00

Group—None

Net premiums collected in Canal Zone during 1965:

Life Insurance $215,602.15

Accident and Health 0.00 Total $215,602.15

Premium tax paid in Canal Zone $3,234.02

CITIZENS STANDARD LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1964 1,744 $7,058,915.00

Policies issued during 1965 758 2,748,334.00

Total 2,502 $9,807,249.00

Ceased to be in force during 1965 432 1,948,291.00

Policies in force December 31, 1965 2,070 $7,858,958.00

Losses and claims: Unpaid December 31, 1964 1 $7,500.00 Incurred during 1965 11 15,452.73

Total 12 $22,952.73

Settled during 1965 11 21,835.73

Unpaid December 31, 1965 1 $1,117.00

Group—None

Net premiums collected in Canal Zone during 1965:

Life Insurance $220,946.19

Accident and Health 60,871.82

Total $281,818.01

Premium tax paid in Canal Zone $4,227.27

10
EQUITY ANNUITY LIFE INSURANCE COMPANY

Ordinary Number

Policies in force December 31, 1964 13

Policies issued during 1965

Total 13 Ceased to be in force during 1965 5

Policies iti force December 31, 1965 8

Losses and claims: Unpaid December 31, 1964

Incurred during 1965

Total

Settled during 1965 Unpaid December 31, 1965

Group—None

Net premiums collected in Canal 2k>ne during 1965:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone

Amount

$13,000.00

0.00 $13,000.00

5,000.00

$8,000.00

$0.00

0.00 $0.00

0.00 $0.00

$3,111.29

0.00 $3,111.29

$46.67

FIDELITY AND GUARANTY LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1964 103 $667,554.00

Policies issued during 1965 0.00

Total 103 $667,554.00

Ceased to be in force during 1965 6 34,016.00

Policies in force December 31, 1965 97 $633,538.00

Losses and claims: Unpaid December 31, 1964 $0.00

Incurred during 1965 1 250.00

Total 1 $250.00

Settled during 1965 1 250.00 Unpaid December 31, 1965 $0.00

Group—None

Net premiums collected in Canal Zone during 1965:

Life Insurance $10,791.95

Accident and Health 0.00 Total $10,791.95

Premium tax paid in Canal Zone $161.88

11
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

Policies in force December 31, 1964 1,733 $9,292,170.00

Policies issued during 1965 139 1,057,053.00

Total 1,872 $10,349,223.00

Ceased to be in force during 1965 286 1,240,988.00

Policies in force December 31, 1965 1,586 $9,108,235.00

Losses and claims: Unpaid December 31, 1964 $0.00 Incurred during 1965 18 43,478.00

Total 18 $43,478.00

Settled during 1965 18 43,478.00

Unpaid December 31, 1965 $0.00

Group—None

Net premiums collected in Canal Zone during 1965:

Life Insurance $265,057.16

Accident and Health 10.00

Total $265,067.16

Premium tax paid in Canal Zone $3,976.01

12
LINCOLN NATIONAL LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1964 644 $4,024,625.00

Policies issued during 1965 46 489,944.00

Total 690 $4,514,569.00

Ceased to be in force during 1965 47 306,337.00

Policies in force December 31, 1965 643 $4,208,232.00

Losses and claims: Unpaid December 31, 1964 1 $10,000.00

Incurred during 1965 U 50,389.00

Total 12 $60,389.00

Settled during 1965 12 60,389.00

Unpaid December 31, 1965 $0.00

Group

Number Amount

Policies in force December 31, 1964 $47,787.00

Policies issued during 1965 0.00

Total $47,787.00

Ceased to be in force during 1965 59.00

Policies in force December 31, 1965 $47,728.00

Losses and claims: Unpaid December 31, 1964 $0.00 Incurred during 1965 0.00

Total $0.00

Settled during 1965 OOO

Unpaid December 31, 1965 $0.00 Net premiums collected in Canal Zone during 1965:

Life Insurance $122,106.99

Accident and Health 2,262.04 Total $124,369.03

Premium tax paid in Canal Zone $1,865.54

13
NATIONAL WESTERN LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1964 2

Policies issued during 1965 1 Total 3 Ceased to be in force during 1965

Policies in force December 31, 1965 3

Losses and claims: Unpaid December 31, 1964

Incurred during 1965

Total

Settled during 1965

Unpaid December 31, 1965

Group—None

Net premiums collected in Canal Zone during 1965:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone

Amount

$20,000.00

20,000.00

$40,000.00

0.00 $40,000.00

$0.00

0.00 $0.00

0.00 $0.00

$738.47

0.00 $738.47

$11.08

14
PAN-AMERICAN LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1964 146 $1,187,873.00

Policies issued during 1965 1 25,000.00

Total 147 $1,212,873.00

Ceased to be in force during 1965 7 62,213.00

Policies in force December 31, 1965 140 $1,150,660.00

Losses and claims: Unpaid December 31, 1964 1 $2,000.00 Incurred during 1965 0.00 Total 1 $2,000.00

Settled during 1965 1 2,000.00

Unpaid December 31, 1965 $0.00

Group—None

Net premiums collected in Canal Zone during 1965:

Life Insurance $26,879.17

Accident and Health 0.00 Total $26,879.17

Premium tax paid in Canal Zone $403.19

PENINSULAR LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1965)

THE SERVICE LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1964 24

Policies issued during 1965 31

Total 55

Ceased to be in force during 1965 7

Policies in force December 31, 1965 48

Losses and claims: Unpaid December 31, 1964

Incurred during 1965

Total

Settled during 1965

Unpaid December 31, 1965

Group—None

Net premiums collected in Canal Zone during 1965:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone

Amount

$127,632.00

414,566.00

$542,198.00

114,590.00

$427,608.00

$0.00

0.00 $0.00

0.00 $000

$4,104.35

0.00 $4,104.35

$61.57

15
UNITED BENEFIT LIFE INSURANCE COMPANY

Ordinary Number Amount

Policies in force December 31, 1964 693 $2,886,579.00

Policies issued during 1965 68 347,889.00

Total 761 $3,234,468.00

Ceased to be in force during 1965 84 319,030.00

Policies in force December 31, 1965 677 $2,915,438.00

Losses and claims: Unpaid December 31, 1964 $0.00

Incurred during 1965 3 6,058.00

Total "3 $6,058.00

Settled during 1965 3 6,058.00

Unpaid December 31, 1965 $0.00

Group Number Amount

Policies in force December 31, 1964 2 $92,863,000.00

Policies issued during 1965 8,146,300.00

Total 2 $101,009,300.00

Ceased to be in force during 1965 484,000.00

Policies in force December 31, 1965 2 $100,525,300.00

Losses and claims: Unpaid December 31, 1964 1 $1,500.00 Incurred during 1965 95 481,500.00

Total 96 $483,000.00

Settled during 1965 93 464,000.00

Unpaid December 31, 1965 3 $19,000.00 Net premiums collected in Canal 2k>ne during 1965:

Life Insurance $616,767.58

Accident and HeaWi 45,173.03

Total _ $661,940.61

Premium tax paid in Canal Zone $9,929.11

UNITED SERVICES LIFE INSURANCE COMPANY

Ordinary Number Amount

Policies in force December 31, 1964 156 $1,416,500.00

Policies issued during 1965 8 90,000.00

Total 164 $1,506,500.00

Ceased to be in force during 1965 1 5,000.00

Policies in force December 31, 1965 163 $1,501,500.00

Losses and claims: Unpaid December 31, 1964 $0.00

Incurred during 1965 Q.OO

Total $000

Settled during 1965 0.00 Unpaid December 31, 1965 q *q qq Group—None

Net premiums collected in Canal Zone during 1965:

Life Insurance $23,781.91

Accident and Health 0.00 Total $23,781.91

Premium tax paid in Canal Zone $356.73

16
UNITED STATES LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1964 37

Policies issued during 1965

Total 37 Ceased to be in force during 1965 6

Policies in force December 31, 1965 31

Losses and claims: Unpaid December 31, 1964

Incurred during 1965 1 Total 1 Settled during 1965 1 Unpaid December 31, 1965

Group

Number

Policies in force December 31, 1964 2

Policies issued during 1965

Total 2 Ceased to be in force during 1965 1 Policies in force December 31, 1965 1 Losses and claims: Unpaid December 31, 1964

Incurred during 1965

Total

Settled during 1965

Unpaid December 31, 1965

Net premiums collected in Canal Zone during 1965:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone

Amount

$538,452.00

7.00 $538,459.00

92,324.00

$446,135.00

$0.00

5,000.00

$5,000.00

5,000.00

$0.00

Amount

$226,000.00

0.00 $226,000.00

47,000.00

$179,000.00

$0.00

0.00 $0.00

0.00 $0.00

$12,703.90

13,099.49

$25,803.39

$387.05

WABASH LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1965)

17
RECAPITULATION

MISCELLANEOUS COMPANIES

Net Losses Premiums Paid

Accident $1,913.94 $1,290.26

Automobile and motor vehicle 260,924.93 89,355.09 Auto comprehensive 8,692.80 5,488.78 Auto colhsion 61,502.32 17,228.64 Auto habihty (B.I.) 136,845.57 53,082.96 Auto property damage 76,566.27 48,691.72 Auto physical damage 119,811.22 52,791.34

Burglary and theft 38,836.92 6,218.19

Extended coverage 412.29 0.00

Fidelity 21,335.12 365.50

Fire 56,779.66 (Cr.) 117.35

Glass 28.00 0.00 Group accident and health 15,885.45 13,762.50 Health and accident 1 13,347.34 47,076.53

Hospital and medical 1,418,446.28 1,185,174.91 Inland marine 3,089.25 482.50

Liability other than auto 40,592.73 4,197.87 Miscellaneous 7,197.31 6,384.25

Ocean Marine 550.50 0.00 Property damage other than auto 6,665.28 3,444.14

Surety 92,394.30 (Cr.) 18,878.49

Workmen's compensation 314,631.95 135,413.00

Total $2,796,449.43 $1,651,452.34

Premium taxes paid in Canal Zone $41,973.02

LIFE INSURANCE COMPANIES

Ordinary

Number Amount

Policies in force December 31, 1964 7,828 $37,215,935.00

Policies issued during 1965 2,266 9,332,749.00

Total 10,094 $46,548,684.00

Ceased to be in force during 1965 1,543 6,335,063.00

Policies in force December 31, 1965 8,551 $40,213,621.00

Losses and claims: Unpaid December 31, 1964 4 $22,000.00

Incurred during 1965 57 138,880.75

Total 61 $160,880.75

Settled during 1965 60 159,763.75

Unpaid December 31, 1965 1 $1,117.00

18
Group

Number Amount

Policies in force December 31, 1964 4 $93,136,787.00

Policies issued during 1965 8,146,300.00

Total 4 $101,283,087.00

Ceased to be in force during 1965 1 531,059.00

Policies in force December 31, 1965 3 $100,752,028.00

Losses and claims: Unpaid December 31, 1964 1 $1,500.00 Incurred during 1965 95 481,500.00

Total 96 $483,000.00

Settled during 1965 93 464,000.00

Unpaid December 31, 1965 3 $19,000.00 Net premiums collected in Canal Zone during 1965:

Life Insurance $1,639,779.65

Accident and Health 125,419.38

Total $1,765,199.03

Premium tax paid in Canal Zone $26,477.99

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,

1965: Value of Amount of

propertij damage

involved by fire Panama Canal Company $10,511,870.90 $4,507.30

Canal Zone Government 5,933,032.31 2,856.00

Other U.S. Government 2,500.00 150.00

U.S. Armed Forces 20,828,788.65 413,120.48

Ships in Canal waters 23,651,700.00' 12,650.00"

Private property other than above 2,408,206.60 19,684.08

Total $63,336,098.46 $452,967.86

•Complete figures unavailable.

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

efEective 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,

"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

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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 corporation;

B. The names of its officers and directors; and

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

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

it, of the:A. Articles of incorporation;

B. Charter; or C. Statutory, executive, or governmental acts creating the

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

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

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

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

and his place of business or residence, and a 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 sei-vice. (c) A corporation licensed pursuant to this chapter shall also file with

the executive secretary any change in the provisions of its original articles of incorporation.

(d) With the application for license there shall also be paid $10, which

shall cover the filing fee and annual license fee for the remainder of the calendar year during which the license is issued.

Sec. 873. Additional requirements for insurance companies.—In addition

to the other requirements of this chapter, an insurance company organized

under the laws of a State of the United States or of a foreign country shall

file the following documents: (1) A 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, vi'hich 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

pohcies that it may issue.

Sec. 874. Aimiial statement and license tax for insurance companies.—

An insurance company Hcensed pursuant to this chapter shall file with the executive secretary of the Canal Zone Government before March 1 of each

year a verified statement showing the business transacted within the Canal

Zone by the company during the previous calendar year and a duly certified copy of its annual report to an authorized oflBcial 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 hcense tax equal to IVz percent of its net premium receipts in the Canal Zone for the preceeding calendar year.

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

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

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

permissible under the lavi's of the Canal Zone, and not in conflict with the

policy of administering the Canal Zone as an adjunct of the Panama Canal,

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

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

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

of this chapter applicable to corporations licensed under it; (2) Payment of a license fee of $10, payable in advance, on January 1 of each year; and

(3) Designation of a new process agent before March 1, if the process agent previously designated has ceased during a preceding calendar year

to reside within the Canal Zone.

Sec. 877. Revocation of license.—The Governor may revoke a license issued pursuant to this chapter if, upon examination, he is satisfied that the

operations of the corporation are conducted in an illegal manner, or in a manner contrary to public policy or to the policy of administering the Canal

Zone as an adjunct of the Panama Canal.

Sec. 878. Loss of benefit of statute of limitations.—Conporations 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 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.

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(c) Every contract made by or on behalf of such a corporation affecting the hability 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 this title. Sec. 881. Surrender of license to do business.— (a) A corporation

licensed to do business in the Canal Zone may surrender its license by filing

with the executive secretary of the Canal Zone Government a certificate signed and acknowledged by its president or a vice president and its secretary

or an assistant secretary or treasurer, setting forth: (1) The name of the corporation as shown on the records of the

executive secretary, and the State or place of incorporation;

(2) That it revokes its designation of agent for the service of process; (3) That it suirenders its authority to do business in the Canal Zone

and returns its license for cancellation, or that the license has been

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

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

of the Canal Zone Government;

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

a copy of any process sei-ved 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 efi^ect. (c) Mere retirement from doing business in the Canal Zone without filing a certificate of surrender of license does not revoke the appointment of any

agent for the service of process within the Canal Zone.

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. (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.

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