CZ. \ -f^-^ y

CANAL ZONE GOVERNMENT

ANNUAL R

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1963

Including Laws Concerning Licensing

Of Insurance Companies

CANAL ZONE GOVERNMENT

ANNUAL REPORT

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1963

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/annualreportofin1963cana
CANAL ZONE GOVERNMENT

OFFICE OF THE GOVERNOR

Balboa, Heights, C.Z. April 1, 1964.

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 1963.

Respectfully,

Paul M. Runnestrand,

Executive Secretary.

The following companies were authorized to transact business in the Canal

Zone during the year 1963: American International Life Assurance Company of New York'—

New York, N.Y. American Life Insurance Company Birmingham, Ala. American Motorists Insurance Co Chicago, 111. American Surety Company of New York^ New York, N.Y. Bankers Life Insurance Company of America Dallas, Tex.

Citizen Standard Life Insurance Company^ Corpus Christi, Tex.

Colonial American Life Insurance Company Corpus Christi, Tex.

Colonial Insurance Company* Los Angeles, Calif. Colonial Insurance Company of Panama Panama, R. of P. Commercial Insurance Company Newark, N.J. Compania General 6.2 Seguros, S.A Panama, R. of P. Compaiiia 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. Compaiiia Nacional de Seguros, S.A.^ Panama, R. of P. Continental Casualty Company Chicago, 111. Continental Insurance Company .. _New York, N.Y. Equity Annuity Life Insurance Company .Washington, D.C.

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

Fidelity and Deposit Company Baltimore, Md.

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 Ser\'ice 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. Panama Insurance Company Inc _ Panama, R. of P. Pan-American Life Insurance Company New Orleans, La. Royal Indemnity Company _ _ New York, N.Y. Seaboard Surety Company New York, N.Y.

Service Life Insurance Company. Fort Worth, Tex. 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.

1 American International Life Assurance Company of New York licensed in the Canal Zone

August 5, 1963.

2 American Surety Company of New York merged with Transamerica Insurance Company

effective December 31, 1963.

3 Citizens Standard Life Insurance Company licensed in the Canal Zone March 27, 1963.

4 Colonial Insurance Company (of California) discontinued doing business in the Canal Zone

effective July 26, 1963.

5 Compafiia Nacional de Seguros, S.A. discontinued doing bvisiness in the Canal Zone effective October 1, 1963.

6 Fidelity and Guaranty Life Insurance Company licensed in the Canal Zone March 6, 1963.

7 Insurance Company of North America licensed in the Canal Zone April 22, 1963.

8 Transamerica Insurance Company licensed in the Canal Zone December 12, 1963.
AMERICAN MOTORISTS INSURANCE COMPANY

(No transactions in Canal Zone during 1963)

AMERICAN SURETY COMPANY OF NEW YORK

Net Losses Premiums Paid

Property damage other than auto $1,692.84 $0.00

Liability other than auto (B.l.) 1,996.68 0.00

Fidelity 661.26 0.00 Surety 216.00 0.00 Burglary and theft 91.83 0.00 TotaL $4,658.61 $0.00

Premium tax paid in Canal Zone $69.88

COLONIAL INSURANCE COMPANY

(No transactions in Canal Zone during 1963)

COLONIAL INSURANCE COMPANY OF PANAMA

Net Losses Premiums Paid

Automobile and motor vehicle $109,478.10 $26,005.04

Total $109,478.10 $26,005.04

Premium tax paid in Canal Zone $1,642.17

COMMERCIAL INSURANCE COMPANY

Net Losses Premiums Paid

Auto liability $11,783.97 $607.18

Burglary and theft 833.76 137.25 Workmen's compensation 109,022.01 40,867.16

Liability other than auto 10,175.03 235.74 Accident 197.25 0.00 TotaL $132,012.02 $41,847.33

Premium tax paid in Canal Zone $1,980.18

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

Fire_ $15.00 $0.00 Auto comprehensive 75.56 0.00 Auto collision 318.98 0.00 Auto liability (B.I.) 398.31 0.00 Hospital and medical 39.11 0.00 Auto property damage 290.95 0.00 Burglary and theft 87.44 0.00 Automobile and motor vehicle 80.24 0.00 Total $1,305.59 $0.00

Premium tax paid in Canal Zone $19.58
COMPAINJIA INTERAMERICANA DE SEGUROS, S.A.

Fire Automobile- _ _ - - Total- Premium tax paid in Canal Zone- COMPANIA INTERNACIONAL DE SEGUROS, S. A.

Fire Total _ _ $1,380.28

Premium tax paid in Canal Zone $20.70

Net

Premiums
FIDELITY AND CASUALTY COMPANY OF NEW YORK

(No transactions in Canal Zone during 1963)

FIDELITY AND DEPOSIT COMPANY

Net Losses rremiums Paid

Surety . . (cr.) $4L39 $0.00

Total ( cr. ) $41 .39 $0.00

Premium tax paid in Canal Zone_ $0.00

FIREMAN'S INSURANCE COMPANY OF NEWARK

'Net Losses Premiums Paid

Fixe $16,852.41 $89.00

Automobile and motor vehicle ^ 149,774.15 64,878.23 Miscellaneous 26.29 0.00 Total ^ $166,652.85 $64,967.23

Premium tax paid in Canal Zone $2,499.79

GENERAL INSURANCE COMPANY OF AMERICA

(No transactions in Canal Zone durini^ 1963)

HARTFORD ACCIDENT AND INDEMNITY COMPANY

Net

Premiums

Property damage other than auto $19.60

Surety . - 44.00 Workmen's compensation __. ^ 59.00

Liability other than auto 595.88 Auto liability (P.D.) 36.00 Auto liability ( B.I.

)

73.40

Total $827.88

Premium tax paid in Canal Zone $12.42

INSURANCE COMPANY OF NORTH AMERICA

Net

Premiums

Surety $6,148.38

Total $6,148.38

Premium tax paid in Canal Zone $92.23

INTERNATIONAL SERVICE INSURANCE COMPANY

Net

Premiums

Auto liability (B.I.) $10,212.61 Auto property damage 5,102.03 Auto physical damage 32,373.09

Liability other than auto 45.00

Total $47,732.73

Premium tax paid in Canal Zone $71 5.99

Losses Paid

$0.00

0.00 0.00

0.00

0.00

0.00 $0.00

Losses Paid

$0.00

$0.00

Losses Paid

$2,591.70

5,037.59

7,420.75

0.00 $15,050.04
THE LIBERTY MUTUAL INSURANCE COMPANY

Net

Health and accident _ Group accident and healths

\\'orkmen's compensation _ Auto physical damage -_

Total Premium tax paid in Canal Zone.

Losses Premiums
NATIONAL UNION FIRE INSURANCE COMPANY

Islet Losses Premiums Paid

Fire $14,581.25 $0.00

Automobile and motor vehicle 22,586.28 10,570.14 Miscellaneous 1,524.56 0.00

Total - $38,692.09 $10,570.14

Premium tax paid in Canal Zone $580.38

PANAMA INSURANCE COMPANY

Net Losses Premiums Paid

Fire $2,970.12 $0.00

Workmen's compensation 64,395.74 47,062.74

Liability other than auto 10,209.89 2,807.65

Surety __ 14,090.02 1,172.56

Automobile _ 4,795.26 1,696.50 Total $96,461.03 $52,739.45

Premium ta.x paid in Canal Zone $1,446.92

ROYAL INDEMNITY COMPANY

Net Losses Premiums Paid

Auto property damage _ $0.00 $1,016.70

Burglary and theft 21.75 0.00 Auto liability ( B.I. ) . 0.00 235.00

Surety ^ 41,608.91 0.00 Total - $41,630.66 $1,251.70

Premium tax paid in Canal Zone $624.46

SEABOARD SURETY COMPANY

Net

Premiums

Surety $1,594.00

Total $1,594.00

Premium tax paid in Canal Zone $23.91

Losses Paid

$0.00

$0.00

TRANSAMERICA INSURANCE COMPANY

(No transactions in Canal Zone during 1963)

TRAVELERS INDEMNITY COMPANY
UNITED STATES FIDELITY AND GUARANTY COMPANY

Extended coverage _-. --^

Auto collision Fire Inland marine _ Accident Workmen's compensation

Liability other than auto (B.I.) Auto liability (B.L) Auto property damage _._ _. Auto physical damage ^ Property damage other than auto

Fidelity

Surety

Burglary and theft Glass Total Premium tax paid in Canal Zone_ . . . $2,347.81

Net
BANKERS LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

Policies in force December 31, 1962 1 $5,000.00

Policies issued during 1963 1,475 6,464,820.00

Total . 1,476 $6,469,820.00

Ceased to be in force during 1963 266 1,197,013.00

Policies in force December 31, 1963 1,210 $5,272,807.00

Losses and claims: Unpaid December 31, 1962 . $0.00 Incurred during 1963 1 1,000.00 Total 1 $1,000.00

Settled during 1963 ... 1 1,000.00

Unpaid December 31, 1963 $0.00

Group—None

Net premiums collected in Canal Zone during 1963:

Life Insurance $59,912.45

Accident and Health . 0.00

Total ' $59,912.45

Premium tax paid in Canal Zone „ $898.69

CITIZENS STANDARD LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1962 $0.00

Policies issued during 1963 . _ 2,397 7,827,827.00

Total _ . . 2,397 $7,827,827.00

Ceased to be in force during 1963 _ _ 993 2,893,447.00

Policies in force December 31, 1963.. _ ._ 1,404 $4,934,380.00

Losses and claims: Unpaid December 31, 1962 . $0.00 Incurred during 1963 _ .. 2 4,041.00

Total 2 $4,041.00

Settled during 1963 1 1,541.00

Unpaid December 31, 1963 1 $2,500.00

Group—None

Net premiums collected in Canal Zone during 1963:

Life Insurance $48,302.98

Accident and Health . _ 0.00 Total _ $48,302.98

Premium tax paid in Canal Zone ._ $724.54
692

"76889

$442,494.00

2,330,943.00

$2,773,437.00

499,678.00

"679 $2,273,759.00

$0.00 437.00

$437.00 437.00

COLONIAL AMERICAN LIFE INSURANCE COMPANY

Ordinary Number Amount

Policies in force December 31, 1962 76

Policies issued during 1963

Total Ceased to be in force during 1963

Policies in force December 31, 1963

Losses and claims: Unpaid December 31, 1962 - Incurred during 1963 3

Total 3

Settled during 1963 3 Unpaid December 31, 1963 Group Number

Policies in force December 31, 1962 3

Policies issued during 1963

Total . - - 3 Ceased to be in force during 1963 _ ^ 2

Policies in force December 31, 1963 1 Losses and claims: Unpaid December 31, 1962

Incurred during 1963

Total

Settled during 1963 Unpaid December 31, 1963 Net premiums collected in Canal Zone during 1963:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone

1420

34

~~0

EQUITY ANNUITY LIFE INSURANCE COMPANY

Ordinary Number

Policies in force December 31, 1962 18

Policies issued during 1963

Total ^ 18 ~

Ceased to be in force during 1963. ^ 2

Policies in force December 31, 1963 16

Losses and claims: Unpaid December 31, 1962

Incurred during 1963 _ —

Total

Settled during 1963 Unpaid December 31, 1963 Group—None

Net premiums collected in Canal Zone during 1963:

Life Insurance Accident and Health

Total ~

Premium tax paid in Canal Zone

$0.00

Amount

$409,350.00

23,050.00

$432,400.00

415,400.00

$17,000.00

$1,450.00

2,150.00

$3,600.00

3,600.00

$0.00

$61,391.08

9,851.36

$71,242.44

$1,068.64

Amount

$18,000.00

0.00 $18,000.00

2,000.00

$16,000.00

$0.00

0.00 $0.00

0.00

$0.00

$5,518.97

0.00 $5,518.97

$82.78

10
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1962 . $0.00

Policies issued during 1963 59 363,020.00

Total 59 $363,020.00

Ceased to be in force during 1963 2 13,439.00

Policies in force December 31, 1963 : 57 $349,581.00

Losses and claims: Unpaid December 31, 1962 $0.00 Incurred during 1963 0.00 Total- $0.00

Settled during 1963 0.00 Unpaid December 31, 1963 $0.00

Group—None

Net premiums collected in Canal Zone during 1963:

Life Insurance $2,326.40

Accident and Health 0.00

Total $2,326.40

Premium tax paid in Canal Zone $34.90

THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

Policies in force December 31, 1962 1,163 $5,329,917.00

Policies issued during 1963 779 4,252,000.00

Total 1,942 $9,581,917.00

Ceased to be in force during 1963 171 1,004,159.00

Policies in force December 31, 1963 1,771 $8,577,758.00

Losses and claims: Unpaid December 31, 1962 $0.00 Incurred during 1963 0.00 Total $0.00

Settled during 1963 0.00 Unpaid December 31, 1963 $0.00

Group—None

Net premiums collected in Canal Zone during 1963:

Life Insurance- . $189,884.51

Accident and Health 20.00

Total $189,904.51

Premium tax paid in Canal Zone ._ __- $2,848.57

11
ILLINOIS MID-CONTINENT LIFE INSURANCE COMPANY

Ordinary

Policies in force December 31, 1962

Policies issued during 1963

Total Ceased to be in force during 1963 _ _ _ . . Policies in force December 31, 1963

Losses and claims: Unpaid December 31, 1962 . . _ Incurred during 1963 .. Total

Settled during 1963 Unpaid December 31, 1963 $0.00

Group—None

Net premiums collected in Canal Zone during 1963:

Life Insurance . $207.00

Accident and Health 0.00

Number

1
LINCOLN NATIONAL LIFE INSURANCE COMPANY

Ordinary

Policies in force December 31, 1962 _ Policies issued during 1963

Total - Ceased to be in force during 1963 _ _

Policies in force December 31, 1963

Losses and claims: Unpaid December 31, 1962

Incurred during 1963

Total

Settled during 1963 Unpaid December 31, 1963

Number Amount

_ 1,652 $9,930,509.00 193 1,493,863.00

. 1,845 $11,424,372.00

518 3,002,786.00

_ 1,327 $8,421,586.00

Group

Policies in force December 31, 1962

Policies issued during 1963

Total Ceased to be in force during 1963

Policies in force December 31, 1963

Losses and claims: Unpaid December 31, 1962 -. Incurred during 1963 - Total -... . Settled during 1963 _-

Unpaid December 31, 1963 _ . _ Net premiums collected in Canal Zone during 1963:

Life Insurance . Accident and Health . Total Premium tax paid in Canal Zone.

$0.00

2,000.00

$2,000.00

2,000.00

$0.00

Nu77iber
PAN-AMERICAN LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1962 220 $1,493,875.00

Policies issued during 1963 16 129,000.00

Total - 236 $1,622,875.00

Ceased to be in force during 1963 15 132,863.00

Policies in force December 31, 1963 221 $1,490,012.00 Losses and claims: Unpaid December 31, 1962 $0.00 Incurred during 1963 0.00

Total $0.00

Settled during 1963 0.00 Unpaid December 31, 1963 $0.00

Group—None

Net premiums collected in Canal Zone during 1963:

Life Insurance $24,447.09

Accident and Healtb 0.00 Total $24,447.09

Premium tax paid in Canal Zone $366.71

THE SERVICE LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1962 12

Policies issued during 1963

Total 12 Ceased to be in force during 1963 1

Policies in force December 31, 1963 11 Losses and claims: Unpaid December 31, 1962

Incurred during 1963

Total

Setried during 1963 Unpaid December 31, 1963

Group—None

Net premiums collected in Canal Zone during 1963:

Life Insurance Accident and Health

Total ^_____

Premium tax paid in Canal Zone

Amount

$27,818.00

0.00 $27,818.00

2,000.00

$25,818.00

$0.00 0.00 $0.00

0.00 $0.00

$2,113.05

0.00 $2,113.05

$31.70

14
UNITED BENEFIT LIFE INSURANCE COMPANY

Ordinary Number A7nount

Policies in force December 31, 1962 421 $2,908,21().()() Policies issued durins 1963, _. ,^_ 452 899,882.00

Total 873 $3,808,092.00

Ceased to be in force during 1963 97 692,925.00

Policies in force December 31, 1963 776 $3,115,167.00

Losses and claims: Unpaid December 31, 1962 $0.00 Incurred during 1963 5 16,048.91 Total " ""5

$16,048.91

Settled during 1963 ^ , 5 16,048.91

Unpaid December 31, 1963 $0.00

Group Nimiber Amount

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

Policies issued during 1963 1 25,129,500.00

Total 2 $70,852,000.00

Ceased to be in force daring 1963 _ 214,500.00

Policies in force December 31, 1963 2 $70,637,500.00

Losses and claims: Unpaid December 31, 1962 3 $4,500.00 Incurred during 1963 50 229,000.00

Total 53 $233,500.00

Settled during 1963 50 220,500.00

Unpaid December 31, 1963 \ _ _ 3 $13,000.00 Net premiums collected in Canal Zone during 1963:

Life Insurance - - $279,109.00 Accident and Health 5,141.70

Total - - - $284,250.70

Premium tax paid in Canal Zone $4,263.76

UNITED SERVICES LIFE INSURANCE COMPANY

Ordinary Number Amount

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

Policies issued during 1963 -.-... 23 341,563.00

Total 137 $1,197,063.00

Ceased to be in force during 1963 _ _ 1 1,000.00

Policies in force December 31, 1963 . 136 $1,196,063.00

Losses and claims: Unpaid December 31, 1962 $0.00 Incurred during 1963, 0.00 Total $0.00

Settled during 1963 0.00 Unpaid December 31, 1963 $0.00

Group—None

Net premiums collected in Canal Zone during 1963:

Life Insurance . _ „ _ , $15,858.53

Accident and Health 0.00 Total $15,858.53

Premium tax paid in Canal Zone -. $237.88

15
UNITED STATES LIFE INSURANCE COMPANY

Ordinary

Number Amount

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

Policies issued during 1963 5 121,313.00

Total 52 $710,216.00

Ceased to be in force during 1963 1 15,324.00

Policies in force December 31, 1963 51 $694,892.00

Losses and claims: Unpaid December 31, 1962 $0.00 Incurred during 1963 0.00 Total $0.00

Settled during 1963 0.00 Unpaid December 31, 1963 $0.00

Group

Number Amount

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

Policies issued during 1963 - 124,108.00

Total 4 $2,448,701.00

Ceased to be in force during 1963 0.00

Policies in force December 31, 1963 4 $2,448,701.00 Losses and claims: Unpaid December 31, 1962 $0.00 Incurred during 1963 0.00

Total $0.00

Settled during 1963 OOO

Unpaid December 31, 1963 $0.00 Net premiums collected in Canal Zone during 1963:

Life Insurance $17,262.54

Accident and Health 12,735.05

Total $29,997.59

Premium tax paid in Canal Zone $449.96

16
RECAPITULATION

MISCELLANEOUS COMPANIES

Net Losses Premiums Paid

Accident $2,210.08 S324.06 Automobile and motor vehicle 289,502.62 103,149.91 Auto comprehensive 75.56 0.00 Auto collision 28,218.88 7,959.79 Auto liability (B.L) 79,562.35 16,752.54 Auto property damage 39,134.36 38,434.1

1

Auto physical damage 85,983.96 31,034.27

Burglary and theft 16,708.51 2,318.44

Extended coverage 783.42 0.00

Fidelity 6,694.90 2,373.69

Fire 52,023.39 247.20

Glass 214.25 24.00 Group accident and health 15,011.26 8,686.46 Health and accident 96,001.29 42,135.01

Hospital and medical 1,048,140.20 695,175.49

Inland marine 3,762.47 256.50

Liabihty other than auto 34,138.64 3,228.40 Miscellaneous 1,550.85 0.00 Property damage other than auto 6,127.70 2,057.15

Surety 141,722.40 922.56 Workmen's compensation 259,879.96 116,832.06 Total $2,207,447.05 $1,071,911.64

Premium taxes paid in Canal Zone $33,112.35

LIFE INSURANCE COMPANIES

Ordinary

Policies in force December 31, 1962 _ Policies issued during 1963 _ - _ - - - Total Ceased to be in force during 1963 _ ^ . .

Policies in force December 31, 1963 7,683

Losses and claims: Unpaid December 31, 1962

Incurred during 1963

Total

Settled during 1963 Unpaid December 31, 1963

17

Number

3,809

6,094
Number
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 copv, duly certified b)' 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 bv an authorized officer of the corporation

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

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

whom piocess 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 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 ciurent marketable securities, which shall be held in trust by the executive secretary for the account of the company, to satisfy

19
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 certified copy of its annual report to an authorized official of the State or country in which the company is organized. Upon a showing of good cause therefor, the executive secretary may extend the time for filing the statement for a period not exceeding two months after March 1. An insurance company licensed pursuant to this chapter shall pay before March 1 of each year, in lieu of all other taxes except the annual fee provided

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

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

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

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

permissible under the laws of the Canal Zone, and not in conflict with the

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

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

Sec. 876. Continuance after first license period.—The right of a corporation to continue to do business for the calendar year, and the successive calendar years, after the calendar year during which the original license was issued, shall be contingent upon: (1) Compliance with the provisions

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

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

business in the Canal Zone which fail to comply with this chapter are not

entitled to the benefit of the laws of the Canal Zone limiting the time for the commencement of civil actions.

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

this chapter shall be fined not more than $500.

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

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

20
(c) Every contract made by or on behalf of such a corporation affecting the habihty 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 surrenders its authority to do business in the Canal Zone

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

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

liability or obligation incurred within the Canal Zone prior to the filing of the certificate of surrender may be sewed 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

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 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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UNIVERSITY OF FLORIDA

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