CZ I.*? ' 19^4-

CANAL ZONE GOVERNMENT

ANNUAL REPORT

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1964

Including Laws Concerning Licensing

Of Insurance Companies

CANAL ZONE GOVERNMENT

ANNUAL REPORT

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1964

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/annualreportofin1964cana
CANAL ZONE GOVERNMENT

OFFICE OF THE GOVERNOR

Balboa, Heights, C.Z. April 9, 1965.

Governor of The Canal Zone,

Balboa Heights, C.Z.

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

in the Canal Zone during the calendar year 1964.

Respectfully,

Paul M. Runnestrand,

Executive Secretary.

The following companies were authorized to transact business in the Canal

Zone during the year 1964: 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. Compaiiia General de Seguros, S.A Panama, R. of P. Compaiiia Interamericana de Seguros, S.A Panama, R. of P. Compaiiia Internacional de Seguros, S.A Panama, R. of P. Compaiiia 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 Service Insurance Company Fort Worth, Tex.

Liberty Mutual Insurance Company Boston, Mass.
Lincoln National Life Insurance Company Fort Wayne, Ind. Maryland Casualty Company Baltimore, Md.

Mutual of Omaha Insurance Company Omaha, Nebr.

National Surety Corporation New York, N.Y.

National Union 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. Wabash Life Insurance Co. 1 Indianapolis, Ind.

1 Wabash Life Insurance Company licensed in the Canal Zone March 10, 1964.
AMERICAN MOTORISTS INSURANCE COMPANY

(No transactions in Canal Zone during 1964)

COLONIAL INSURANCE COMPANY OF PANAMA

Net

Premiums

Automobile and motor vehicle $106,490.46

Total $106,490.46

Premium tax paid in Canal Zone $1,597.36

Losses Paid

$26,981.05

$26,981.05

COMMERCIAL INSURANCE COMPANY

Net Losses Premiums Paid

Automobile and motor vehicle $12,360.65 $0.00

Burglary and theft 1,065.33 603.50 Workmen's compensation 86,541.81 55,030.00

Liability other than auto 12,554.81 183.90 Accident 85.65 0.00 Miscellaneous 2,149.74 2,062.25

Total $114,757.99 $57,879.65

Premium tax paid in Canal Zone $1,721.37

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

Fire $15.00 $0.00 Auto comprehensive 95.92 0.00 Auto collision 366.17 0.00 Auto liability (B.I.) 394.32 0.00

Hospital and medical 107.45 0.00 Auto property damage 360.32 0.00

Fidelity 10,893.64 0.00 Automobile and motor vehicle 207.06 0.00

Total $12,439.88 $0.00

Premium tax paid in Canal Zone $186.59

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

Liability other than auto $682,56 $0.00

Fire 3,280.09 0.00 Automobile 2,445.46 1,106.83 Ocean marine 90.02 0.00

Total $6,498.13 $1,106.83

Premium tax paid in Canal Zone $97.47
COMPANIA INTERNACIONAL DE SEGUROS, S. A. Net

Premiums

Fire $1,439.48 Total. _ $1,439.48

Premium tax paid in Canal Zone $21.58

Losses Paid

$0.00

$0.00

COMPANIA ISTMENA DE SEGUROS, S. A. (No transactions in Canal Zone during 1964)

CONTINENTAL CASUALTY COMPANY

Net

Premiums

Inland marine $2.67 Accident 140.22 Accident and health 9,234.95

Hospital and medical expenses 183.01 Group accident and health 3,119.24

Liability other than auto (B.I.) 2.37 Total $12,682.46

Premium tax paid in Canal Zone $190.24

CONTINENTAL INSURANCE COMPANY

Net

Premiums

Fire __' $861.59

Extended coverage . 230.15

Total $1,091.74

Premium tax paid in Canal Zone $16.38

Losses Paid

$0.00 0.00

5,288.94

0.00

1,953.86 0.00 $7,242.80

Losses Paid

$0.00

0.00 $0.00

FIDELITY AND CASUALTY COMPANY OF NEW YORK

Net Losses Premiums Paid

Accident $59.50 $0.00

TotaL $59.50 $0.00

Premium tax paid in Canal Zone_ _ $0.89

DEPOSIT

FIDELITY AND CASUALTY.'COMPANY OF MARYLAND

(No transactions in Canal Zone during 1964)

FIREMAN'S INSURANCE COMPANY OF NEWARK

Net Losses Premiums Paid

Fire _ $22,400.16 $5,140.77

Automobile and motor vehicle-

_

_•_ 185,912.16 90,737.14

Liability other than auto__ 52.58 0.00 Total _ _ $208,364.90 $95,877.91

Premium tax paid in Canal Zone $3,125.47

4
GENERAL INSURANCE COMPANY OF AMERICA

(No transactions in Canal Zone during 1964)

HARTFORD ACCIDENT AND INDEMNITY COxMPANY

Property damage other than auto

Surety . Workmen's compensation

Liability other than auto (B.I.) (Cr.) Auto liability (P.D.) Auto liability ( B.I. ) Total _-(Cr.)

Premium tax paid in Canal Zone

Net
MARYLAND CASUALTY COMPANY

Hospital Accident Health ______(Cr.)

Group accident and health Auto liability Liability other than auto

Fidelity

Surety

Glass Burglary and theft Auto property damage

Inland marine

Property damage other than auto Workmen's compensation

Automobile physical damage

Fire Extended coverage

Miscellaneous

Total $208,841.11

Premium tax paid in Canal Zone $3,132.62

Net
PANAMA INSURANCE COMPANY

Net Losses Premiums Paid

Fire $2,089.13 $0.00

Workmen's compensation 76,937.09 19,004.23

Liability other than auto 12,073.62 135.91 Surety 14,575.89 0.00 Automobile. 3,036.84 3,264.26 Miscellaneous 2,483.00 683.20

Total $111,195.57 $23,087.60

Premium tax paid in Canal Zone $1,667.93

ROYAL INDEMNITY COMPANY

Net Losses Premiums Paid

Surety $0.00 $1,952,797.92

Total $0.00 $1,952,797.92

Premium tax paid in Canal Zone _ $0.00

SEABOARD SURETY COMPANY

(No transactions in Canal Zone during 1964)

TRANSAMERICA INSURANCE COMPANY

Net
UNITED STATES FIDELITY AND GUARANTY COMPANY

Net Losses Premiums Paid

Extended coverage _ $454.08 $0.00 Auto collision 22,815.05 12,300.38

Fire__ 4,476.49 113.40

Inland marine __ 466.80 0.00 Accident- _ 49.50 0.00 Workmen's compensation 26,564.97 6,292.45

Liability other than auto (B.I.) . 3,154.79 382.45 Auto liability (B.I.) 26,848.69 3,252.79 Auto property damage 14,409.22 12,789.40 Auto physical damage 16,088.05 19,315.67

Property damage other than auto 1,629.46 54.30

Fidelity^ 2,450.53 229.59

Surety 12,372.92 83,829.33

Burglary and theft 6,835.55 545.13

Glass 31.06 0.00 Miscellaneous. 0.00 142.00 Total_. $138,647.16 $139,246.89

Premium tax paid in Canal Zone _. $2,079.71

AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY

OF NEW YORK

(No transactions in Canal Zone during 1964)

AMERICAN LIFE INSURANCE COMPANY

Ordinary

Policies in force December 31, 1963.

Policies issued during 1964 _ _

Total Ceased to be in force during 1964 _ Policies in force December 31, 1964

Losses and claims: Unpaid December 31, 1963

Incurred during 1964 _ _ Total

.

Settled during 1964 Unpaid December 31, 1964

Number

23
BANKERS LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

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

Policies issued during 1964 637 2,388.140.00

Total. . 1,847 $7,660,947.00

Ceased to be in force during 1964 _ _ 234 994,824.00

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

Losses and claims: Unpaid December 31, 1963 _ _ $0.00 Incurred during 1964 _. 8 7,250.00 Total.. 8 $7,250.00

Settled during 1964 7 4,750.00

Unpaid December 31, 1964 _ _ 1 $2,500.00

Group—None

Net premiums collected in Canal Zone during 1964:

Life Insurance $176,836.22

Accident and Health 0.00

Total $176,836.22

Premium tax paid in Canal Zone $2,652.54

CITIZENS STANDARD LIFE INSURANCE COMPANY

Ordinary

Number Amount

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

Policies issued during 1964 _ _ 1,308 5,425,963.00

Total 2,712 $10,360,343.00

Ceased to be in force during 1964 968 3,301,428.00

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

Losses and claims: Unpaid December 31, 1963 1 $2,500.00 Incurred during 1964 12 14,845.00

Total 13 $17,345.00

Settled during 1964 12 9,845.00

Unpaid December 31, 1964 1 $7,500.00

Group—None

Net premiums collected in Canal Zone during 1964:

Life Insurance $206,276.35 Accident and Health 25,968.14

Total $232,244.49

Premium tax paid in Canal Zone $3,483.67
COLONIAL AMERICAN LIFE INSURANCE COMPANY

Amount

$2,273,759.00

1,216,177.00

$3,489,936.00

322,396.00

900 $3,167,540.00

$0.00

3,625.00

$3,625.00

3,625.00

Ordinary Number

Policies in force December 31, 1963 679

Policies issued during 1964 _ 313

Total. _ „_ 992 Ceased to be in force during 1964 _ . 92

Policies in force December 31, 1964

Losses and claims: Unpaid December 31, 1963.

Incurred during 1964 4

Total. _ 4

Settled during 1964 4 Unpaid December 31, 1964 $0.00

Group Number Amount

Policies in force December 31, 1963 1 $17,000.00

Policies issued during 1964 4,000.00 Total.. ~~

T

Ceased to be in force during 1964

Policies in force December 31, 1964. . 1 Losses and claims: Unpaid December 31, 1963..

Incurred during 1964

Total. _ Settled during 1964. _ Unpaid December 31, 1964. _ Net premiums collected in Canal Zone during 1964:

Life Insurance Accident and Health

Total $96,084.19

Premium tax paid in Canal Zone $1,441.26

EQUITY ANNUITY LIFE INSURANCE COMPANY

Ordinary Number Amount

Policies in force December 31, 1963. 16 $16,000.00

Policies issued during 1964 0.00

Total _ _ 16 $16,000.00

Ceased to be in force during 1964. 3 3,000.00

Policies in force December 31, 1964 _ 13 $13,000.00

Losses and claims: Unpaid December 31, 1963.^ $0.00 Incurred during 1964. 0.00

Total ~~ $0.00

Settled during 1964 0.00 Unpaid December 31, 1964 ~~ $0.00

Group—None

Net premiums collected in Canal Zone during 1964:

Life Insurance $5,221.66 Accident and Health _„ 0.00 Total-. $5,221.66

Premium tax paid in Canal Zone $78.32

$21,000.00

2,000.00

$19,000.00

$0.00

0.00 $0.00

0.00 $0.00

$92,807.44

3,276.75

10
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1963

_

57 $349,581.00

Policies issued during 1964 49 272,869.00 TotaL 106 $622,450.00

Ceased to be in force during 1964 __ 3 38,508.00

Policies in force December 31, 1964 103 $583,942.00

Losses and claims: Unpaid December 31, 1963 _ $0.00 Incurred during 1964 _ 0.00 TotaL . $0.00

Settled during 1964 . 0.00 Unpaid December 31, 1964 _ $0.00

Group—None

Net premiums collected in Canal Zone during 1964:

Life Insurance $16,786.90 Accident and Healtb 0.00 Total- $16,786.90

Premium tax paid in Canal Zone_ _ $251.80

THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

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

Policies issued during 1964 470 2,100,000.00

Total 2,241 $10,677,758.00

Ceased to be in force during 1964 508 1,385,588.00

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

Losses and claims: Unpaid December 31, 1963 _ $0.00 Incurred during 1964 _ 6 13,625.00

Total 6 $13,625.00

Settled during 1964 ._ 6 13,625.00

Unpaid December 31, 1964 _ $0.00

Group—None

Net premiums collected in Canal Zone during 1964:

Life Insurance $258,503.77 Accident and Health 20.00 Total_ _ $258,523.77

Premium tax paid in Canal Zone $3,877.86

11
ILLINOIS MID-CONTINENT LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1963 1 $10,000.00

Policies issued during 1964 1 10,000.00 Total. 2 $20,000.00

Ceased to be in force during 1964 0.00

Policies in force December 31, 1964 2 $20,000.00

Losses and claims: Unpaid December 31, 1963 $0.00 Incurred during 1964 0.00 Total.. $0.00

Settled during 1964. _ 0.00 Unpaid December 31, 1964 $0.00

Group—None

Net premiums collected in Canal Zone during 1964:

Life Insurance $184.70

Accident and Health 36.00

Total $220.70

Premium tax paid in Canal Zone . $3.31

12
LINCOLN NATIONAL LIFE INSURANCE COMPANY

Ordinary

Number Amount

"Policies in force December 31, 1963 688 $4,442,817.00

Policies issued during 1964 41 297,209.00

Total___ __ 729 $4,740,026.00

Ceased to be in force during 1964 _ _ 85 715,401.00

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

Losses and claims: Unpaid December 31, 1963 . $0.00 Incurred during 1964 _. _ 10 54,935.00

Total. 10 $54,935.00

Settled during 1964 9 44,935.00

Unpaid December 31, 1964 1 $10,000.00

Group

Number Amount

"Policies in force December 31, 1963 _ $46,946.00

Policies issued during 1964 0.00

Total $46,946.00

Ceased to be in force during 1964 _ _ (841.00)

Policies in force December 31, 1964. . $47,787.00

Losses and claims: Unpaid December 31, 1963 _ $0.00 Incurred during 1964 0\00 Total ~~ $0.00

Settled during 1964 _ _ O00

Unpaid December 31, 1964 _ _ $0.00 Net premiums collected in Canal Zone during 1964:

Life Insurance $119,341.85 Accident and Health. _ 2,608.61 Total $121,950.46

Premium tax paid in Canal Zone $1,829.26

"Adjusted figure after deduction in policies and amount to reflect exclusion from policy exhibit

of reinsurance accepted which was included in previous year's report of insurance in force December 31, 1963.

13
PAN-AMERICAN LIFE INSURANCE COMPANY

Ordinary

Policies in force December 31, 1963

Policies issued during 1964 _ . Total. Ceased to be in force during 1964 _

Policies in force December 31, 1964

Losses and claims: Unpaid December 31, 1963.

Incurred during 1964

Total

Settled during 1964 Unpaid December 31, 1964 _

Number
UNITED BENEFIT LIFE INSURANCE COMPANY

Ordinary Number Amount

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

Policies issued during 1964 40 314,496.00

Total 816 $3,429,663.00

Ceased to be in force during 1964 123 543,084.00

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

Losses and claims: Unpaid December 31, 1963 $0.00 Incurred during 1964 0.00

Total ~~

~~

" $0.00

Settled during 1964 0.00 Unpaid December 31, 1964 $0.00

Group Number Amount

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

Policies issued during 1964 22,569,500.00

Total ~ ~~

2

$93,207,000.00

Ceased to be in force during 1964 344,000.00

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

Losses and claims: Unpaid December 31, 1963 3 $13,000.00 Incurred during 1964 __ 53 332,500.00

Total 56 $345,500.00

Settled during 1964 55 344,000.00

Unpaid December 31, 1964 ' ~~

1

$1,500.00 Net premiums collected in Canal Zone during 1964:

Life Insurance _ $493,673.52 Accident and Health 45,643.98

Total $539,317.50

Premium tax paid in Canal Zone $8,089.76

UNITED SERVICES LIFE INSURANCE COMPANY

Ordinary Number Amount

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

Policies issued during 1964 _ 22 246,437.00

Total 158 $1,442,500.00

Ceased to be in force during 1964 2 26,000.00

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

Losses and claims: Unpaid December 31, 1963 $0.00 Incurred during 1964 0.00

Total ~ ~~ $0.00

Settled during 1964 0.00 Unpaid December 31, 1964 ~~ $0.00

Group—None

Net premiums collected in Canal Zone during 1964:

Life Insurance $17,917.73 Accident and Health 0.00 Total $17,917.73

Premium tax paid in Canal Zone $268.77

15
UNITED STATES LIFE INSURANCE COMPANY

Ordinary

Number Amount

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

Policies issued during 1964 8.00

Total 51 $694,900.00

Ceased to be in force during 1964 14 156,448.00

Policies in force December 31, 1964 37 $538,452.00

Losses and claims: Unpaid December 31, 1963 $0.00 Incurred during 1964 1 5,000.00 Total. _ 1 $5,000.00

Settled during 1964 1 5,000.00

Unpaid December 31, 1964 __ $0.00

Group

Nwnber Amount

Policies in force December 31, 1963 4 $2,448,701.00

Policies issued during 1964 0.00 Total _ 4 $2,448,701.00

Ceased to be in force during 1964 _ _ 2 2,222,701.00

Policies in force December 31, 1964 2 $226,000.00

Losses and claims: Unpaid December 31, 1963 $0.00 Incurred during 1964 0.00

Total $0.00

Settled during 1964 0.00 Unpaid December 31, 1964 $0.00 Net premiums collected in Canal Zone during 1964:

Life Insurance $14,847.58

Accident and Health 14,497.53 Total $29,345.11

Premium tax paid in Canal Zone $440.18

WABASH LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1964)

16
RECAPITULATION

MISCELLANEOUS COMPANIES

Accident Automobile and motor vehicle Auto comprehensive Auto collision Auto liability (B.I.) Auto property damage

Auto physical damage

Burglary and theft Extended coverage

Fidelity _ _ Fire i _ Glass : Group accident and health Health and accident Hospital and medical 1 Inland marine

Liability other than auto Miscellaneous Ocean Marine _ . J Property damage other than auto __

Surety

Workmen's compensation

Total $2

Premium taxes paid in Canal Zone

Net

Premiums

$1,817.42

318,518.20

95.92 23,181.22

62,369.76

31,383.04

90,790.40

16,937.30 860.26

18,460.71

41,282.36

57.06

6,949.71

108,878.39

202,405.43

3,415.35

35,650.52

4,644.74 576.02

3,711.37

104,331.37

243,744.94

,320,061.49

$34,804.38

Losses Paid

$182.86

122,089.28

0.00 12,300.38

8,022.33

26,258.89

44,359.40

5,089.28 136.22 320.87

15,816.78

1,778.90

4,922.66

50,048.11

1,164,801.99

1,730.45 821.26

2,887.45

0.00 705.05

2,036,627.25

119,437.50

$3,618,336.91

LIFE INSURANCE COMPANIES

Ordinary

Number

7,044

2,899

"Policies in force December 31, 1963

Policies issued during 1964 TotaL

Ceased to be in force during 1964 _

Policies in force December 31, 1964 7,828

Losses and claims: Unpaid December 31, 1963

Incurred during 1964

Total

Settled during 1964^

Unpaid December 31, 1964

9,943

2,115

4243

39

Amount

$32,554,856.00

12,425,313.00

$44,980,169.00

7,847,846.00

$37,132,323.00

$2,500.00

101,280.00

$103,780.00

81,780.00

$22,000.00

'See Lincoln National Life Ins. Co.

17
Group

Number Amount

•Policies in force December 31, 1963 7 $73,150,147.00

Policies issued during 1964 _ _ _ 0_ 22,573,500.00 Total 7 $95,723,647.00

Ceased to be in force during 1964 _ _ 2 2,567,860.00

Policies in force December 31, 1964 _ 5 $93,155,787.00

Losses and claims: Unpaid December 31, 1963__ 3 $13,000.00

incurred during 1964 __ 53 332,500.0 Total 56 $345,500.00

Settled during 1964 __ 55 344,000.00

Unpaid December 31, 1964 1 $1,500.00 Net premiums collected in Canal Zone during 1964:

Life Insurance $1,438,816.11

Accident and Health 92,051.01 Total $1,530,867.12

Premium tax paid in Canal Zone 22,963.00

"See Lincoln National Life Ins. Co. 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,

1964: Value of Amount of property damage

involved by fire Panama Canal Company $10,593,446.15 $376,714.18 Canal Zone Government 1,347,790.45 250.00 Other U.S. Government- . 0.00 0.00

U.S. Armed Forces 8,730,141.22 18,344.01

Ships in Canal waters 4,679,966.66° 3,905.50*

Private property other than above_ _. 2,386,647.85 218,935.27

Total $27,737,992.33 $618,148.96

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

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

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

Sec. 871. Corporation; pint 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

18
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 service. (c) A corporation licensed pursuant to this chapter shall also file with

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

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

shall cover the filing fee and annual license fee for the remainder of the calendar year during which the license is issued. Sec. 873. Additional requirements for insurance companies.—In addition

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

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

file the following documents: (1) A certificate of an authorized official, showing that the company is authorized to transact business in the State or country under whose laws the company is organized;

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

company to an authorized official in the State or country where the company

is organized;

(3) A deposit with the executive secretary of the Canal Zone Government

of $10,000 in cash or current marketable securities, which shall be held in trust by the executive secretary for the account of the company, to satisfy

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 IV2 percent of its net premium receipts in the Canal Zone for the preceeding calendar year.

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

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

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

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

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

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

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

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

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

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(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 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 served upon the executive secretary

of the Canal Zone Government;

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

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

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

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

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

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

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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