C Z I . q : 9 b ~7

CANAL ZONE GOVERNMENT

ANNUAL REPORT

OF

INSURANT

tran

CANAK^ONE

DURING THE CALENDAR YEAR

1967

Including Laws Concerning Licensing

Of Insurance Companies

CANAL ZONE GOVERNMENT

ANNUAL REPORT

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1967

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/annualreportofin1967cana
CANAL ZONE GOVERNMENT

OFFICE OF THE GOVERNOR

Balboa Heights, May 6, 1968.

GovEUNOR OF The Canal Zone,

Balboa Heights, C.Z.

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

in the Canal Zone during the calendar year 1967.

Respectfully,

Paul M. Runnestrand,

Executive Secretary.

The following companies were authorized to transact business in the Canal

Zone during the year 1967: Aetna Casualty and Surety Company Hartford, Conn.

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

Citizens Standard Life Insurance Company, Corpus Christi, Tex.

Colonial Insurance Company of Panama Panama, R. of P. Commercial Insurance Company Newark, N.J. Compania General de Seguros, S.A Panama, R. of P. Compafiia Interamericana de Segiu-os, S.A Panama, R. of P. Compaiiia Intemacional de Seguros, S.A Panama, R. of P. Compafiia 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 Guarant)' Life Insurance Company Baltimore, Md.

Firemen's Insurance Company of Newark Newark, N.J. General Insurance Company of America Seattle, Wash.

1 Compafiia Nacional de Segttros, S.A. licensed in the Canal Zone April 6, 1967.

2 Equity Annuity Life Insurance Company discontinued doing business in the Canal Zone

as of August 9, 1967. All outstanding insurance contracts assiuned and reissued by Variable Armuity Life Insurance Company.
Gibraltar Life Insurance Company of America Dallas, Tex. Haitford Accident and Indemnity Company Hartford, Conn.

Insurance Company of North America Philadelphia, Pa. International Service Insurance Company Fort Worth, Tex. Liberty Mutual Insurance Company Boston. Mass.

Lincoln National Life Insurance Company Fort Wayne, Ind. Maryland Casualty Company Baltimore, Md.

Mutual of Omaha Insurance Company Omaha, Nebr.

National Surety Corporation New York, N.Y.

National Union 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. Reliance Insurance Companv^ Philadelphia, Pa. Royal Indemnity Company New York, N.Y. Seaboard Surety Company New York, N.Y. Transamerica Insurance Company San Francisco, Calif. Travelers Indemnity Company Hartford, Conn.

United Benefit Life Insurance Company Omaha, Nebr.

United 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 Indianapolis, Ind. World Sei-vice Life Insurance CompanV* Fort Worth, Tex.

3 Reliance Insurance Company licensed in the Canal Zone July 11, 1967.

•1 Service Life Insurance Co. changed its name to World Service Life Insurance Company

effective April 28, 1967.
AETNA CASUALTY AND SURETY COMPANY

(No transactions in Canal Zone during 1967)

AMERICAN EMPLOYERS' INSURANCE COMPANY

(No transactions in Canal Zone during 1967)

AMERICAN MOTORISTS INSURANCE COMPANY

(No transactions in Canal Zone during 1967)

COLONIAL INSURANCE COMPANY OF PANAMA

Net

Premiums

Liability other than auto $220.00 Auto liability (B.I.) 46,611.20 Auto property damage 27,769.35

Hospital and medical 3,174.49 Auto comprehensive 6,547.82 Auto collision 28,754.41

Fire 6,526.24

Burglary and theft 6,530.05 Total $126,133.56

Premium tax paid in Canal Zone $1,892.00

COMMERCIAL INSURANCE COMPANY

Net

Premiums

Automobile and motor vehicle $4,628.28

Workmen's compensation 38,825.14

Miscellaneous 10,758.19

Total $54,211.61

Premium tax paid in Canal Zone $813.17

COMPANIA GENERAL DE SEGUROS, S.A. Net

Premiums

Fire $115.00

Surety 9,563.95

Liability other than auto 397.56 Workmen's compensation 6,203.95 Auto comprehensive 257.80 Auto liability (B.I.) 503.87 Auto collision 590.66 Auto property damage 462.47

E.xtended coverage 121.2.5 Hospital and medical 90.26

Total $18,306.77

Premium tax paid in Canal Zone $274.60

COMPA15JIA INTERAMERICANA DE SEGUROS, S.A. Net

Premiums

Workmen's compensation $262.50

Fire 1,117.81

Automobile 1,076.87 Inland marine 295.09

Total $2,752.27

Premium tax oaid in Canal Zone $41.28

Losses Paid

$0.00

2,437.58

16,970.36 163.55

2,340.85

12,263.69 223.64

1,182.14

$35,581.81

Losses Paid

$95.27

13,995.67

2,849.46

$16,940.40

Losses Paid

$0.00

0.00

0.00 2,984.36

0.00

0.00

0.00

0.00

0.00

0.00 $2,984.36

Losses Paid

$0.00

0.00 578.23

0.00 $578.23
COMPA5JIA INTERNACIONAL DE SEGUROS, S.A. Net Losses Premiums Paid

Fire $1,187.78 $0.00

Surety 2,191.59 0.00 Workmen's compensation 3,308.53 0.00 Total $6,687.90 $000

Premium tax paid in Canal Zone $100.32

COMPA]>JlA ISTME5fA DE SEGUROS, S.A. (No transactions in Canal Zone during 1967)

COMPA]^IA NACIONAL DE SEGUROS, S.A. (No transactions in Canal Zone during 1967)

CONTINENTAL CASUALTY COMPANY

Net Losses Premiums Paid

Inland marine $8.34 $0.00 Accident and health 1,120.68 231.70 Group accident and health 4,315.34 2,956.56

Liability other than auto (B.I.) 91.84 847.05

Surety 115.00 0.00 Auto hability (B.I.) 4,047.39 0.00 Auto property damage 2,094.55 2,478.90 Auto physical damage 6,199.07 428.88

Total $17,992.21 $6,943.09

Premium tax paid in Canal Zone $269.88

CONTINENTAL INSURANCE COMPANY

Net Losses Premiums Paid

Fire $0.00 $20.00

Miscellaneous (Cr.) 50.99 0.00 Ocean Marine 0.00 (Cr.) 206.03

Total (Cr.) $50.99 (Cr.) $186.03

Premium tax paid in Canal Zone $0.00

FIDELITY AND CASUALTY COMPANY OF NEW YORK

(No transactions in Canal Zone during 1967)

FIDELITY AND DEPOSIT COMPANY OF MARYLAND

Net Losses Premiums Paid

Fidelity $625.00 $0.00

Surety 11,342.00 0.00

Total $11,967.00 $0.00

Premium tax paid in Canal Zone $179.50

FIREMEN'S INSURANCE COMPANY OF NEWARK

Net Losses Premiums Paid

Fire $31,953.38 $462.36

Automobile and motor vehicle 264,984.90 71,800.26 Miscellaneous 6,901.28 0.00 Total $303,839.56 $72,262.62

Premium tax paid in Canal Zone $4,557.59
GENERAL INSURANCE COMPANY OF AMERICA

(No transactions in Canal Zone during 1967)

HARTFORD ACCIDENT AND INDEMNITY COMPANY

Net

Premiums

Group accident and health $882.00

Accident and health 23.83 Workmen's compensation 81 .00

Liability other than auto (B.I.) 1 13.00 Total $1,099.83

Premium tax paid in Canal Zone $16.50

INSURANCE COMPANY OF NORTH AMERICA

Net

Premiums

Liability other than auto (B.I.) $0.00 Ocean marine 2,496.00

Surety 270.00

Total $2,766.00

Premium tax paid in Canal Zone $41.49

INTERNATIONAL SERVICE INSURANCE COMPANY

Net

Premiums

Auto liability (B.I.) $16,905.36 Auto property damage 9,192.77 Auto physical damage 63,988.07

Total $90,086^20

Premium tax paid in Canal Zone $1,351.29

THE LIBERTY MUTUAL INSURANCE COMPANY

Net

Premiums

Workmen's compensation $688.00

Health and accident 103.00 Group accident and health 0.00 Auto Lability (B.I.) 53.00

Liability other than auto ( B.I. ) 138.00

Property damage other than auto 134.00 Auto property damage 24.00

Total $1,140.00

Premium tax paid in Canal Zone $17.10

Losses Paid

$0.00

0.00

0.00

0.00 $0.00

Losses Paid

(Cr.) $12.00

55.00

5.00 $48.00

Losses Paid

$10,360.80

5,018.03

24,533.85

$39,912.68

Losses Paid

$97.00

0.00 91.00

0.00

0.00

0.00 0.00 $188.00
MARYLAND CASUALTY COMPANY

Net Losses Premiums Paid

Accident $524.41 $32.94

Group accident and health 3,001.10 73.00 Auto liabihty 33,497.82 8,670.74

Liabihty other than auto 5,246.66 15.00 Fidehty 6,634.00 22.00

Surety 50,056.00 (Cr.) 2,870.69

Glass 14.00 0.00 Burglary and theft 13,587.71 3,974.88 Auto property damage 16,991.81 16,029.74 Inland marine 4,543.86 2,044.37

Property damage other than auto 1,695.75 126.52 Workmen's compensation 8,192.35 43,392.10

Automobile physical damage 48,347.86 25,233 . 1

4

Fire 4,373.72 249.95 Extended coverage 203.00 0.00 Miscellaneous 2,011.56 625.95

Total $198,921.61 $97,619.64

Premium tax paid in Canal Zone $2,983.82

MUTUAL OF OMAHA INSURANCE COMPANY

Net Losses Premiums Paid

Group accident and health $20.00 $7,178.77

Individual accident and health 1,549,987.56 1,412,337.37 Total $1,550,007.56 $1,419,516.14

Premium tax paid in Canal Zone $23,250.11

NATIONAL SURETY CORPORATION

(No transactions in Canal Zone during 1967)

NATIONAL UNION FIRE INSURANCE COMPANY

(No transactions in Canal Zone during 1967)

PANAMA INSURANCE COMPANY

Net Losses Premiums Paid

Fire $3,334.28 $0.00

Workmen's compensation 64,454.88 22,851.20

Liability other than auto 9,898.55 321 .29 Surety .3,3,540.11 0.00 Automobile 3,003.10 847.99

Miscellaneous 54.84 210.49

Total $114,285.76 $24,230.97

Premium tax paid in Canal Zone $1,714.29

RELIANCE INSURANCE COMPANY

(No transactions in Canal Zone during 1967)
ROYAL INDEMNITY COMPANY

Net Losses Premiums Paid

Surety $0.00 $341.20

Total $0.00 $341.20

Premium tax paid in Canal Zone $0.00

SEABOARD SURETY COMPANY

(No transactions in Canal Zone during 1967)

TRANSAMERICA INSURANCE COMPANY

Net Losses Premiums Paid

Fire $266.25 $0.00

Extended coverage 30.65 0.00

Total $296.90 $0.00

Premium tax paid in Canal Zone $4.45

TRAVELERS INDEMNITY COMPANY

Net Losses Premiums Paid

Fire $28.01 $0.00

Extended coverage 6.94 0.00 Miscellaneous (Cr.) 0.08 0.00 Inland Marine 20.00 0.00

Liability other than auto ( B.I. ) 1,419.82 24.50

Property damage other than auto 57.00 0.00 Auto liability (B.I.) 241.00 0.00 Auto property damage 126.00 0.00 Auto physical damage 112.22 76.11

Total $2,010.91 $100.61

Premium tax paid in Canal Zone $30.16

UNITED STATES FIDELITY AND GUARANTY COMPANY

Net Losses Premiums Paid

Extended coverage $3,603.10 $0.00 Auto collision 41,592.82 30,768.07

Fire 14,175.40 781.11 Inland marine 279.00 0.00 Accident 235.00 0.00 Workmen's compensation 24,031.92 2,558.18

Liability other than auto (B.I.) 3,307.22 142.80 Auto liability (B.I.) 42,559.70 13,749.54 Auto property damage 24,288.50 27,423.27 Auto physical damage 28,454.00 9,109.08

Property damage other than auto 1,593.76 114.80

Fidelity 3,959.25 0.00 Surety 22.00 0.00 Burglary and theft 11,122.00 6,992.48 Miscellaneous 8,171.00 0.00

Glass 0.00 29.50

Total $207,394.67 $91,668.83

Premium tax paid in Canal Zone $3,110.92
AMERICAN-AMICABLE LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1966 16 $120,624.00

Policies issued during 1967 0.00

Total 16 $120,624.00

Ceased to be in force during 1967 6,922.00

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

Losses and claims: Unpaid December 31, 1966 $0.00 Incurred during 1967 2,000.00 Total $2,000.00

Settled during 1967 2,000.00

Unpaid December 31, 1967 $0.00

Group—None

Net premiums collected in Canal Zone during 1967:

Life Insurance $2,088.96 Accident and Health 0.00

Total $2,088.96

Premium tax paid in Canal Zone $31.33

AMERICAN CAPITOL INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1966 1,738 $5,963,039.00

Policies issued during 1967 28 202,915.00

Total 1,766 $6,165,954.00 Ceased to be in force during 1967 397 215,141.00

Policies in force December 31, 1967 1,369 $5,950,813.00

Losses and claims: Unpaid December 31, 1966 $0.00 Incurred during 1967 2 1,500.00

Total 2 $1,500.00

Settled during 1967 2 1,500.00

Unpaid December 31, 1967 $0.00

Group—None

Net premiums collected in Canal Zone during 1967:

Life Insurance $132,733.77 Accident and Health 11,143.88

Total $143,877.65

Premium tax paid in Canal Zone $2,158.03
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY

OF NEW YORK

Ordinary—None

Group

Number Amount

Policies in force December 31, 1966 1 $256,555.00

Policies issued during 1967 0.00

Total 1 $256,555.00

Ceased to be in force during 1967 (-) 32,306.00

Policies in force December 31, 1967 1 $288,861.00

Losses and claims: Unpaid December 31, 1966 $246.29*

Incurred during 1967 31.02

Total $277.31

Settled during 1967 0.00 Unpaid December 31, 1967 $277.31 Net premiums collected in Canal Zone during 1967:

Life Insurance $3,027.13 Accident and Health 0.00 Total $3,027.13

Premium tax paid in Canal Zone $45.41

'Portion of estimated incurred but not reported claim allocated on basis of in force premiums.

BANKERS LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

Policies in force December 31, 1966 1,544 $5,930,717.00

Policies issued during 1967 0.00

Total 1,544 $5,930,717.00

Ceased to be in force during 1967 341 1,143,816.00

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

Losses and claims: Unpaid December 31, 1966 4 $3,500.00 Incurred during 1967 10 7,375.00

Total 14 $10,875.00

Settled during 1967 10 7,375.00

Unpaid December 31, 1967 4 $3,500.00

GHOin?—None

Net premiums collected in Canal Zone during 1967:

Life Insurance $189,056.39

Accident and Health 0.00

Total $189,056.39

Premium tax paid in Canal Zone $2,835.85

9
CITIZENS STANDARD LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1966 2,430 $9,502,549.00

Policies issued during 1967 52 60,064.00

Total 2,482 $9,562,613.00 Ceased to be in force during 1967 522 2,322.562.00

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

Losses and claims: Unpaid December 31, 1966 $0.00

Incurred during 1967 11 15,634.15

Total 11 $15,634.15

Settled during 1967 11 15,634.15

Unpaid December 31, 1967 $0.00

Group—None

Net premiums collected in Canal 5^ne during 1967:

Life Insurance $239,686.05

Accident and Health 86,789.56

Total $326,475.61

Premium tax paid in Canal Zone $4,897. 13

EQUITY ANNUITY LIFE INSURANCE COMPANY

Net premiums collected in Canal Zone during 1967:

Life Insurance $1,998.66

Accident and Health 0.00 Total $1,998.66

Premium tax paid in Canal Zone $29.97 Note: Above premiums collected during the period January 1 /August 9, 1967. Pursuant to agreement approved by the Superintendent of Insurance, District of Columbia, Variable Annuity Life Insurance Company of America assumed and

reinsured all insurance contracts of Equity Annuity Life Insurance Company

outstanding as of August 9, 1967.

10
FIDELITY AND GUARANTY LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1966 77 $472,699.00

Policies issued during 1967 2 54,902.00

Total 79 $527,601.00

Ceased to be in force during 1967 15 125,021.00

Policies in forc^e December 31, 1967 64 $402,580.00

Losses and claims: Unpaid December 31, 1966 $0.00 Incurred during 1967 - 0.00

Total $000

Settled during 1967 0^

Unpaid December 31, 1967 $0.00

Group—None

Net premiums collected in Canal Zone during 1967:

Life Insurance $11,002.12

Accident and Health 0.00

Total $11,002.12

Premium tax paid in Canal Zone $165.03

THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

Policies in force December 31, 1966 1,434 $9,046,415.00

Policies issued during 1967 50 980,703.00

Total 1,484 $10,027,118.00

Ceased to be in force during 1967 178 1,030,179.00

Policies in force December 31, 1967 1,306 $8,996,9.39.00 Losses and claims: Unpaid December 31, 1966 $0.00 Incurred during 1967 20 68,205.85

Total 20 $68,205.85

Settled during 1967 20 68,205.85

Unpaid December 31, 1967 $0.00

Group—None

Net premiums collected in Canal 2jone during 1967:

Life Insurance $246,690.92

Accident and Health 10.00

Total $246,700.92

Premium tax paid in Canal Zone $3,700.36

11
LINCOLN NATIONAL LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1966 720 $4,871,867.00

Policies issued during 1967 37 370,000.00

Total 757 $5,241,867.00

Ceased to be in force during 1967 85 658,182.00

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

Losses and claims: Unpaid December 31, 1966 $0.00 Incurred during 1967 11 52,502.00

Total 11 $52,502.00

Settled during 1967 11 52,502.00

Unpaid December 31, 1967 $0.00

Group

Number Amount

Policies in force December 31, 1966 $51,498.00

Policies issued during 1967 5,650.00

Total $57,148.00

Ceased to be in force during 1967 (-) 15,243.00

Policies in force December 31, 1967 $72,391.00

Losses and claims: Unpaid December 31, 1966 $0.00 Incurred during 1967 0.00

Total $0.00

Settled during 1967 0.00 Unpaid December 31, 1967 $0.00 Net premiums collected in Canal Zone during 1967:

Life Insurance $133,180.52

Accident and Health 2,512.15 Total $135,692.67

Premium tax paid in Canal Zone $2,035.39

12
NATIONAL WESTERN LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1966 4

Policies issued during 1967 2

Total 6 Ceased to be in force during 1967 1

Policies in force December 31, 1967 5

Losses and claims: Unpaid December 31, 1966

Incurred during 1967

Total

Settled during 1967 Unpaid December 31, 1967 Group—None

Net premiums collected in Canal 2^ne during 1967

:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone

Amount

$64,500.00

10,000.00

$74,500.00

4,000.00

$70,500.00

$0.00

0.00 $0.00

0.00 $0.00

$970.62

0.00 $970.62

$14.56

PAN-AMERICAN LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1966 138 $1,169,408.00

PoBcies issued during 1967 2 18,000.00

Total 140 $1,187,408.00

Ceased to be in force during 1967 23 92,528.00

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

Losses and claims: Unpaid December 31, 1966 $0.00

Incurred during 1967 2 3,010.00

Total 2 $3,010.00

Settled during 1967 2 3,010.00

Unpaid December 31, 1967 $0.00

Group—None

Net premiums collected in Canal Zone during 1967:

Life Insurance $25,496.28

Accident and Health 0.00 Total $25,496.28

Premium tax paid in Canal Zone $382.44

PENINSULAR LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1967)

13
UNITED BENEFIT LIFE INSURANCE COMPANY

Ordinary Number Amount

Policies in force December 31, 1966 516 $1,837,817.00

Policies issued during 1967 26 323,493.00

Total 542 $2,161,310.00

Ceased to be in force during 1967 50 212,718.00

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

Losses and claims: Unpaid December 31, 1966 1 $5,000.00 Incurred during 1967 - 2 6,000.00

Total 3 $11,000.00

Settled during 1967 2 6,000.00

Unpaid December 31, 1967 1 $5,000.00

Group Number Amount

Policies in force December 31, 1966 3 $101,248,300.00

Policies issued during 1967 8,813,400.00

Total 3 $110,061,700.00

Ceased to be in force during 1967 545,500.00

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

Losses and claims: Unpaid December 31, 1966 3 $19,000.00

Incurred during 1967 106 523,500.00

Total 109 $542,500.00

Settled during 1967 108 538,000.00

Unpaid December 31, 1967 1 $4,500.00 Net premiums collected in Canal Zone during 1967:

Life Insurance $854,844.16

Accident and Health 42,849.09

Total $897,693,25

Premium tax paid in Canal Zone $13,465.40

UNITED SERVICES LIFE INSURANCE COMPANY

Ordinary Number Amount

Policies in force December 31, 1966 149 $1,509,010.00

Policies issued during 1967 140 1,772,500.00 Total 289 $3,281,510.00

Ceased to be in force during 1967 48 429,000.00

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

Losses and claims: Unpaid December 31, 1966 $0.00

Incurred during 1967 0^0

Total $000

Settled during 1967 0.00 Unpaid December 31, 1967 $000

Group—None

Net premiums collected in Canal Zone during 1967:

Life Insurance $41,516.35

Accident and Health 0.00 Total $41,516.35

Premium tax paid in Canal Zone $622.75

14
UNITED STATES LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1966 32

Policies issued durinj? 1967

Total 32

Ceased to be in force during 1967 6

Policies in force December 31, 1967 26

Losses and claims: Unpaid December 31 , 1966

Incurred during 1967 1 Total 1 Settled during 1967 1 Unpaid December 31, 1967

Group

Number

Policies in force December 31, 1966 1 Policies issued during 1967

Total 1 Ceased to be in force during 1967

Policies in force December 31, 1967 1 L^osses and claims: Unpaid December 31, 1966

Incurred during 1967

Total

Settled during 1967 Unpaid December 31, 1967 Net premiums collected in Canal Zone during 1967:

Life Insurance Accident and Healtli Total Premium tax paid in Canal Zone

Amount

$450,547.00

23.00 $450,570.00

46,079.00

$404,491.00

$0.00

4,644.00

$4,644.00

4,644.00

$0.00

Amount

$200,000.00

0.00 $200,000.00

4,000.00

$196,000.00

$0.00

0.00 $aob

0.00 $0.00

$9,207.88

5,945.16

$15,153.04

$227.30

WABASH LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1967)

15
WORLD SERVICE LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1966 44 $521,858.00

Policies issued during 1967 20 158,060.00

Total 64 $679,918.00

Ceased to be in force during 1967 11 180,630.00

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

Losses and claims: Unpaid December 31, 1966 $0.00

Incurred during 1967 0.00

Total $0.00

Settled during 1967 0.00 Unpaid December 31, 1967 '. $0.00

Group—None

Net premiums collected in Canal Zone during 1967:

Life Insurance $4,830.26

Accident and Health 0.00 Total $4,830.26

Premium tax paid in Canal Zone $72.45

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 Glass Group accident and health Health and accident (includes

hospital and medical) 1 Inland marine

Liability other than auto Miscellaneous Ocean Marine

Property damage other than auto Surety

Workmen's compensation

Total $2. Premium taxes paid in Canal Zone

Net

Premiums

$759.41

273,693.15

6,805.62

70,937.89

144,419.34

80,949.45

147,101.22

31,239.76

3,964.94

11,218.25

63,077.87

14.00

8,218.44

,554,499.82

5,146.29

20,832.65

27,845.80

2,496.00

3,480.51

107,100.65

146,048.27

,709,849.33

$40,648.47

Losses Paid

$32.94

73,321.75

2,340.85

43,031.76

35,218.66

67,920.30

59,381.06

12,149.50

0.00 22.00

1,737.06 29.50

10,299.33

1,412,732.62

2,044.37

1,338.64

3,685.90

(Cr.) 151.03 241.32

(Cr.) 2,524.49

85,878.51

$1,808,730.55

LIFE INSURANCE COMPANIES

Ordinary

Number Amount

Policies in force December 31, 1966 8,842 $41,461 ,050.00

Policies issued during 1967 359 3,950,660.00

Total 9,201 $45,411,710.00

Ceased to be in force during 1967 1,677 6,466,778.00

Policies in force December 31, 1967 7,524 $38,944,932.00

Losses and claims: Unpaid December 31, 1966 5 $8,500.00

Incurred during 1967 59 160,871.00

Total 64 $169,371.00

Settled during 1967 59 160,871.00

Unpaid December 31, 1967 5 $8,500.00

17
Groxjp

Number Amount

Policies in force December 31, 1966 5 $101,756,353.00

Policies issued during 1967 8,819,050.00

Total __. 5 $110,575,403.00

Ceased to be in force during 1967 501,951.00

Policies in force December 3 1,1967 5 $110,073,452.00

Losses and claims: Unpaid December 31, 1966 3 $19,246.29

Incurred during 1967 106 523,531.02

Total 109 $542,777.31

Settled during 1967 108 538,000.00

Unpaid December 31, 1967 1 $4,777.31 Net premiums collected in Canal Zone during 1967:

Life Insurance $1,896,330.07

Accident and Health 149,249.84

Total $2,045,579.91

Premium tax paid in Canal Zone $30,683.40

The relatively small amount of fire insurance business written is due to the

fact that practically all stiuctures 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, 1967. Value of Amount of property damage

involved by fire Panama Canal Company $3,399,686.55 $46,424.40

Canal Zone Government 1,552,772.11 .365.00 Other U.S. Government 0.00 0.00

U.S. Armed Forces 10,591 ,014.56 15,550.38

Ships in Canal waters 24,095,464.76** 8,000.00*

Private property other than above 1,172,479.55 12,811.15 Total $40,811,417.53 $83,150.93

'Complete figures unavailable.

I

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 coi-porations

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,

"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 appHcation 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 sei-ved 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 hcensed 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 certfficate of an authorized official, showing that the company is authorized to transact business in the State or country under whose laws the company is organized;

(2) A duly 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 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 license tax equal to iy2 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.—CorTporations 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.

20
(c) Every contract made by or on behalf of such a corporation aflFecting 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 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 aflFect any action pending at the time.

23848—550 21


UNIVERSITY OF FLORIDA

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