C% l'f>%i

CANAL ZONE GOVERNMENT

ANNUAL REPO

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1961

Including Laws Concerning Licensing

Of Insurance Companies

CANAL ZONE GOVERNMENT

ANNUAL REPORT

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1961

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/annualreportofin1961cana
CANAL ZONE GOVERNMENT

OFFICE OF THE GOVERNOR

Balboa Heights, C.Z., May 1, 1962.

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 1961.

Respectfully,

Paul M. Runnestrand,

Executive Secretary.

The following companies were authorized to transact business in the Canal

Zone during the year 1961: 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.

Colonial American Life Insurance Company Corpus Christi, Tex.

Colonial Insurance Company Los Angeles, Calif. Commercial Insurance Company Newark, N.J. Compaiiia General de Seguros, S.A Panama, R. of P. Compafiia Internacional de Seguros, S.A Panama, R. of P. Compaiiia Istmeiia 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.

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. 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.

1
Mutual Benefit Health and Accident Association 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. Time Life Insurance Company San Antonio, Tex.

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 Illinois Mid-Continent Life Insurance Company licensed in the Canal Zone November 13, 1961.
AMERICAN MOTORISTS INSURANCE COMPANY

(No transactions in Canal Zone during 1981)

AMERICAN SURETY COMPANY OF NEW YORK

Net Losses Premiums Paid

Miscellaneous $108.52 $2,431.12

Total $108.52 $2,431.12

Premium tax paid in Canal Zone $1.63

COLONIAL INSURANCE COMPANY

Net Losses Premiums Paid

Automobile-other $427.88 $459.55 Auto liability (B.I.) 4,606.88 9,488.08 Auto property damage 2,375.48 6,601.80 Auto physical damage 5,206.14 6,968.96

Total $12,616.38 $23,518.39

Premium tax paid in Canal Zone $189.25

COMMERCIAL INSURANCE COMPANY

Net Losses Premiums Paid

Burglary and theft $191.53 $15.00

Workmen's compensation 196,741.83 104,361.92

Liability other than auto 7,3.37.52 60.82 Accident 55.08 0.00 Total $204,325.96 $104,437.74

Premium tax paid in Canal Zone $3,064.89

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

Fire $64.42 $0.00 Auto comprehensive 197.64 0.70 Auto collision ' 323.69 0.00 Auto liability (B.I.) 290.31 0.00 Hospital and medical 27.22 0.00 Auto property damage 79.83 0.00

Burglar\' and theft 20.42 0.00

Total $1,003.53 $0.70

Premium tax paid in Canal Zone $15.05

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

Fire $1,573.09 $0.00

Total $1,573.09 $0.00

Premium tax paid in Canal Zone $23.60
COMPANIA ISTMENA DE SEGUROS, S. A. Net Losses Premiums Paid

Workmen's compensation $2,259. 15 $0.00

Total $2,259.15 $0.00

Premium tax paid in Canal Zone $33.89

COMPANIA NACIONAL DE SEGUROS, S. A. (No transactions in Canal Zone during 1961)

CONTINENTAL CASUALTY COMPANY

J Net Losses Premiums Paid

Inland marine $7.42 $0.00

Accident 228.67 0.00 Accident and health 4,950.42 1,421.14

Hospital and medical expenses 154.55 0.00 Group accident and health 2,762.67 2,463.07

Liability other than auto (B.I.) 64.39 0.00 Auto liability (B.I.) 2,501.58 4,046.00 Auto liability (P.D.) 1,139.95 1,104.45 Auto physical damage 5,030.08 1,497.47

Surety 61.84 0.00

Total $16,901.57 $10,532.13

Premium tax paid in Canal Zone $253.52

CONTINENTAL INSURANCE COMPANY

Net Losses Premiums Paid

Fire $1,289.98 $0.00

Extended coverage 288.60 0.00 Total $1,578.58 $0.00

Premium tax paid in Canal Zone $23.68

FIDELITY AND CASUALTY COMPANY OF NEW YORK

(No transactions in Canal Zone during 1961)

FIDELITY AND DEPOSIT COMPANY

Net Losses Premiums Paid

Surety (cr.) $140.17 $0.00

Total (cr.) $140.17 $0.00

Premium tax paid in Canal Zone $0.00

FIREMAN'S INSURANCE COMPANY OF NEWARK

Net Losses Premiums Paid

Fire $22,378.88 $331.70

Automobile and motor vehicle 141,813.78 54,775.35 Miscellaneous 1,335.71 28.00

Total $165,528.37 $55,135.05

Premium tax paid in Canal Zone $2,482.93

GENERAL INSURANCE COMPANY OF AMERICA

(No transactions in Canal Zone during 1961)
HARTFORD ACCIDENT AND INDEMNITY COMPANY

Net

Premiums

Accident $37.50 Health and accident 42.50 Auto physical damage 0.00 Workmen's compensation 272.73

Liability other than auto (B.I.) 1,157.18 Auto liability (B.I.) 66.06 Auto liability (P.D.) 28.60

Fidelity 4.34

Total $1,608.91

Premium tax paid in Canal Zone $24.13

INTERNATIONAL SERVICE INSURANCE COMPANY

Net

Premiums

Auto liability (B.I.) $7,958.60 Auto property damage 3,987.91 Auto physical damage 25,756.66

Liability other than auto 36.00

Total $37,739.17

Premium tax paid in Canal Zone $566.09

THE LIBERTY MUTUAL INSURANCE COMPANY

Net

Premiums

Workmen's compensation $218.00 Auto liability (B.I.) 447.00 Auto liability (P.D.) 304.00 Auto physical damage (cr.) 41.00

Total $928.00

Premium tax paid in Canal Zone $12.84

MARYLAND CASUALTY COMPANY

Net

Premiums

Hospital $1,858.90 Accident 621.93 Health (cr.) 117.52 Group accident and health 2,425.85 Auto liability 19,761.55

Liability other than auto 5,305.54

Fidelity 2,241.45

Surety 39,806.55

Glass 144.65 Burglary and theft 3,110.84 Auto property damage 10,178.83

Inland marine 2,052.60

Property damage other than auto 1,810.62

Workmen's compensation 34,147.67

Automobile physical damage 24,316.79

Fire 3,747.87

Extended coverage 238.30

Miscellaneous 75.00

Total $151,727.42

Premium tax paid in Canal Zone $2,275.91 5

Losses Paid

$0.00

0.00 45.60

0.00

0.00 550.00

0.00 0.00 $595.60

Losses Paid

$9,186.12

3,476.81

11,027.12 0.00 $23,690.05

Losses Paid

$0.00 800.00

0.00

0.00 $800.00

Losses Paid

$633.30

0.00 0.00 138.85

3,245.00 629.50

0.00 3,882.00

3.15 2,072.65

11,689.10

2,129.00 909.57

26,601.66

9,281.53 70.00

0.00

0.00 $61,285.31
MUTUAL BENEFIT HEALTH AND ACCIDENT ASSOCIATION

Net Losses Premiums Paid

Group accident and health $8,153.27 $1,931.80 Accident 263.55 79.28 Health and accident 61,367.78 20,220.45

Hospital and medical 662,730.47 410,217.66

Total $732,515.07 $432,449.19

Premium tax paid in Canal Zone $10,987.73

NATIONAL SURETY CORPORATION

Net Losses Premiums Paid

Surety $5,558.68 $0.00 Inland marine 89.00 52.50

Total $5,647.68 $52.50

Premium tax paid in Canal Zone $84.72

NATIONAL UNION FIRE INSURANCE COMPANY

Net Losses Premiums Paid

Automobile and motor vehicle $15,845.63 $16,260.38

Total $15,845.63 $16,260.38

Premium tax paid in Canal Zone $237.68

PANAMA INSURANCE COMPANY

Fire Workmen's compensation

Liability other than auto Surety

Automobile

Total Premium tax paid in Canal Zone $1,370.07

ROYAL INDEMNITY COMPANY

Net Losses Premiums Paid

Liability other than auto (B.I.) (cr.) $19.53 $0.00

Property damage other than auto (cr.) 1.72 0.00 Auto physical damage 210.65 13.50 Surety 22,933.59 0.00 Group accident and health 9,245.08 0.00

Total $32,368.07' $13.50

Premimn tax paid in Canal Zone $485.52

SEABOARD SURETY COMPANY

(No transactions in Canal Zone during 1961)

Net
TRAVELERS INDEMNITY COMPANY

Islet Losses Premiums Paid

Auto physical damage $1 16.79 $0.00

Total - $116.79 $0.00

Premium tax paid in Canal Zone $1.75

UNITED STATES FIDELITY AND GUARANTY COMPANY

Net Losses Premiums Paid

Extended coverage SSS.SS $0.00 Auto collision 21,604.17 11,406.62

Fire 5,754.60 79.30

Inland marine __! 651.55 0.09 Accident i 54.50 289.30 Workmen's compensation 24,300.46 6,781.49

Liability other than auto (B.I.) 8,835.49 4.15 Auto liability (B.I.) 28,002.23 24,870.83 Auto property damage ; 14,431.37 11,107.97 Auto physical damage ^ 15,811.92 5,922.24

Property damage other than auto 4,542.62 230.34

Fidelity 2,171.95 403.84

Surety 18,980.62 (cr.) 3,135.00

Burglary and theft 4,449.35 2,334.62

Total 8149,619.16 $60,295.70

Premium tax paid in Canal Zone $2,244.29
AMERICAN LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1960 167

Policies issued during 1961 5

Total 172 Ceased to be in force during 1961 39

Policies in force December 31, 1961 133

Losses and claims: Unpaid December 31, 1960

Incurred during 1961

Total

Settled during 1961 Unpaid December 31, 1961 Group—None

Net premiums collected in Canal Zone during 1961:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone

Amount

$835,408.00

4,286.00

$839,694.00

205,445.00

$634,249.00

$0.00

0.00 $0.00

0.00 $0.00

$3,767.51

$0.00

$3,767.51

$56.51

BANKERS LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

Policies in force December 31, 1960 3 $8,000.00

Policies issued during 1961 0.00

Total 3 $8,000.00

Ceased to be in force during 1961 0.00

Policies in force December 31, 1961 3 $8,000.00 Losses and claims: Unpaid December 31, 1960 $0.00 Incurred during 1961 0.00 Total $0.00

Settled during 1961 0.00 Unpaid December 31, 1961 $0.00

Group—None

Net premiums collected in Canal Zone during 1961:

Life Insurance $281.28

Accident and Health $0.00

Total $281.28

Premium tax paid in Canal Zone $4.22
COLONIAL AMERICAN LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1960 7 $38,345.00

Policies issued during 1961 12 78,712.00

Total 19 $117,057.00

Ceased to be in force during 1961 5 44,072.00

Policies in force December 31, 1961 14 $72,985.00

Los.ses and claims: Unpaid December 31, 1960 $0.00 Incurred during 1961 OM

Total $0.00

Settled during 1961 OM

Unpaid December 31, 1961 $0.00

Group

Number Amount

Policies in force December 31, 1960 $0.00

Policies issued during 1961 3 493,250.00

Total 3 $493,250.00

Ceased to be in force during 1961 31,350.00

Policies in force December 31, 1961 3 $461,900.00

Losses and claims: Unpaid December 31, 1960 $0.00 Incurred during 1961 146 22,050.00 Total 146 $22,050.00

Settled during 1961 132 19,950.00

Unpaid December 31, 1961 14 $21,100.00 Net premiums collected in Canal Zone during 1961:

Life Insurance $21,262.13 Accident and Health $79,141.68

Total $100,403.81

Premium tax paid in Canal Zone $1,506.05

EQUITY ANNUITY LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1960 22 $22,000.00

Policies issued during 1961 0.00 Total 22 $22,000.00

Ceased to be in force during 1961 1 1,000.00

Policies in force December 31, 1961 21 $21,000.00

Losses and claims: Unpaid December 31, 1960 $0.00 Incurred during 1961 0.00

Total $0.00

Settled during 1961 0.00 Unpaid December 31, 1961 $0.00

Group—None

Net premiums collected in Canal Zone during 1961:

Life Insurance $6,316.86

Accident and Health $0.00

Total $6,316.86

Premium tax paid in Canal Zone .-_ $94.75

9
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Niunber Amount

Policies in force December 31, 1960 1,331 $5,278,499.00

Policies issued during 1961 , 93 796,678.00

Total 1,424 $6,075,177.00

Ceased to be in force during 1961 235 833,576.00

Policies in force December 31, 1961 1,189 $5,241,601.00

Losses and claims: Unpaid December 31, 1960 $0.00 Incurred during 1961 3 50,690.00

Total 3 $50,690.00

Settled during 1961 3 50,690.00

Unpaid December 31, 1961 $0.00

Group—None

Net premiums collected in Canal Zone during 1961:

Life Insurance $151,260.67 Accident and Health $0.00

Total $151,260.67

Premium ta.x paid in Canal Zone $2,268.91

ILLINOIS MID-CONTINENT LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1961)

10
LINCOLN NATIONAL LIFE INSURANCE COMPANY

Ordinary

Number Arnount

Policies in force December 31, 1960 1,659 $9,935,831.00

Policies issued during 1961 113 800,253.00

Total 1,772 $10,736,084.00

Ceased to be in force during 1961 114 869,097.00

Policies in force December 31, 1961 1,658 $9,866,987.00 Losses and claims: Unpaid December 31, 1960 $0.00 Incurred during 1961 2 12,930.00

Total 2 $12,930.00

Settled during 1961 1 1,000.00

Unpaid December 31, 1961 1 $11,930.00

Group

Number Amount

Policies in force December 31, 1960 3 $185,651.00

Policies issued during 1961 0.00 Total 3 $185,651.00

Ceased to be in force during 1961 (36,385.00)

Policies in force December 31, 1961 3 $222,036.00

Losses and claims: Unpaid December 31, 1960 $0.00 Incurred during 1961 0.00 Total $0.00

Settled during 1961 0.00 Unpaid December 31, 1961 $0.00 Net premiums collected in Canal Zone during 1961:

Life Insurance $127,217.43

Accident and Health $3,097.57

Total $130,315.00

Premium tax paid in Canal Zone $1,954.73

11
PAN-AMERICAN LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1960 239 $1,542,860.00

Policies issued during 1961 12 184,660.00

Total 251 $1,727,520.00

Ceased to be in force during 1961 17 94,477.00

Policies in force December 31, 1961 234 $1,633,043.00 Losses and claims: Unpaid December 31, 1960 $0.00 Incurred during 1961 3 27,636.00

Total 3 $27,636.00

Settled during 1961 2 12,000.00

Unpaid December 31, 1961 1 $15,636.00

Group—None

Net premiums collected in Canal Zone during 1961:

Life Insurance $20,766.92

Accident and Health $0.00

Total $20,766.92

Premium tax paid in Canal Zone $311.15

THE SERVICE LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1960 14

Policies issued during 1961 1 Total 15 Ceased to be in force during 1961 3

Policies in force December 31, 1961 12

Losses and claims: Unpaid December 31, 1960

Incurred during 1961 .. Total

Settled during 1961 Unpaid December 31, 1961 Group—None

Net premiums collected in Canal Zone during 1961:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone

Amount

$48,318.00

7,500.00

$55,818.00

$25,000.00

$30,818.00

$0.00

0.00 $0.00

0.00 $0.00

$2,185.31

$0.00

$2,185.31

$32.78

12
TIME LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1960 9 $30,568.00

Policies issued during 1961 2 20.000.00

Total 11 $50,568i)0

Ceased to be in force during 1961 2 6,000.00

Policies in force December 31, 1961 9 $44,568.00

Losses and claims: Unpaid December 31, 1960 $0.00 Incurred during 1961 0.00 Total $0.00

Settled during 1961 0.00 Unpaid December 31, 1961 $0.00

Group—None

Net premiums collected in Canal Zone during 1961:

Life Insurance $785.87

Accident and Health $0.00

Total $785.87

Premium tax paid in Canal Zone $11.79

UNITED BENEFIT LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1960 74 $159,938.00

Policies issued during 1961 62 380,388.00

Total l36 $540,326.00

Ceased to be in force during 1961 5 13,965.00

Policies in force December 31, 1961 Isl $526,361.00

Losses and claims: Unpaid December 31, 1960 $0.00 Incurred during 1961 0.00

Total $0.00

Settled during 1961 0.00 Unpaid December 31, 1961 $0.00

Group

Number Amount

Policies in force December 31, 1960 $0.00

Policies issued during 1961 1 40.072,500.00

Total r $40,072,500.00

Ceased to be in force during 1961 32,500.00

Policies in force December 31, 1961 1 $40,040,000.00

Losses and claims: Unpaid December 31, 1960 $0.00 Incurred during 1961 10 45,500.00

Total 10 $45,500.00

Settled during 1961 10 45,500.00

Unpaid December 31, 1961 O' $0.00 Net premiums collected in Canal Zone during 1961:

Life Insurance $58,765.09 Accident and Health $4,927.30

Total $637692^

Premium tax paid in Canal Zone $955.39

13
UNITED SERVICES LIFE INSURANCE COMPANY

Ordinary

. Number Amount

Policies in force December 31, 1960 126 $790,616.00

Policies issued during 1961 ._ - _.-. . 10 200,500.00

Total 136 $991,116.00

Ceased to be in force during 1961 18 106,116.00

Policies in force December 31, 1961 118 $885,000.00

Losses and claims: Unpaid December 31, 1960 $0.00 Incurred during 1961 0.00

Total $0.00

Settled during 1961 0.00 Unpaid December 31, 1961 $0.00

Group—None

Net premiums collected in Canal Zone during 1961:

Life Insurance $15,727.83

Accident and Health $0.00

Total $15,727.83

Premium tax paid in Canal Zone $235.92

14
UNITED STATES LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1960 70 $768,374.00

Policies issued during 1961 3 28,001.00

Total 73 $796,375.00

Ceased to be in force during 1961 5 70,921.00

Policies in force December 31, 1961 68 $725,454.00

Losses and claims: Unpaid December 31, 1960 $0.00 Incurred during 1961 1 1,000.00 Total 1 $1,000.00

Settled during 1961 1 1,000.00

Unpaid December 31, 1961 $0.00

Group

Number Amount

Policies in force December 31, 1960 2 $1,851,431.00

Policies issued during 1961 2 376,074.00

Total 4 $2,227,505.00

Ceased to be in force during 1961 0.00

Policies in force December 31, 1961 4 $2,227,505.00

Losses and claims: Unpaid December 31, 1960 $0.00 Incurred during 1961 0.00 Total $0.00

Settled during 1961 0.00 Unpaid December 31, 1961 $0.00 Net premiums collected in Canal Zone during 1961:

Life Insurance $23,596.93

Accident and Health $11,935.65

Total $35,532.58

Premium tax paid in Canal Zone $532.99

15
RECAPITULATION

MISCELLANEOUS COMPANIES

Net Losses Premiums Paid

Ac-cident $1,261.23 $368.58

Automobile and motor vehicle 159,277.76 72,089.47 Auto comprehensive 197.64 0.70 Auto collision 21,927.86 11,406.62 Auto liability (B.I.) 63,634.21 52,183.03 Auto property damage 32,525.97 33,980. 13 Auto physical damage 76,408.03 34,756.42

Burglary and theft 7,772. 14 4,422.27

Extended coverage 585.23 0.00

Fidelity 4,417.74 403.84

Fire 39,445.76 481.00

Glass 144.65 3.15 Group accident and health 22,586.87 4,533.72 Health and accident 66,243.18 21,641.59

Hospital and medical expense 664,771.14 410,850.96

Inland marine 2,800.57 2,181.50

Liability other than auto 34,309.94 3,638.83

Property damage other than auto 6,351.52 1,139.91

Surety 88,981.59 747.00 Workmen's compen,sation 330,046.45 150,548.80 Miscellaneous 1,519.23 2,459.12

Total $1,625,208.71 $807,839.64

Premium taxes paid in Canal Zone $24,379.17

LIFE INSURANCE COMPANIES

Ordinary

Ninnber

Policies in force December 31, 1960.. _: 3,721

Policies issued during 1961 313

Total 4,034

Ceased to be in force during 1961 444

Policies in force December 31, 1961 3,590

Lo.s.ses and claims: Unpaid December 31, 1960

Incurred dm-ing 1961 9

Total 9

Settled during 1961 7 Unpaid December 31, 1961 2

Ainount

$19,458,757.00

2,500,978.00

$21,959,735.00

2,269,669.00

$19,690,066.00

$0.00

92,256.00

$92,256.00

64,690.00

$27,566.00

16
Group

Number Amount

Policies in force December 31, 1960 5 $2,037,082.00

Policies issued during 1961 6 40,941,824.00

Total 11 $42,978,906.00

Ceased to be in force during 1961 27,465.00

Policies in force December 31, 1961 11 $42,951,441.00

Losses and claims: Unpaid December 31, 1960 .0 $0.00 Incurred during 1961 156 $67,550.00

Total 156 $67,550.00

Settled during 1961 142 65,450.00

Unpaid December 31, 1961 14 $2,100.00 Net premiums collected in Canal Zone during 1981:

Life Insurance $431,933.83 Accident and Health $99,102.20

Total $531,036.03

Premium tax paid in Canal Zone $7,965.19

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

fact that practically all structmes 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, 1961: Value of Amoimt of property damage

involved by fire The Panama Canal Company $10,326,988.26 $12,135.80 Canal Zone Government 0.00 0.00 United States Armed Forces 10,199,245.36 5,907.59

Ships in Canal waters 10,470,750.00 51,660.50

Private property other than above 2,417,424.33 14,426.55

Total $33,414,407.95 $84,130.44

The following is an extract from the laws of the Canal Zone concerning

the licensing of foreign corporations under which insurance companies are authorized to do business in the Canal Zone. CANAL ZONE CODE-Title 3, Chapter 10

Sec. 221. Application for license to do business; accompanying papers; process agent; filing fee.—No corporation organized under the laws of any

State or territory of the United States or of any foreign country shall do busi- ness in the Canal Zone or maintain an office therein until it shall have filed with the Executive Secretary of the Canal Zone:

(a) An application for a license setting forth the name of the cor- poiation, the names of its officers and directors, and a statement show17
iiig tlie general nature of the business in which it desires to engage m

the Canal Zone;

( b) A certified copy of its articles of incorporation, or of its charter, or of the statute or statutes or legislative or executive or governmental

acts creating it, in cases where it has been created by charter or statute or legislative or executive or governmental act, dvily certified by the Secretary of State or other officer authorized by law to certify such

copy;

(c) An affidavit sworn to by any authorized officer of such cor- poration which shall state the amount of its authorized capital stock

at or within 60 days prior to such filing; (d) Every corporation must, at the time of filing its application,

file in the office of the Executive Secretary a designation of some person

residing within the Canal Zone and the place of business or residence

of such person upon whom process issued by authority of or under

any law of the Canal Zone may be served. With such designation shall be submitted a certified copy of the minutes of the board of directors

of such corporation authorizing such designation. Process may be sei"ved on the person so designated, or, in the event that such person cannot be found at the place designated or in the event that no such person

is designated, then on the Executive Secretary of the Canal Zone, or his successor in office, and such service shall be a valid service on such

corporation. When the Executive Secretary shall have been served with process as provided herein he shall without delay communicate

the same to the corporation concerned at its last known address and no

default judgment shall be entered against such corporation in any action

in which process is sei"ved on the Executive Secretary vmtil at least 60 days after the date of such service; (e) Corporations licensed under the provisions of this chapter shall also be required to file with the Executive Secretary any amendment

of or change in any of the provisions of its original articles of incorporation;

(f) With the application for license there shall also be submitted

the sum of $10, which amount shall cover the filing fee and the annual

license fee for the remainder of the calendar year during which the

license is issued. Sec. 222. Insurance companies- to file additional documents and deposit —

In addition to the recjuirements hereinbefore prescribed, insurance companies

organized under the lav/s of any State or temtory of the United States or of any foreign country shall be required to file the following documents:

(a) A certificate of the Commissioner of Insurance or other duly

authorized official, showing that the company is authorized to transact business in the State or country under whose laws the company is organized;

(b) A duly certified copy of the last annual statement of the insur- ance company to the Commissioner of Insmance or other duly authorized official in the State or comitry where the company is organized;

(c) A deposit with the Executive Secretary or his successor in office of $10,000 in cash or current marketable securities, which shall

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be held in trust by the Executive Secretary for the account of the company, to satisfy any judgment that may be rendered against the company under any insurance pohcies that it may issue. Sec. 223. Insurance companies to file statement and pay license tax.— Insurance companies licensed under this chapter shall file with the Executive

Secretary between January 1 and 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 the Insurance Commissioner of the State, territory, or country in which the company is organized. Such insurance companies shall pay before March 1 of each year, in lieu of all other taxes save the annual fee provided

for in section 225 of this title, a license tax equal to lYi per centum of its net premium receipts in the Canal Zone for the calendar year preceding.

Sec. 224. Issuance of license.—Upon compliance with the foregoing conditions, the Governor of the Canal Zone, if he is satisfied that the business

desired to be transacted is proper, legitimate, permissible under the laws of the Canal Zone, and not in conflict with the policv of administering the Canal

Zone as an adjunct of the Panama Canal, may issue a license to do business

in the Canal Zone.

Sec. 225. Continuance after original license period.—The right 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 compliance with such provisions of this chapter as are applicable to corporations licensed under this chapter, upon the payment of a

license fee of $10, payable in advance, on January 1 of each year, and upon

the designation of a new process agent before March 1 if the process agent

theretofore designated has ceased during a preceding calendar year to reside within the Canal Zone.

Sec. 226. Transacting business without license, how punished; contracts void.—Any corporation which does business in the Canal Zone without having

complied with the provisions of this chapter shall be subject to a fine of not more than $500 and any agent or person acting for such corporation, unless

it shall have complied with the provisions of this chapter, shall, upon conviction, be punished as for a misdemeanor. In addition to this penalty, every

contract made by or on behalf of any such foreign corporation affecting the

liability thereof or relating to property within the Canal Zone shall be held

void on its behalf and on behalf of its assigns, but shall be enforceable against

it or them.

Sec. 227. Same; loss of benefit of limitation /fltf;^.— Corporations doing

business in the Canal Zone which fail to comply with the provisions of this chapter shall not be entitled to the benefit of the laws of the Canal Zone

limiting the time for the commencement of civil actions. Sec. 228. License under Chapter 11 sufficient.—No corporation licensed under the provisions of Chapter 11 of this title shall be required to comply

with the provisions of this chapter. Sec. 229. "Corporation" includes joint stock companies.—The term "cor- poration" as used in this chapter shall include joint stock companies.

Sec. 230. Revocation of license.—The Governor of the Canal Zone is authorized to revoke anv license issued hereunder if, upon examination, he

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shall be 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. Note—Chapter 11 relates to corporations and others engaged in the sales of

securities only. Corporations and others engaged in the sales of securities must comply with the provisions of the Securities Sales Law contained in Chapter 11 and

after such compliance are not subject to the provisions of Chapter 10.

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UNIVERSITY OF FLORIDA

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