CZh'i'

CANAL ZONE GOVERNMENT

/ V^.*' '••>^'^ansacted in the

i

JAt^ ^^e^i^^AL ZONE

X^^^//MDO&|i)^l(!i THE CALENDAR YEAR

1972

Including Laws Concerning Licensing

Of Insurance Companies

L^

ANNUAL REPORT

OF

INSURANCE BUSINESS

CANAL ZONE GOVERNMENT

ANNUAL REPORT

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1972

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/annualreportofin1972cana
CANAL ZONE GOVERNMENT

OFFICE OF THE GOVERNOR

Balboa Heights, June 1, 1973.

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 1972.

Respectfully,

J. Patrick Conley,

Executive Secretary.

The following companies were authorized to transact business in the Canal

Zone durin2 the vea.v 1972. Aetna Casualty and Surety Company Hartford, Conn.

American-Amicable Life Insurance Company Birmingham, Ala. American Capitol Insurance Company Houston, Tex. American Continental Life Insurance Phoenix, Ariz. American Employers' Insurance Company Boston, Mass. American Home Assurance Company New York, N.Y. American International Life Assurance Company of New YorkNew York, N.Y. American Motorists Insurance Co Chicago, 111. Atlantic Southern Insurance Co. of Puerto Rico San Juan, P.R. Bankers Life Insurance Company of America Dallas, Tex.

Beneficial National Life Insurance Company New York, N.Y.

Citizens Standard Life Insurance Company Corpus Christi, Tex.

Colonial Insurance Company of Panama Panama, R. of P. Compaiiia General de Seguros, S.A Panama, R. of P. Compania Interamericana de Seguros, S.A Panama, R. of P. Compafiia Intemacional de Seguros, S.A Panama, R. of P. Compaiiia Istmefia de Seguros, S.A Panama, R. of P.
Compania Nacional de Seguros, S.A Panama, R. of P. Continental Casualty Company Chicago, 111. Continental Insurance Company New York, N.Y. Executive Fund Life Insurance Co Omaha, Nebr.

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.

General Insurance Company of America Seattle, Wash.

Gibraltar Life Insurance Company of America Dallas, Tex. Great American Insurance Company New York, N.Y. Hartford Accident and Indemnity Company Hartford, Conn.

Insurance Company of North America Philadelphia, Pa. International Service Insurance Company Fort Worth, Tex,

Jackson National Life Insurance Company Jackson, Mich.

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 Suretv Corporation^ New York, N.Y.

National Si u'etv Coi"poration2 Chicago, 111. National Union Fiie Insurance Company Pittsburgh, Pa. Panama Insurance Company, Inc Panama, R. of P. Pan-American Life Insurance Company New Orleans, La.

Peninsular Life Insurance Company Jacksonville, Fla. Reliance Insurance Company Philadelphia, Pa. Royal Indemnity Company New York, N.Y. Seaboard Surety Company New York, N.Y. Transamerica Insurance Company Los Angeles, Calir. Travelers Indemnity Company Hartford, Corm,

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 Service Life Insurance Company Fort Worth, Tex.

INational Surety Corporation (New York) merged into Fireman's Fund Insurance Company

of Illinois efFectJve December 31, 1972, with Fireman's Fund being the surviving corporation. Simultaneously, Fireman's Fund changed its name to National Surety Corporation, an Illinois corporation. 2National Surety Corporation (formerly Fireman's Fund Insurance Company of Illinois) licensed to do business in the Canal Zone October 6, 1972. See note 1 above.
AETNA CASUALTY AND SURETY COMPANY

(No transactions in Canal Zone during 1972)

AMERICAN EMPLOYERS' INSURANCE COMPANY

(No transactions in Canal Zone during 1972)

AMERICAN HOME ASSURANCE COMPANY

A'et Losses Premiums Paid Fire $24,236.58 $31,671.32 Motor Vehicle 320,892.76 126,547.15

Workmen's compensation 56,699.54 29,927.28

Miscellaneous 35,749.28 8,701.86

Total $437,578.16 $196,847.61

Premium tax paid in Canal Zone $6,563.67

AMERICAN MOTORISTS INSURANCE COMPANY

(No transactions in Canal Zone during 1972)

COLONIAL INSURANCE COMPANY OF PANAMA

Net Losses Premiums Paid

Liability other than auto (B.I.) $518.50 $0.00 Auto liability (B.I.) 58,464.94 6,048.49 Auto property damage 33,138.02 22,581.62

Automobile and motor vehicle 16,296.53 1,055.93 Auto comprehensive 6,547.91 2,752.79 Auto collision 36,343.87 20,252.43

Fire 2,080.33 0.00 Burglary and theft 1,189.57 100.00

Miscellaneous 786.40 0.00

Suret\' 264.70 0.00

Total $155,630.77 $52,791.26

Premium tax paid in Canal Zone $2,334.46
COMPAISIA GENERAL DE SEGUROS, S.A. Net Losses Premiums Paid Fire $1,026.40 $0.00

Surety 5,135.85 0.00

Liability other than auto 495.89 0.00 Workmen's compensation 2,991.51 10.00 Auto comprehensive 186.32 0.00 Auto liabihty (B.I.) 513.85 0.00 Auto collision 499.50 0.00 Auto property damage 318.71 0.00 Extended coverage 86.18 0.00

Hospital and medical 83.00 0.00

Total $11,337.21 $10.00

Premium tax paid in Canal Zone $170.06

COMPASIA liNTERAMERICANA DE SEGUROS, S.A. Net Losses Premiums Paid Autom,obile $8,948.11 $655.77

Fire 1,258.00 0.00

Liability other than auto 7,773.06 5,347.05

Miscellaneous 2,223.40 0.00 Surety 4,085.25 0.00 Workmen's compensation 44,863.57 35,645.15

Total $69,151.39 $41,648.57

Premium tax paid in Canal Zone $1,037.27

COMPAJNfIA INTERNACIONAL DE SEGUROS, S.A. Net Losses Premiums Paid Fire $881.00 $0.00

Surety 17,369.00 0.00 Automobile 15,570.00 0.00

Total $33,820.00 $0.00

Premium tax paid in Canal Zone $507.30

COMPAfJiA ISTME5JA DE SEGUROS, S.A. (No transactions in Canal Zone during 1972)

COMPANIA NACIONAL DE SEGUROS, S.A. (No transactions in Canal Zone during 1972)
CONTINENTAL CASUALTY COMPANY

Net Premiums Auto ph\'sical damage $0.00 Accident and health 563.04 Group accident and health 8,623.64 Total $9,186.68

Premium tax paid in Canal Zone $137.80

CONTINENTAL INSURANCE COMPANY

Net Premiums

Fire $38.00

Miscellaneous 33.28 Workmen's compensation 1,327.00 Auto liability (Cr.) 2.00 Surety 10.00

Total $1,406.28

Premium tax paid in Canal Zone $21.09

FIDELITY AND CASUALTY COMPANY OF NEW YORK

Net Premiums Miscellaneous $539.00

Total $539.00

Premium tax paid in Canal Zone $8.09

Lotfies Paid $420.65

0.00

1,580.00

$2,000.65

Paid$0.00

0.00

0.00

0.00

0.00 $0.00

Losses Paid$0.00

$0.00

FIDELITY AND DEPOSIT COMPANY OF MARYLAND

(No transactions in Canal Zone during 1972)

GENERAL INSURANCE COMPANY OF AMERICA

(No transactions in Canal Zone during 1972)

GREAT AMERICAN INSURANCE COMPANY

( No transactions in Canal Zone during 1972

)

HARTFORD ACCIDENT AND INDEMNITY COMPANY

Workmen's compensation

Liability other tlian auto (B.I.) (Cr.) Fire Auto liability ( B.I. ) Miscellaneous ( Cr.

)

Auto physical damage

Inland marine

Total Premium tax paid in Canal Zone

Net
INSURANCE COMPANY OF NORTH AMERICA

Net Premiums Miscellaneous $1,397.00 Total $1,397.00

Premium tax paid in Canal Zone $20.96

Losses Paid$0.00

$0.00

INTERNATIONAL SERVICE INSURANCE COMPANY

Net Losses Premiums Paid Auto liability $18,482.50 $11,304.95 Auto physical damage 25,364.30 17,124.30

Total $43,846.80 $28,429.25

Premium tax paid in Canal Zone $657.70

THE LIBERTY MUTUAL INSURANCE COMPANY

Net Premiums Health and accident $121.00

Liabihty other than auto (B.I.) 208.00 Auto liability ( B.I. ) 4.00

Total $333.00

Premium tax paid in Canal Zone $5.00

Losies Paid$0.00 0.00

0.00

$0.00

MARYLAND CASUALTY COMPANY

Net Losses Premiums Paid Accident only $994.96 $398.50

Accident and health 1,877.69 1,973.78

Group accident and health 2,456.75 173.20 Auto liability 77,700.50 23,022.70

Liability other than auto 14,115.40 813.13

Fidelity 1,947.00 1,545.20

Surety 43,544.00 0.00

Glass 50.00 0.00

Burglary and theft 5,750.00 4,277.43

Inland marine 7,891.00 390.00 Workmen's compensation 70,579.01 46,339.64 Auto physical damage 53,761 .50 23,819.24

Fire 6,327.50 0.00 Miscellaneous 903.50 0.00 Total $287,898.81 $102,752.82

Premium tax paid in Canal Zone $4,318.48

6
MUTUAL OF OMAHA INSURANCE COMPANY

Net Losses Premiums Paid Group accident and health $5,001,616.30 $4,573,477.99

Individual and health 254,778.53 809,239.64

Total $5,256,394.83 $5,382,717.63

Premium tax paid in Canal Zone $78,845.92

NATIONAL SURETY CORPORATION (New York)

(No transactions in Canal Zone during 1972)

NATIONAL SURETY CORPORATION (Illinois) (No transactions in Canal Zone during 1972)

NATIONAL UNION FIRE INSURANCE COMPANY

(No transactions in Canal Zone during 1972)

PANAMA INSURANCE COMPANY

Net Losses Premiums Paid Workmen's compensation $67,295.35 $53,467.71

Liability other than auto 11,659.59 8,021.48

Fire 1,887.00 0.00 Surety 6,127.88 (Cr.) 10,967.69

Automobile 13,422.17 983.66

Miscellaneous 3,335.10 7,715.40

Total $103,727.09 $59,220.57

Premium tax paid in Canal Zone $1,555.91

RELIANCE INSURANCE COMPANY

Net Losses Premiums Paid Fire (Cr.) $11.00 $0.00

Miscellaneous (Cr.) 37.79 O.UO Inland marine 146.00 0.00

Total $97.21 $0.00

Premium tax paid in Canal Zone $1.46

ROYAL INDEMNITY COMPANY

Net Losses Premitims Pa'd Fire $94.00 (Cr.) $5,723.83

Miscellaneous 43.00 0.00 Workmen's compensation 354.00 0.00

Liability other than auto 53.81 0.00 Auto liability (Cr.) 132.00 0.00

Surety (Cr.) 1,618.00 (Cr.) 24,016.39

Total (Cr.) $1,205.19 (Cr.) $29,740.22

Premium tax paid in Canal Zone $0.00

7
SEABOARD SURETY COMPANY

( No ti-ansactions in Canal Zone during 1972)

TRANSAMERICA INSURANCE COMPANY

C No h-ansactions in Canal Zone during 1972

)

TRAVELERS INDEMNITY COMPANY

Net Losses Premiums Paid SureU' $9,223.00 $0.00

Total $9,223.00 $0.00

Premium tax paid in Canal Zone $138.35

UNITED STATES FIDELITY AND GUARANTY COMPANY

Net Losses Premiums Paid Auto collision $57,057.00 $47,568.61

Fire 15,460.00 0.00

Inland marine 208.00 50.00

Accident and health 1,367.86 314.28 Workmen's compensation 23,352.00 5,928.94

Liability other than auto (B.I.) 8,555.00 750.00 Auto liability (B.I.) 122,501.00 32,026.19 Auto physical damage 32,799.00 7,241.49

Fidelity 5,767.00 0.00 Surety 940.00 0.00

Burglary and theft 9,833.00 5,036.19 Miscellaneous 57,818.00 59.82

Glass 20.00 0.00 Total $335,677.86 $98,975.52

Premium tax paid in Canal Zone $5,035.17

AMERICAN-AMICABLE LIFE INSURANCE COMPANY

Ordinaky

Number Amount

Policies in force December 31, 1971 14 $107,702.00

Policies issued during 1972 0.00 Total 14 $107,702.00

Ceased to be in force during 1972 0.00

Policies in force December 31, 1972 iT $107,702.00

Losses and claims: Unpaid December 31, 1971 $0.00

Inc-urred during 1972 0.00 Total $0.00

Settled during 1972 0.00 Unpaid December 31, 1972 0^ $0.00

8
Group—None

Net premiums collected in Canal Zone during 1972:

Life Insurance $1,962.02

Accident and Health 0.00 Total $1,962.02

Premium tax paid in Canal Zone $29.43

AMERICAN CAPITOL INSURANCE COMPANY

Obdinary

Number Amount

Policies in force December 31, 1971 792 $3,434,161.00

Policies issued during 1972 126 44,930.00

Total 918 $3,479,091.00

Ceased to be in force during 1972 97 267,784.00

Policies in force December 31, 1972 821 $3,211,307.00

Losses and claims: Unpaid December 31, 1971 $0.00 Incurred during 1972 5 33,012.38

Total 5 $33,012.38

Settled during 1972 3 12,900.00

Unpaid December 31, 1972 2 $20,112.38

Group—None

Net premiums collected in Canal Zone dming 1972:

Life Insurance $101,756.16

Accident and Health 6,880.79

Total $108,636.95

Premium tax paid in Canal Zone $1,629.55

AMERICAN CONTINENTAL LIFE INSURANCE COMPANY

Ordinary

Number Amount

Pohcies in force December 31, 1971 1 $24,000.00

Policies issued during 1972 0.00 Total 1 $24,000.00

Ceased to be in force during 1972 . 0.00

Policies in force December 31, 1972 1 $24,000.00

Losses and claims: Unpaid December 31, 1971 $0.00

Incurred during 1972 0.00

Total $0.00

Settled during 1972 0.00 Unpaid December 31, 1972 $0.00

9
Group—None

Net premiums collected in Canal Zone during 1972:

Life Insurance $727.06

Accident and Health 48.00

Total $775.06

Premium tax paid in Canal Zone $11.63

AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY

OF NEW YORK

(Figures unavailable)

ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO

(No transactions in Canal Zone during 1972)

BANKERS LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

Policies in force December 31, 1971 824 $3,320,862.00

Policies issued during 1972 0.00 Total 824 $3,320,862.00

Ceased to be in force during 1972 80 234,410.00

Policies in force December 31, 1972 744 $3,086,452.00

Losses and claims: Unpaid December 31, 1971 4 $15,000.00 Incurred during 1972 4 10,308.00

Total 8 $25,308.00

Settled during 1972 6 12,808.00

Unpaid Decemiber 31, 1972 2 $12,500.00

Group—None

Net premiums collected in Canal Zone during 1972:

Life Insurance $99,085.61

Accident and Health 0.00 Total $99,085.61

Premium ta.x paid in Canal Zone $1,486.28

BENEFICIAL NATIONAL LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1972)

10
EXECUTIVE FUND LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1972)

CITIZENS STANDARD LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1971 1,338 $4,706,492.00

Policies issued during 1972 0.00

Total 1,338 $4,706,492.00

Ceased to be in force during 1972 187 655,621.00

Policies in force December 31, 1972 1,151 $4,050,871.00

Losses and claims: Unpaid December 31, 1971 $0.00 Incurred during 1972 5 15,314.00

Total 5 $15,314.00

Settled during 1972 5 15,314.00

Unpaid December 31, 1972 $0.00

Group—None

Net premiums collected in Canal Zone during 1972:

Life Insurance $133,676.08

Accident and Health 41,674.07

Total $175,350. 15 Premium tax paid in Canal Zone $2,630.25

FIDELITY AND GUARANTY LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1971 $0.00

Policies issued during 1972 0.00 Total $0.00

Ceased to be in force during 1972 0.00

Policies in force December 31, 1972 O" $0.00

Losses and claims: Unpaid December 31, 1971 $0.00

Incurred during 1972 0.00

Total $0.00

Settled during 1972 0.00 Unpaid December 31, 1972 $0.00

11
Group—None

Xel premiums collected in Canal Zone during 1972:

Life Insurance $21,873.22

Accident and Health 0.00 Total $21,873.22

Premium tax paid in Canal Zone $328.10

THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA

Ohdinary

Number Amount

Policies ill force December 31, 1971 1,069 $8,572,231.00

Policies issued during 1972 68 1,327,150.00 Total 1,1.37 $9,899,.381.00

Ceased to be in force during 1972 103 1,003,979.00

Policies in force December 31, 1972 1,034 $8,895,402.00

Losses and claims: Unpaid December 31, 1971 $0.00 Incurred during 1972 22 92,929.35

Total 2 22 $92,929.35

Settled during 1972 22 92,929.35

Unpaid December 31 , 1972 $0.00

Group—None

Net premiums collected in Canal Zone during 1972:

Life Insurance $203,813.89

Accident and Health 0.00 Total $203,813.89

Premium tax paid in Canal Zone $3,057.21

JACKSON NATIONAL LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1971 2 $43,650.00

Policies issued during 1972 0.00

Total 2 $43,650.00

Ceased to be in force duriuR 1972 0.00

Policies in force December 31, 1972 2 $43,650.00

Losses and claims: Unpaid December 31, 1971 $0.00 Incurred during 1972 0.00

Total -- $0.00

Settled during 1972 0.00 Unpaid December 31, 1972 $0.00

12
Group—None

Net premiums collected in Canal Zone during 1972:

Life Insurance $756.97

Accident and Health 0.00

Total $756.97

Premium tax paid in Canal Zone $11.35

LINCOLN NATIONAL LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1971 488 $3,334,924.00

Policies issued during 1972 0.00 Total '__ 488 $3,334,924.00

Ceased to be in force during 1972 58 360,273.00

Policies in force December 31, 1972 430 $2,974,651.00

Losses and claims: Unpaid December 31, 1971 $0.00 Incurred during 1972 5 42,012.00

Total 5 $42,012.00

Settled during 1972 5 42,012.00

Unpaid December 31, 1972 $0.00

Group

Policies in force December 31, 1971 $21,160.00

Policies issued during 1972 0.00 Total $21,160.00

Ceased to be in force during 1972 (1,074.00)

Policies in force December 31, 1972 $22,234.00

Losses and claims: Unpaid December 31, 1971 $0.00

Incurred during 1972 0.00 Total $0.00

Settled during 1972 0.00 Unpaid December 31, 1972 $0.00 Net premiums collected in Canal Zone during 1972:

Life Insurance $72,530.35

Accident and Health- 478.69

Total ' $73,009.04

Premium tax paid in Canal Zone $1,095.14

13
PAN-AMERICAN LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1971 107 $1,182,990.00

Policies issued during 1972 7 127,500.00

Total 114 $1,310,490.00

Ceased to be in force during 1972 11 95,399.00

Policies in force December 31, 1972 103 $1,215,091.00

Losses and claims: Unpaid December 31, 1971 $0.00

Incurred during 1972 0.00 Total ~ $0.00

Settled during 1972 0.00 Unpaid December 31, 1972 $0.00

Group—None

Net premiums collected in Canal Zone during 1972:

Life Insurance $39,641.73

Accident and Health 0.00 Total $39,641.73

Premium tax paid in Canal Zone $594.63

PENINSULAR LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1972)

UNITED BENEFIT LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1971 588

Policies issued during 1972 32

Total 620

Ceased to be in force during 1972 116

Policies in force December 31, 1972 504

Losses and claims: Unpaid December 31, 1971 1 Incurred during 1972 1 Total 2

Settled during 1972 1 Unpaid December 31, 1972 1

14

Amount

$4,345,695.00

280,032.00

$4,625,727.00

1,330,099.00

$3,295,628.00

$2,000.00

3,000.00

$5,000.00

3,000.00

$2,000.00
Group

Policies in force Dacember 31, 1971 1 $127,494,550.00

Policies issued during 1972 0.00 Total 1 $127,494,550.00

Ceased to be in force during 1972 (-) 597,200.00

Policies in force December 31, 1972 1 $128,091,750.00

Losses and claims: Unpaid Decembei 31, 1971 4 $33,000.00

Incurred during 1972 138 692,000.00

Total 142 $725,000.00

Settled during 1972 136 680,000.00

Unpaid December 31, 1972 6 $45,000.00 Net premiums collected in Canal Zone during 1972:

Life Insurance $769,753.61 Accident and Health 73.972.20

Total $843,725.81

Premium tax paid in Canal Zone $12,655.88

UNITED SERVICES LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1971 336 $3,710,528.00

Policies issued during 1972 168 2,013,000.00 Total 504 $5,723,528.00

Ceased to be in force during 1972 112 1,333,500.00

Policies in force December 31, 1972 392 $4,390,028.00

Losses and claims: Unpaid December 31, 1971 $0.00

I ncun-ed during 1972 0.00

Total $0.00

Settled during 1972 0.00 Unpaid December 31, 1972 $0.00

Group

Number Amount

Policies in force December 31, 1971 $0.00

*Policies issued during 1972 7 74,343.00

Total 7 $74,343.00

Ceased to be in force during 1972 . 0.00

Policies in force December 31, 1972 7 $74,343.00

15
Losses and claims: Unpaid December 31, 1971

Incurred during 1972

Total Setded during 1972 Unpaid December 31, 1972 Net premiums collected in Canal Zone during 1972:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone

"Increase due to new residents.
Setded during 1972

Unpaid December 31, 1972 Net jiremiiims collected in Canal Zone during 1972:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone WABASH LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1972)

WORLD SERVICE LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1971 66

Policies issued during 1972 5

Total 71 Ceased to be in force during 1972 67

Policies in force December 31, 1972 4

Losses and claims: Unpaid December 31, 1971

Incurred during 1972 1 Total 1 Settled during 1972 1 Unpaid December 31, 1972 Group

Policies in force December 31, 1971

Policies issued during 1972

Total Ceased to be in force during 1972

Policies in force December 31, 1972

I,osses and claims: Unpaid December 31, 1971

Incurred during 1972

Total Setded during 1972 Unpaid December 31, 1972 Net premiums collected in Canal Zone during 1972:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone 17

0.00 $0.00

$7,586.07 29.70

$7,615.77

$114.24

Amount

$609,298.00

64,849.00

$674,147.00

614,698.00

$59,449.00

$0.00

2,500.00

$2,500.00

2,500.00

$0.00

$0.00

53,259.00

$53,259.00

0.00 $53,259.00

$0.00

0.00 $0.00

0.00 $0.00

$1,584.66

0.00 $1,584.66

$23.77
RECAPITULATION

MISCELLANEOUS COMPANIES

Net Losses

Prr^riiums Paid Accident $994.96 $398.50

Automobile and motor vehicle 375,129.57 129,242.51 Auto comprehensive 6,734.23 50,321.40 Auto collision 93,900.37 20,252.43 Auto liabihty (B.I.) 277,564.39 73,892.87 Auto property damage 33,543.73 22,581.62 Auto physical damage 111,924.80 49,280.68

Burglary and theft 16,772.57 9,413.62

Extended coverage 86.18 0.00

Fidelity 7,714.00 1,545.20

Fire 53,316.81 25,947.49

Glass 70.00 0.00 Group accident and health 5,012,696.69 4,575,231.19 Health and accident (includes

hospital and medical) 258,791.12 811,527.70

Inland marine 8,270.00 440.00

Liability other than auto 43,061.25 14,932.26

Miscellaneous 102,747.17 16,477.08

Ocean Marine 0.00 0.00 Property damage other than auto 0.00 0.00 Surety 85,081 .6S (Cr.)34,984.08

Workmen's compensation 267,642.98 171,478.73

Total $6,756,042.50 $5,937,979.20

Premium taxes paid in Canal Zone $101,358.69

LIFE INSURANCE COMPANIES

Ordinary

Number

Policies in force December 31, 1971 5,639

Policies issued during 1972 406

Total 6,045

Ceased to be in force during 1972 834

Policies in force December 31, 1972 5,211

Losses and claims: Unpaid December 31, 1971 5

Incurred during 1972 44

Total 49

Settled during 1972 44 Unpaid December 31, 1972 5

Amount

$33,540,082.00

3,857,484.00

$37,397,566.00

5,915,763.00

$31,481,803.00

$17,000.00

204,075.73

$221,075.73

186,463.35

$34,612.38

18
Groitp

Nil mber Amount

Policies in force December 31, 1971 2 $127,530,710.00

Policies issued during 1972 7 127,602.00

Total 9 $127,658,312.00

Ceased to be in force during 1972 (763,486.00)

Policies in force December 31, 1972 9 $128,421,798.00

Losses and claims: Unpaid December 31, 1971 4 $33,000.00

Incurred dru-ing 1972 138 692,000.00

Total 142 $725,000.00 Setded during 1972 136 680,000.00

Unpaid December 31, 1972 6 $45,000.00 Net premiums collected in Canal Zone during 1972:

Life Insurance $1,534,565.61

Accident and Health 123,083.45

Total $1,657,649.06

Premium tax paid in Canal Zone $24,864.73

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; 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

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 certffied by the officer authorized by law to certify

it, of the: A. Articles of incorporation;

B. Charter; or

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C. Statutory, executive, or governmental acts creating the

corporation, when it has been so created;

(3) An aflBdavit sworn by an authorized oflBcer 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 companv is authorized to tiansact 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

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 copv of its annual report to an authorized official of the State or countrv 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 companv licensed pursuant to this chapter shall pav before

March 1 of each > ear, in lieu of all other taxes except the annual fee provided

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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 coi-porations 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.

(c) Every contract made by or on behalf of such a corporation aflFecting 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;

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(3) That it surrenders its authority to do business in the Canal Zone

and returns its hcense 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 ofiice 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 hcense 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 hcense 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 hcense 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 hability 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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