CZI.9 :'?73

CANAL ZONE GOVERNMENT

ANNUAL REPORT

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEA,B/y>v,

1973 M--

1 5 SEP 19T4;

\ ^ s r

'

Including Laws Concerning LicenSiflf^>.x//<^^'

Of Insurance Companies
Digitized by tine Internet Archive

in 2009 with funding from

University of Florida, George A. Smathers Libraries

http://www.archive.org/details/annualreportofin1973cana
CANAL ZONE GOVERNMENT

ANNUAL REPORT

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1973

Including Laws Concerning Licensing

Of Insurance Companies

CANAL ZONE GOVERNMENT

OFFICE OF THE GOVERNOR

Balboa Heights, May 1, 1974.

Governor of The Canal Zone,

Balhoa Heights, C.Z.

Sir: There is submitted herewith a report of insurance business

transacted in the Canal Zone during the calendar year 1973.

Respectfully,

J. Patrick Conley,

Executive Secretary.

The following companies were authorized to transact business in the

Canal Zone during the year 1973. 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 Defender Life Insurance Company^ Raleigh, N.C.

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.

lAmerican Defender Life Insurance Company licensed to do business in the Canal Zone July 3, 1973. 1
Compafiia General de Seguros, S.A Panama, R. of P. Compania Interamericana de Seguros, S.A Panama, R. of P. Compafiia Internacional de Seguros, S.A Panama, R. of P. Compania Istmefia de Seguros, S.A Panama, R. of P. Compafiia 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.

FideHt}' and Casualty Company of New York New York, N.Y.

Fidelity and Deposit Company Raltimore, 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 Surety Corporation Chicago, 111. National Union Fire 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. Seabord Surety Company New York, N.Y. Transamerica Insurance Company Los Angeles, 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 Service Life Insurance Company Fort Worth, Tex.

2
AETNA CASUALTY AND SURETY COMPANY

(No transactions in Canal Zone during 1973)

AMERICAN EMPLOYERS' INSURANCE COMPANY

(No transactions in Canal Zone during 1973)

AMERICAN HOME ASSURANCE COMPANY

Net Losses Premiums Paid Fire $23,531.82 $312.60 Motor Vehicle 339,475.15 146,554.12

Workmen's compensation 152,097.96 55,779.91 Miscellaneous 59,872.26 3,675.79

Total $574,977.19 $206,322.42

Premium tax paid in Canal Zone $8,624.66

AMERICAN MOTORISTS INSURANCE COMPANY

(No transactions in Canal Zone during 1973)

COLONIAL INSURANCE COMPANY OF PANAMA

Net Losses Premiums Paid Liability other than auto (B.I.) $426.00 $63.50 Auto liability (B.I.) 54,482.64 10,072.97 Auto propert)' damage 31,795.55 26,064.44

Automobile and motor vehicle 16,993.74 3,573.64 Auto comprehensive 7,549.00 2,945.81 Auto collision 40,903.36 18,892.61

Fire 1,956.58 0.00 Burglary and theft 1,034.19 441.35 MisceUaneous 1,262.92 742.20

Suret)' 146.25 0.00

Total- - $156,550.23 $62,796.52

Premium tax paid in Canal Zone $2,348.25
COMPA]^IA GENERAL DE SEGUROS, S.A. Net Premiums

Miscellaneous'' $12,029.60

Total $12,029.60

Premium tax paid in Canal Zone $180.45

COMPA5fIA INTERAMERICANA DE SEGUROS, S.A, Net Premiums Automobile $1,244.90

Fire 2,901.40 Miscellaneous 18,895.68

Workmen's compensation 33,324.80

Total $56,366.78

Premium taxpaid in Canal Zone $845.57

COMPANIA INTERNACIONAL DE SEGUROS, S.A. Net Premiums

Fire $2,758.00

Surety 15,118.00

Automobile 10,650.00 Total $28,526.00

Premium tax paid in Canal Zone $427.89

Losses Paid $0.00

$0.00

Looses Paid $13,794.30

0.00 774.00

46,205.20

$60,773.50

Losses Paid $0.00

0.00 O.OQ

$0.00

COMPANIA ISTMENA DE SEGUROS, S.A. (No transactions in Canal Zone during 1973)

COMPANU NACIONAL DE SEGUROS, S.A. (No transactions in Canal Zone during 1973)

CONTINENTAL CASUALTY COMPANY

Auto liability Auto physical damage

Group accident and health Health and accident

Liability other than auto

Miscellaneous

Total $11,457.12

Premium taxpaid in Canal Zone $171.86

"(Breakdown by types of insurance unavailable.)

Net
CONTINENTAL INSURANCE COMPANY

(No transactions in Canal Zone during 1973)

FIDELITY AND CASUALTY COMPANY OF NEW YORK

(No transactions in Canal Zone during 1973)

FIDELITY AND DEPOSIT COMPANY OF MARYLAND

Net Premiums Surety $2,732.00

Total $2,732.00

Premium tax paid in Canal Zone $40.98

Losses Paid SO.OO

$0.00

GENERAL INSURANCE COMPANY OF AMERICA

(No transactions in Canal Zone during 1973)

GREAT AMERICAN INSURANCE COMPANY

(No transactions in Canal Zone diKing 1973)

HARTFORD ACCIDENT AND INDEMNITY COMPANY

Net Premiums Workmen's compensation $709.00

Liability other than auto (B.I.) 394.00

Fire__ J 13.00 Auto liability (B.I.) 235.95

Miscellaneous (Cr.)— 13.00 Auto physical damage 0.00 Inland marine (Cr.)__ 95.00 Ocean marine 3,591.00

Total $4,834.95

Premium tax paid in Canal Zone $72.52

INSURANCE COMPANY OF NORTH AMERICA

Net Premiums Miscellaneous' $43,783.37

Total $43,783.37

Premium tax paid in Canal Zone $656.75

' ( Breakdown by type of insurance unavailable.

)

Losses Paid $1,071.20

0.00 0.00

1,784.60

0.00 118.63 238.27

0.00 $3,212.70

Losses Paid $0.00

$0.00
INTERNATIONAL SERVICE INSURANCE COMPANY

Net Losses Premiums Paid Auto libaility $15,429.00 $9,433.99 Auto physical damage 20,358.50 8,753.87

Total $35,787.50 $18,187.86

Premium ta.x paid in Canal Zone $536.81

THE LIBERTY MUTUAL INSURANCE COMPANY

Net Losses Premiums Paid Health and accident $117.00 $0.00

Liability other than auto (B.I.) (Cr.)__ 176.00 0.00

Total (Cr.)__ $59.00 $0.00

Premiiun tax paid in Canal Zone $0.00

MARYLAND CASUALTY COMPANY

Net Losses Premiums Paid Accident only $350.22 $16.50

Accident and health 1,132.27 2,095.85

Group accident and health 1,348.15 0.00 Auto liability 78,377.00 49,298.35

Liability other than auto 23,346.75 50.80

Fidelity 6,029.00 (Cr.) 256.31

Suret}' 84,795.00 0.00

Glass 50.00 0.00 Burglary and theft 12,555.00 9,619.69 Inland marine 10,2.39.65 3,897.02

Workmen's compensation 123,399.33 60,245.71 Auto physical damage 59,206.00 29,302.66

Fire 6,749.00 161.98 Miscellaneous 980.00 0.00

Total $408,557.37 $154,432.25

Premium tax paid in Canal Zone $6,128.36

MUTUAL OF OMAHA INSURANCE COMPANY

Net Losses Premiums Paid Group accident and health $7,005,249.07 $6,037,615.35

Individual and health 286,338.62 153,122.87

Total $7,291,587.69 $6,190,738.22

Premium tax paid in Canal Zone $109,373.82

NATIONAL SURETY CORPORATION

(No transactions in Canal Zone during 1973)

6
NATIONAL UNION FIRE INSURANCE COMPANY

(No transactions in Canal Zone during 1973)

PANAMA INSURANCE COMPANY

Net Losses Premiums Paid Workmen's compensation $49,987.19 $79,357.80

Fire 4,352.09 0.00 Automobile 1,867.34 20,691.46

Miscellaneous 28,343.53 1,161.00 Total $84,550.15 $101,210.26

Premium tax paid in Canal Zone $1,268.25

RELIANCE INSURANCE COMPANY

Ocean marine

Inland marine

Total Premium tax paid in Canal Zone.

Net Premiums $329.00

146.00 $475.00

$7.13

Losses Paid $0.00

0.00 $0.00

ROYAL INDEMNITY COMPANY

Net Premiums

Losses Paid Fire (Cr.)__ $13.00 $0.00 Miscellaneous (Cr.)__ 1.00 0.00 Workmen's comperLsation 611.00 0.00

Liability other than auto 41.99 0.00 Auto liability (Cr.)__ 82.00 0.00

Suret>' 0.00 (Cr.) 21,574.21

Total $556.99 (Cr.) $21,574.21

Premium tax paid in Canal Zone $8.35

SEARORD SURETY COMPANY

(No transactions in Canal Zone during 1973)

TRANSAMERICA INSURANCE COMPANY

Inland marine

Liability other than auto

Fidelity (Cr.). Total Premium tax paid in Canal Zone

Net Premiums
TRAVELERS INDEMNITY COMPANY

Net Losses

PremiuTris Paid Surety $19,319.00 $0.00

Total $19,319.00 $0.00

Premium tax paid in Canal Zone $289.79

UNITED STATES FIDELITY AND GUARANTY COMPANY

Net Losses Premiums Paid Auto collision $64,877.00 $58,672.09

Fire 20,041.00 7,500.00 IiJand marine 54.00 0.00 Accident and health 570.08 0.00 Workmen's compensation 50,682.00 9,345.70

LiabilitA' other than auto (B.I.) 13,393.00 0.00 Auto liability (B.I.) 148,023.00 37,676.32 Auto physical damage 37,697.00 11,264.49

Fidelit)'! 6,826.00 (Cr.) 1,106.15

Suretyl 350.00 0.00 Burglary and theft 12,065.00 (Cr.) 163.44

Miscellaneous 3,768.00 401.12

Total $358,346.08 $123,590.13

Premium tax paid in Canal Zone $5,375.19

AMERICAN-AMICABLE LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1972 14 $107,702.00

Policies issued during 1973 5 78,000.00

Total l9 $185,702.00

Ceased to be in force during 1973 2 20,000.00

Policies in force December 31, 1973 T/ $165,702.00

Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 0.00

Total ~0 $0.00

Settled during 1973 0.00 Unpaid December 31, 1973 "~0 $0.00

Group—None

Net premiums collected in Canal Zone during 1973:

Life Insurance $5,272.66 Accident and Health 0.00

Total $5,272.66

Premium tax paid in Canal Zone $79.09

8
AMERICAN CAPITOL INSURANCE COMPANY

Ordinary

Number Amount

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

Policies issued during 1973 5 29,940.00

Total 826 $3,241,247.00

Ceased to be in force during 1973 41 198,640.00

Policies in force December 31, 1973 785 $3,042,607.00

Losses and claims: Unpaid December 31, 1972 2 $20,112.38 Incurred during 1973 2 15,549.00

Total 4 $35,661.38

Settled during 1973 4 35,661.38

Unpaid December 31, 1973 $0.00

Group—None

Net premiums collected in Canal Zone during 1973:

Life Insurance $92,244.59 Accident and Health 6,411.54

Total $98,656.13

Premium tax paid in Canal Zone $1,479.84

AMERICAN CONTINENTAL LIFE INSURANCE COMPANY

Ordinary

Number Amount

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

Policies issued during 1973 2 15,000.00

Total 3 $39,000.00

Ceased to be in force during 1973 1 24,000.00

Policies in force December 31, 1973 2 $15,000.00

Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 000

Total $000

Settled during 1973 0.00 Unpaid December 31, 1973 $0.00

Group—None

Net premiums collected in Canal Zone during 1973:

Life Insurance $401.59

Accident and Health 123.00

Total $524.59

Premium tax paid in Canal Zone $7.87
AMERICAN DEFENDER LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1972 $0.00

Policies issued during 1973 37 1,596,506.00

Total 37 $1,596,506.00

Ceased to be in force during 1973 1 33,000,00

Policies in force December 31, 1973 36 $1,563,506.00

Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 0.00 Total $0.00

Settled during 1973 0.00 Unpaid December 31, 1973 $0.00

Group—None

Net premiums collected in Canal Zone during 1973:

Life Insurance $5,652.65

Accident and Health 0.00

Total $5,652.65

Premium tax paid in Canal Zone $84.79

10
AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY

OF NEW YORK

Ordinary

Policies in force December 31, 1972 $0.00

Policies issued during 1973 1 100,000.00

Total 1 $100,000.00

Ceased to be in force diiring 1973 0.00

Policies in force December 31, 1973 1 $100,000.00

Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 0.00

Total $0.00

Settled during 1973 0.00 Unpaid December 31, 1973 $0.00

Group

Policies in force December 31, 1972 1 $885,656.00

Policies issued during 1973 0.00

Total 1 $885,656.00

Ceased to be in force during 1973 (78,850.00)

Policies in force December 31, 1973 1 $964,506.00

Losses and claims: Unpaid December 31, 1972 $0.00

Incurred during 1973 0.00

Total $0.00

Settled during 1973 0.00 Unpaid December 31, 1973 $0.00 Net premiums collected in Canal Zone during 1973:

Life Insurance $10,765.31 Accident and Health 12,607.89

Total $23,373.20

Premium tax paid in Canal Zone $350.60

ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO

(No transactions in Canal Zone during 1973)

11
BANKERS LIFE INSURANCE COMPANY OF AMERICA

Ordinary ^„^b^, ^^„„„j

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

Policies issued during 1973 0.00 Total 74? $3,086,452.00

Ceased to be in force during 1973 86 298,433.00

Policies in force December 31, 1973 658 $2,788,019.00

Losses and claims: Unpaid December 31, 1972 2 $12,500.00

Incurred during 1973 5 8,275.00

Total ^r $20,775.00

Setded during 1973 6 18,275.00

Unpaid December 31, 1973 "IT $2,500.00

Group—None

Net premiums collected in Canal Zone during 1973:

Life Insurance $88,121.40

Accident and Health 0.00 Total $88,121.40

Premium tax paid in Canal Zone $1,321.82

BENEFICIAL NATIONAL LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1973)

CITIZENS STANDARD LIFE INSURANCE COMPANY

Ordinary Number Amount

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

Policies issued during 1973 3 21,000.00

Total 1,154 $4,071,871.00

Ceased to be in force during 1973 82 289,460.00

Policies in force December 31, 1973 1,072 $3,782,411.00

Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 4,000.00 Total $4,000.00

Settled during 1973 4,000.00

Unpaid December 31, 1973 $0.00

Group—None

Net premiums collected in Canal Zone during 1973:

Life Insurance $122,513.42

Accident and Health 34,828.65

Total $157,342.07

Premium tax paid in Canal Zone $2,360.13

12
EXECUTIVE FUND LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1972 $0.00

Policies issued during 1973 0.00

Total $0.00

Ceased to be in force during 1973 (19) (196,000.00)

Policies in force December 31, 1973 19 $196,000.00

Losses and claims: Unpaid December 31, 1972 $0.00

Incurred diu-ing 1973 0.00

Total $0.00

Settled during 1973 _0_ 0-00 Unpaid December 31, 1973 $0.00

Group—None

Net premiums collected in Canal Zone during 1973:

Life Insurance $1,943.12 Accident and Health OOP

Total $1,943.12

Premium tax paid in Canal Zone $29.15

FIDELITY AND GUARANTY LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1972 $0.00

Policies Issued during 1973 260 3,777,411.00

Total 260 $3,777,411.00

Ceased to be in force during 1973 142 2,139,336.00

Policies in force December 31, 1973 118 $1,638,075.00

Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 0.00

Total O" SO.OO

Settled during 1973 0.00 Unpaid December 31, 1973 $0.00

Group—None

Net premiums collected in Canal Zone during 1973:

Life Insurance $29,517.97 Accident and Health 0.00

Total $29,517.97

Premium tax paid in Canal Zone $442.77

13
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Aynount

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

Policies issued during 1973 45 848,517.00

Total 1,079 $9,743,919.00

Ceased to be in force diu-ing 1973 82 579,732.00

Policies in force December 31, 1973 997 $9,164,187.00

Losses and claims: Unpaid December 31, 1972 $0.00

Incui-red during 1973 27 75,678.17

Total 27 $75,678.17

Setded dm-ing 1973 27 75,678.17

Unpaid December 31, 1973 $0.00

Group—None

Net premiums collected in Canal Zone during 1973:

Life Insurance $200,686.28

Accident and Health 0.00

Total $200,636.28

Premium tax paid in Canal Zone $3,009.99

JACKSON NATIONAL LIFE INSURANCE COMPANY

Ordinary

Number Amount

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

Policies issued during 1973 0.00

Total 2 $43,650.00

Ceased to be in force during 1973 0.00

Policies in force December 31, 1973 2 $43,650.00

Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 0.00

Total "o" $0.00

Setded during 1973 0.00 Unpaid December 31, 1973 $0.00

Group—None

Net premiums collected in Canal Zone during 1973:

Life Insurance $1,532.96

Accident and Health 0.00

Total $1,532.96

Premium tax paid in Canal Zone $22.99

14
LINCOLN NATIONAL LIFE INSURANCE COMPANY

Ordinary

Number Amount

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

Policies issued during 1973 2 128,055.00

Total 432 $3,102,706.00

Ceased to be in force during 1973 40 (352.00)

Policies in force December 31, 1973 392 $3,103,058.00

Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 13 44,944.00

Total 13 $44,944.00

Setded during 1973 13 44,944.00

Unpaid December 31, 1973 $0.00

Group

Policies in force December 31, 1972 $22,234.00

Policies issued during 1973 OOP

Total $22,234.00

Ceased to be in force during 1973 (1,020.00)

Policies in force December 31, 1973 $23,254.00

Losses and claims: Unpaid December 31, 1972 $0.00 Inciured during 1973 0.00

Total $0.00

Setded during 1973 0.00 Unpaid December 31, 1973 $0.00 Net premiums collected in Canal Zone during 1973:

Life Insurance $67,374.82 Accident and Health 314.70

Total $67,689.52

Premium tax paid in Canal Zone $1,015.34

l&
PAN-AMERICAN LIFE INSURANCE COMPANY

Ordinary

Number Amount

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

Policies issued during 1973 6 84,500.00

Total 109 $1,299,591.00

Ceased to be in force during 1973 6 7,031.00

Policies in force December 31, 1973 103 $1,292,560.00

Losses and claims: Unpaid December 31, 1972 $0.00 Incurred dming 1973 0.00

Total $0.00

Settled during 1973 0.00 Unpaid December 31, 1973 $0.00

Group—None

Net premiums collected in Canal Zone during 1973:

Life Insurance $36,126.96 Accident and Health 000

Total $36,126.96

Premium tax paid in Canal Zone $541.90

PENINSULAR LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1973)

16
UNITED BENEFIT LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1972 504 $3,295,628.00

Policies issued during 1973 81 1,209,728.00

Total 585 $4,505,356.00

Ceased to be in force during 1973 39 213,664.00

Policies in force December 31, 1973 546 $4,291,692.00

Losses and claims: Unpaid December 31, 1972 1 $2,000.00 Incurred during 1973 6 20,913.99

Total 7 $22,913.99

Setded during 1973 6 20,913.99

Unpaid December 31, 1973 1 $2,000.00

Group

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

Policies Lssued during 1973 1 34,000.00

Total 2 $128,125,750.00

Ceased to be in force during 1973 4,826,200.00

Policies in force December 31, 1973 2 $123,299,550.00

Losses and claims: Unpaid December 31, 1972 6 $45,000.00

Incurred during 1973 12A 484,450.00

Total 1^ $529,450.00 Setded during 1973 2?! 497,700.00

Unpaid December 31, 1973 3 $31,750.00 Net premiums collected in Canal Zone during 1973:

Life Insurance $913,749.55

Accident and Health 116,722.92

Total $1,030,472.47

Premium tax paid in Canal Zone $15,457.08

17
UNITED SERVICES LIFE INSURANCE COMPANY

Ordinary

Number Amtntnt

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

Policies issued dming 1973 144 2,350,743.50

Total 536 $6,740,771.50

Ceased to be in force dining 1973 73 (218,984.86)

Policies in force December 31, 1973 463 $6,959,756.36

Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 0.00

Total $0.00

Setded during 1973 0.00 Unpaid December 31, 1973 $0.00

Groxjp

Policies in force Decem.ber 31, 1972 7 $74,343.00

Policies issued during 1973 155 1,744,895.52

Total 162 $1,819,238.52

Ceased to be in force dming 1973 0.00

Policies in force December 31, 1973 162 $1,819,238.52

Losses and claims: Unpaid December 31, 1972 $0.00 Incurred during 1973 0.00

Total $0,00

Settled during 1973 0.00 Unpaid December 31, 1973 $0.00 Net premimns collected in Canal Zone during 1973:

Life Insurance $95,674.14 Accident and Health 0.00

Total $95,674.14

Premium tax paid in Canal Zone $1,435.11

18
UNITED STATES LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1972 11

Policies issued during 1973

Total 11 Ceased to be in force during 1973 2

Policies in force December 31, 1973 9

Losses and claims: Unpaid December 31, 1972

Incurred during 1973

Total

Settled during 1973 Unpaid December 31, 1973

Group

Policies in force December 31, 1972 1

Policies issued during 1973

Total 1 Ceased to be in force during 1973

Policies in force December 31, 1973 1 Losses and claims: Unpaid December 31, 1972

Incurred during 1973

Total

Settled during 1973 Unpaid December 31, 1973 Net premiums collected in Canal Zone during 1973:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone

Amount

$127,572.00

23.00

$127,595.00

60,000.00

$67,595.00

$0.00

0.00 $0.00

0.00 $0.00

$180,212.00

0.00 $180,212.00

5,531.00

$174,681.00

$0.00

0.00 $0.00

0.00 $0.00

$2,614.30

0.00 $2,614.30

$39.21

19
WABASH LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1973)

WORLD SERVICE LIFE INSURANCE COMPANY

Ordinary

Numher

Policies in force December 31, 1972 4

Policies issued during 1973 9

Total 13 Ceased to be in force during 1973 2

Policies in force December 31, 1973 11

Losses and claims: Unpaid December 31, 1972

Incurred during 1973

Total

Settled during 1973 Unpaid December 31, 1973

Groxjp

Policies in force December 31, 1972

Policies issued during 1973

Total Ceased to be in force during 1973

Policies in force December 31, 1973

Losses and claims: Unpaid December 31, 1972

Incurred during 1973

Total

Settled diuring 1973 Unpaid December 31, 1973 Net premiums collected in Canal Zone during 1973:

Life Insurance Accident and Health

Total Premium tax paid in Canal Zone

Amount

$59,449.00

100,125.00

$159,574.00

24,725.00

$134,849.00

$0.00

0.00 $0.00

0.00 $0.00

$53,259.00

0.00 $53,259.00

0.00 $53,259.00

$0.00

0.00 $0.00

0.00 $0.00

$3,736.64

0.00 $3,736.64

$56.05

20
RECAPITULATION

MISCELLANEOUS COMPANIES

Net Losses Premiums Paid Accident $350.22 $16.50

Automobile and motor vehicle 370,231.13 184,613.52 Auto comprehensive 7,549.00 2,945.81 Auto collision 105,780.36 77,564.70 Auto liability (B.I.) 299,317.59 108,266.23 Auto property damage 31,795.55 26,064.44 Auto physical damage 117,425.50 49,439.65

Burglary and theft 25,654.19 9,897.60

Extended coverage 0.00 0.00

Fidelity 12,607.00 (Cr.) 256.31

Fire 62,289.89 7,974.58

Class 50.00 0.00 Group accident and health 7,013,822.70 6,039,506.85 Health and accident (includes

hospitaland medical) 288,751.61 155,428.72 Inland marine 10,789.65 4,135.29

Liabihty other than auto 37,916.74 114.30

Miscellaneous 169,067.36 6,754.11

Ocean Marine 3,920.00 0.00 Property damage other than auto 0.00 0.00 Surety 122,460.25 (Cr.) 22,680.36

Workmen's compensation 410,811.28 252,005.52

Total $9,090,590.02 $6,901,791.15

Premiimi taxes paid in Canal Zone $136,359.81

21
LIFE INSURANCE COMPANIES

Ordinary

Number Amount

Policies in force December 31, 1972 5,211 $31,481,803.00

Policies issued during 1973 600 10,339,548.50

Total 5,811 $41,821,351.50

Ceased to be in force during 1973 580 3,472,684.14

Policies in force December 31, 1973 5,231 $38,348,667.36

Losses and claims: Unpaid December 31, 1972 5 $34,612.38 Incurred during 1973 53 169,360.16

Total 58 $203,972.54

Settled during 1973 56 199,472.54

Unpaid December 31, 1973 2 $4,500.00

Group

Policies in force December 31, 1972 10 $129,307,454.00

Policies issued during 1973 156 1,778,895.52

Total 166 $131,086,349.52

Ceased to be in force during 1973 4,751,861.00

Policies in force December 31, 1973 166 $126,334,488.52

Losses and claims: Unpaid December 31, 1972 6 $45,000.00 Incurred during 1973 124 484,450.00

Total 130 $529,450.00

Settled during 1973 127 497,700.00

Unpaid December 31, 1973 3 $31,750.00 Net premiums collected in Canal Zone dtuing 1973:

Life Insurance $1,677,928.36

Accident and Health 171,008.70

Total $1,848,937.06

Premium tax paid in Canal Zone $27,733.73

The following is an extract from Title 2 of the Canal Zone Code, as revised

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

under which insurance companies are authorized to do business in the Canal Zone. 22
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 appUcation 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 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 certffied 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 Covemment, 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 certfficate of an authorized official,

23
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

any judgment that may be rendered against the company, under insurance

pohcies that it may issue. Sec. 874. Annual statement and license tax for insurance companies.—

An insurance company licensed pursuant to this chapter shall file with the

executive secretary of the Canal Zone Government before March 1 of each

year a verified statement showing the business transacted within the Canal

Zone by the company during the previous calendar year and a duly certified copy of its annual report to an authorized official of the State or country in which the company is organized. Upon a showing of good cause therefor, the executive secretary may extend the time for filing the statement for a period not exceeding two months after March 1. An insurance company licensed pursuant to this chapter shall pay before

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

for by section 876 of this title, a license tax equal to IV2 percent of its net premium receipts in the Canal Zone for the preceeding calendar year. Sec. 875. Issuance of license.—Upon compliance by a corporation with

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

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

permissible under the laws of the Canal Zone, and not in conffict 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 hcense 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.

24
Sec. 878. Loss of benefit of statute of limitations.—CorporaXions 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.

(c) Every contract made by or on behalf of such a corporation affecting the liability thereof or relating to property within the Canal Zone is void on its behalf and on behalf of its assigns, but is enforceable against it or them.

Sec. 880. Corporations dealing in securities—A. corporation licensed pmrsuant 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.— (sl) A corporation

licensed to do business in the Canal Zone may surrender its hcense 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 ojBBce 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

aflBdavit of the president, vice president, secretary, assistant secretary, or

treasurer to that effect. (c) Mere retirement from doing business in the Canal Zone wdthout filing a certificate of surrender of license does not revoke the appointment of any

agent for the service of process within the Canal Zone.

2i5
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 obhgation

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 afiFect any action pending at the time.

50106—550
UNIVERSITY OF FLORIDA

3 1262 04728 2867